Hyundai Motor India set to price shares at top of range to raise over Rs 27,000 crore, sources say

Hyundai Motor India is set to price its shares at Rs 1,960 to raise over Rs 27, 000 crore ($3.3 billion_ in its initial public offering, according to two sources with direct knowledge of the matter.

That price is at the top of the Rs 1,865 to rs 1,960 range flagged to investors when the deal was launched.

Hyundai India is selling 142.2 million shares, according to the company's filings, which will make it the largest IPO ever in India by the amount raised.

The sources could not be named as they were discussing confidential information.

Hyundai India did not immediately respond to a request for comment.

Hyundai India is not issuing new shares in the IPO. South Korean parent Hyundai Motor Corp will instead sell about 17.5 per cent of the wholly-owned unit, giving it a value of about $19 billion.

After the share sale, Hyundai India will make up about 40 per cent of Hyundai Motor's market capitalisation.

Anchor investors bought about $989 million in shares at 1,960 rupees, according to the company's exchange filings.