(Bloomberg) -- Hyundai Motor Co.’s Indian unit filed for an initial public offering that is expected to be one of the nation’s largest.

The carmaker will offer 17.5%, or 142.2 million shares, of Hyundai Motor India Ltd., according to a draft red herring prospectus. The unit isn’t selling any new shares in the IPO and the entire proceeds will go to the parent firm.

The company is seeking to raise about $2.5 billion in the IPO, with a potential listing planned by the end of the year, Bloomberg News reported previously, citing people familiar with the matter. That would make it one of the biggest on record in India, rivaling Life Insurance Corp. of India’s 206 billion rupee ($2.5 billion) offering in 2022. 

Hyundai is potentially seeking a valuation of as much as $25 billion, the people said, asking not to be identified discussing private information. Hyundai Motor India is the country’s second-biggest automaker by sales, and almost 80% of its revenue from car sales is domestic, the draft prospectus said.

According to the draft prospectus, anchor investors will be offered as many as 42.66 million shares. Qualified Institutional Buyers, including the anchors, will be sold as much as half of the offering. At least 35% will be available for retail buyers, and the remainder will go to non-institutational investors.

Hyundai Motor India reported revenue of 521.58 billion rupees in the nine months ended December, according to the filing. For the year ended March 2023, it had a revenue of 603.1 billion rupees.

Hyundai’s advisers for the share sale are Kotak Mahindra Bank, Citigroup Inc., HSBC Holdings Plc, JP Morgan Chase & Co, and Morgan Stanley, according to the draft prospectus. 

--With assistance from Anup Roy and Devidutta Tripathy.

(Updates with revenue in fourth paragraph, other details in fifth and sixth paragraphs.)

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