Hyundai Motor Company said its Indian subsidiary had filed documents for an initial public offering (IPO) and to list its shares on the main stock exchange to expand its operations in the world’s third largest vehicle market.

The share price in Seoul jumped 5% on Monday on the news, before giving up some of the gains later in the day.

According to a regulatory filing, Hyundai Motor India had submitted documents for its IPO with the Securities and Exchange Board of India with analysts expecting the company to raise up to US$3bn which would help it fund much needed capacity expansion and speed up its switch to electric vehicles.

Hyundai Motor Group chairman and CEO Chung Euisun visited the company’s Indian operations in April where he outlined the medium and long term strategy which also included strengthening India’s role as a global production hub.

Hyundai is India’s third largest automaker after Maruti Suzuki and Tata Motors with local sales reaching 602,000 units last year and the Creta small SUV and i10 and i20 based small cars its best selling models.

The company exported a further 164,000 vehicles with total output amounting to 766,000 units.

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