South Korean automaker Hyundai Motor’s India unit will raise more than $3 billion in what would be the biggest-ever initial public offering in India. Hyundai Motor India’s share sale, which would beat the previous Indian IPO record of around $2.

A $3.3-billion initial public offering by Hyundai Motor India was fully subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds buying into the country's first automaker to go public in two decades.

As the public issue is solely an OFS, Hyundai Motor India Ltd, which stands as the second largest car manufacturer in India after Maruti Suzuki, will not receive any proceeds from the IPO.