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 Motor Co.’s Indian arm is experiencing a rocky start as its monumental $3.3 billion initial public offering (IPO) struggles to captivate investor interest amid a challenging market landscape.

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.

India’s unregulated gray market is indicating that the excitement around Hyundai Motor India Ltd.’s $3.3 billion initial public offering — poised to be the country’s biggest ever — is cooling.

Hyundai India's $3.3 billion IPO was subscribed in 42% on the second day of bidding on Wednesday, led mostly by employees, who were offered shares at a discount and already oversubscribed their part of the offer.