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.

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.

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.