Hyundai Motor has reportedly enlisted investment banks JPMorgan and Citi to advise on its anticipated Indian initial public offer (IPO), aiming for a minimum of $3 billion (Rs 24,900 crore).

According to undisclosed sources, the company plans to submit regulatory documents for approval in India between May and June, the Reuters has reported.

Hyundai, holding a 15 per cent market share, is contemplating an IPO in India that could value its local unit at up to $30 billion, potentially becoming the country’s largest IPO. Such a fundraising effort would value Hyundai’s Indian operation at over half its market capitalisation of around $47 billion in Seoul.

Additionally, domestic Indian investment banks may also be appointed for the IPO in the coming months.

However, the line-up is subject to change, and there is no final decision on the timing of the sale or the number of shares the South Korean parent will sell.

If Hyundai proceeds with the IPO, it plans to utilise the raised capital to expand its operations, accounting for 13 per cent of the company’s global sales last year, according to the Bloomberg.

India has become an increasingly attractive market for IPOs, with approximately $27 billion raised in IPOs and follow-on share sales in the country last year, surpassing Hong Kong for the first time in at least three decades.