This photo, provided by Hyundai Motor Group, shows Hyundai Executive Chair Chung Eui-sun, center, at the Hyundai Motor Kia India Technology Research Center in Hyderabad, India, Aug. 8, 2023. Newsis

Hyundai Motor said Tuesday it has decided to sell a 17.5 percent share in its Indian subsidiary for the initial public offering (IPO) it plans for this year.

The South Korean automaker said in a regulatory filing it will sell 142.19 million shares in Hyundai Motor India, bringing its share down to 82.5 percent.

Hyundai has not specified the exact date and the range for the IPO pricing, but it seeks to go public within this year with an aim to raise up to 4 trillion won ($3.1 billion) at about $20 billion IPO valuation.

Hyundai Motor established the Indian subsidiary in 1996, and it would be the first carmaker to go public in India in around two decades, officials said. (Yonhap)