NEW DELHI: Hyundai Motor’s India unit sought regulatory approval on Saturday for a stock market listing in Mumbai which could be the nation’s biggest and will see the South Korean parent sell a stake of up to 17.5% in the company.

The prospectus filed gave no details of the pricing of the initial public offering or the company’s valuation, but sources have told Reuters Hyundai aims to raise around $2.5-$3 billion at a valuation of up to $30 billion.

India’s second-biggest car maker behind Maruti Suzuki , Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling part of its stake in the wholly owned unit to retail and other investors via a so-called “offer for sale” route.

Hyundai Motor India 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, the company said in the draft prospectus filed on Saturday.

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South Korea’s Hyundai will sell up to 142 million of the total 812 million shares, or 17.5%. The sources have said the final percentage could be lower.

Indian stock markets are currently trading near record highs.

Hyundai Motor India will be the country’s first car maker to go public in two decades since Maruti Suzuki in 2003.

The listing is seen putting Hyundai Motor India on a stronger footing versus its rivals such as Maruti Suzuki and Tata Motors as it could make future fundraising easier, without the need for dependency on its Korean parent.

India, the world’s biggest car market after China and the U.S., is an important growth avenue for Hyundai and also its third-biggest revenue generator.