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South Korean automaker Hyundai Motor has picked investment banks JP Morgan, Citi and HSBC for now as advisors for the proposed IPO of its India unit, which is planning to raise between $3 billion to $3.5 bilion, multiple industry sources in the know told Moneycontrol on the condition of anonymity.
A potential filing of the draft papers of this mega deal in the works is likely by June 2024 and if the listing plans fructify, it would be the biggest ever IPO on the Indian bourses. Prior to this, the $2.7-billion listing of LIC in 2022 was India's biggest IPO.
More i-banks for the Hyundai IPO may be added at a later stage if required, these sources added.
Hyundai, India's second largest seller of passenger vehicles in 2023 after Maruti Suzuki India, and the three banks could not be reached for an immediate comment.
The Economic Times was the first to report the listing plans of Hyundai's India operations on February 5.
(This is a developing story and will be updated shortly)
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