Hyundai Motor India's $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation.

Hyundai IPO retail subscription was the worst among biggest 5 offers in India (50%). Expensive pricing (26x PE vs industry average of 24.41x) dampened retail investor sentiment.

QIBs portion subscribed 6.97 times. Retail individual investors shun issue as subscription lagged at 0.5 times after premium in the gray market nosedived.