Indian law firm Shardul Amarchand Mangaldas and Latham & Watkins are advising Hyundai Motor's India unit on its stock market listing in Mumbai, which could raise up to $3 billion, according to the prospectus filed by the company.

According to Reuters, this would be India’s biggest IPO till date, and will see the South Korean parent sell a stake of up to 17.5 percent in the company.

Reuters added that the IPO will make it the country's first car maker to go public in two decades since Maruti Suzuki and would come just as Indian stock markets are trading near record highs.

India’s stock market has seen unprecedented exuberance in recent times. In 2023, the country witnessed 238 listings, which raised 614 billion rupees ($7.35 billion), according to FactSet data. That trend has continued into 2024, with 130 new listings and 313 billion rupees raised so far this year.