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The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, received a 9% subscription during the initial hours of bidding on Tuesday.

The Rs 27,870 crore initial share sale received bids for 89,92,522 shares against 9,97,69,810 on offer, as per NSE data until 11:39 hours.

The portion for Retail Individual Investors (RIIs) was subscribed to 15%, while the non-institutional investors category fetched a subscription of 6%.

Hyundai Motor India Ltd (HMIL) on Monday raised Rs 8,315 crore from anchor investors. This is the largest IPO in the country, surpassing LIC’s initial share sale of Rs 21,000 crore.

The IPO, with a price band of Rs 1,865-1,960 per share, will remain open for public subscription from October 15 to October 17.

The IPO is entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.

This is the first initial share sale of an automaker in over two decades, following Japanese carmaker Maruti Suzuki’s listing in 2003. The South Korean parent is diluting some of the stake through the OFS route.

Since the public issue is completely an OFS, Hyundai Motor India Ltd, the second largest carmaker in India after Maruti Suzuki, will not receive any proceeds from the IPO.

HMIL stated that it expects that the listing of the equity shares “will enhance our visibility and brand image and provide liquidity and a public market for the shares”.

At the upper end of the price band, the IPO size has been pegged at Rs 27,870 crore ($3.3 billion), and the company’s market valuation at around Rs 1.6 lakh crore (about $19 billion) post-issue.

HMIL commenced operations in India in 1996 and currently, sells 13 models across segments.

Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Private Ltd, HSBC Securities and Capital Markets (India) Private Ltd, J P Morgan India Private Ltd and Morgan Stanley India Company Private Ltd are the book running lead managers to the offer.