Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.

Hyundai Motor India's IPO will mark 1st issue by any automaker since 2003 when Maruti Suzuki launched its public issue

Hyundai is India's second largest carmaker in India after Maruti Suzuki and is looking to reclaim market share from domestic rivals by expanding its SUV lineup.

Hyundai Motor said in a regulatory filing on Tuesday that it will sell 142 million shares it holds in Hyundai Motor India for the latter's initial public offering. The South Korean automaker said in the filing that it will still hold 670 million shares in Hyundai Motor India,

Hyundai Motor India is set to make its debut on the Indian stock market next week, with its initial public offering (IPO) priced between ₹1,865 and ₹1,960 per share ($22 to $23), according to a Reuters report that quoted insiders familiar with the matter.

Hyundai Motor Co. 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.