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.

Hyundai’s IPO was seen as a pivotal test for gauging the depth and attractiveness of the domestic equity markets. Through the IPO, the Seoul-headquartered parent divested a 17.5 per cent stake and mobilised Rs 27,870 crore—the highest-ever by way of an IPO.

The $3.3-billion IPO of Hyundai Motor India, the country's largest yet, was fully subscribed on its final day on Thursday, as big institutional investors bid aggressively, though pricing concerns deterred retail investors.

Hyundai Motor India launches a record $3.3-billion IPO, concluding with complete subscription by institutional investors. Retail investors remain cautious due to pricing concerns, overshadowing positive market trends.

A $3.3-billion initial public offering by Hyundai Motor India was fully subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds buying into the country's first automaker to go public in two decades.