Hyundai prices India IPO at $3 billion at 1,865-1,960 rupees per share By Reuters

(Reuters) – Hyundai Motor ( OTC: ) India has set a price range of 1,865 rupees ($22) to 1,960 rupees ($23) for its initial public offering (IPO), which opens for subscriptions next week , an ad in the Financial Express newspaper featured on Wednesday.

The Indian unit of the Korean carmaker is offering a discount of 186 rupees per share to eligible employees in the IPO, the announcement said.

The $3 billion IPO, India’s largest, will open for subscriptions to large institutional investors on October 14 and will invite bids from retail and other categories from October 15-17.