Hyundai Motor India's $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation.

Hyundai Motor India IPO, the largest in India for 2024, faced low retail interest, with only 50% of its portion subscribed. The offering was entirely an offer for sale, raising concerns about its valuation,

The Indian stock market listing for the local unit of Hyundai Motor Co. will proceed as planned, after the record offering was fully sold on the final day.

The $3.3-billion IPO of Hyundai Motor India, the country's largest yet, was fully subscribed on its final day on Thursday, as big institutional investors bid aggressively, though pricing concerns deterred retail investors.