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MUMBAI, Feb 5 Reuters Hyundai Motor is planning to list its Indian unit to raise at least 3 billion in what would be the country39;s biggest IPO, two people said, as the South Korean firm doubles down in the key growth market ahead of a widely expected entry by Tesla.

Hyundai Motor India is in early talks for an initial public offering IPO and has held discussions with several banks, the two people, who have been briefed on the matter, said on condition of anonymity as the discussions are not yet public.

The fund raising by Hyundai, the secondbiggest automaker in India with a 15 market share, would value its Indian operation at up to 30 billion, which is more than half its market capitalisation of 42 billion in Seoul. Shares of the company soared 5 on Monday, to their highest in nearly three years.

A valuation of up to 30 billion would put Hyundai39;s India unit behind rivals like Tata Motors at 41.43 billion and Maruti Suzuki India at 40.11 billion.

A spokesperson at Hyundai39;s India unit declined to comment.

The company is exploring value unlocking for its India business through the IPO, the two people said.

They want to make use of India39;s IPO boom….