India to be global manufacturing hub for IPO-bound Hyundai, executive says

MUMBAI: Hyundai Motor Co expects India to be a fast-growing market and plans to make it a global manufacturing hub, a top company executive said on Wednesday, as the South Korean carmaker gears up to launch its Indian IPO next week.

The listing will be India's largest IPO and will see the South Korean parent sell a stake of up to 17.5% in the local entity for about $3 billion. It will value Hyundai's India unit at $19 billion at the top end of the share price range.

"India is the most exciting market in the world," Unsoo Kim, managing director of Hyundai Motor India, said during a press event.