Hyundai Motor has selected JPMorgan and Citi as investment bankers to provide guidance on its proposed $3 billion initial public offering (IPO) in India, expediting its listing plans in the third-largest auto market globally, according to individuals with firsthand knowledge.

Two of the three people, who all asked to remain anonymous because the discussions are confidential, stated that the corporation intends to submit regulatory paperwork for clearance in India by May or June.

There were not comments on the issue from JPMorgan, Citi and Hyundai’s Indian unit.

Referring to its earlier this week remark that the India listing has not been resolved, Hyundai said in a statement that it had “no further update at this stage” and that it would speak on the topic when the plan becomes finalised or within a month.

According to a story this week by Reuters, Hyundai, the second-biggest automaker in India with a 15% market share, is thinking about doing an initial public offering (IPO) in the country, which could value its local business at up to $30 billion. The IPO might be the biggest in India.

In the event that Hyundai were to raise this much money, its Indian business would be valued at more than half of its about $47 billion market capitalization in Seoul.

According to the two sources, certain local Indian investment banks would probably be named for the IPO in the upcoming months.

In the anticipation of political stability following the next elections, bankers anticipate that the surge in initial public offerings (IPOs) that occurred in India in the second half of 2023 will continue in 2024.

Following years of losses in China, Hyundai sold its two Russian facilities and is now investing twice as much in the United States and South Asia.

Alongside market leader Maruti Suzuki, it is the only foreign player to have achieved dominance in India after entering the country more than 20 years ago. Some companies have closed their operations in India, including Ford Motor and General Motors.

(Adapted from CNBCTV18.com)

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