The $3 billion IPO will open for subscriptions to large institutional investors on Oct. 14, with retail and other categories expected from Oct. 15 to 17, the sources said. Hyundai did not respond to Reuters' questions on the matter. Hyundai is India's second-largest carmaker after Maruti and is looking to claw back market share from domestic rivals by expanding its SUV range. The company also plans to launch its first electric vehicle made in India early next year and introduce at least two petrol-tuned models to the market starting in 2026, Reuters notes. Hyundai will not issue new shares in the IPO, which will involve its South Korean parent company. The latter is to sell up to 17.5% of its stake in the wholly owned division. The South Korean carmaker said on Tuesday that it will still hold 670 million shares in Hyundai Motor India, or an 82.5% stake, after the IPO. According to Bloomberg, Hyundai's offer is expected to be the largest ever in India.