SYDNEYSEOUL, Oct 14 Reuters Hyundai India will start taking orders for its 3.3 billion initial public offering in Mumbai on Monday, the company said in regulatory filings, a deal that will be the country39;s largest ever share offering and world39;s second biggest IPO in 2024.

The IPO shows that India39;s red hot capital markets show no sign of cooling, with 260 companies having raised more than 9 billion so far in 2024, according to LSEG data. The yeartodate volume has already surpassed the 7.42 billion total raised last year.

Hyundai will not issue new shares in the IPO, in which its South Korean parent will sell up to 17.5 of its stake in the whollyowned unit that will be valued at up to 19 billion.

At that size, Hyundai India will make up about 40 of its parent company Hyundai Motor39;s market capitalisation.

There will be 142,194,700 shares on offer in a price band of 1,865 to 1,960 rupees, according to the filings, and the deal will be the first time Hyundai is listed outside of its South Korean home market.

Institutions can bid for the stock from Monday while retail and other investors can place orders on Tuesday and Wednesday. The stock will begin trading in Mumbai on Oct. 22, the regulatory filings show.

Analysts said Hyundai Motor is likely to expand its production in India, potentially including hybrids and electric vehicles. This would help the South Korean automaker strengthen its position in the Indian market as the country focuses on environmentally…