Hyundai IPO biggest ever in India, Asia39;s biggest in 2024
Company wants to expand in India; first listing outside S.Korea
Hyundai aims to make India a manufacturing hub for emerging mkts
Executive says 30 increase in production seen in 34 years

MUMBAI, Oct 9 Reuters Hyundai Motor plans to use proceeds from a record 3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

Hyundai is due to launch its initial public offering  India39;s biggest ever  next week. It will set a value of up to 19 billion for its business in India, the world39;s thirdbiggest car market, where Hyundai competes with market leader Maruti Suzuki and rivals such as Tata Motors.

Unsoo Kim, managing director of Hyundai39;s Indian unit, said the the IPO proceeds will be used to invest aggressively in new products, future technology and research and development capabilities of the India unit.

Hyundai39;s South Korean parent will offload a stake of up to 17.5 in the Indian unit, gaining its first stock market listing outside its home country and becoming the first automaker to go public in India since Maruti Suzuki in 2003.

India is one of the most exciting auto markets in the world … The IPO will ensure that Hyundai Motor India is even more dedicated to succeed in India, Kim told a press briefing in Mumbai on Wednesday.

The IPO, the world39;s secondbiggest in 2024,…