Citigroup, JPMorgan in roster for Hyundai India's mother of all IPOs

Hyundai Motor is reportedly roping in Citigroup and JPMorgan Chase for an initial public offering of its Indian unit that may raise about $2.5 billion, which could rank among the country’s biggest listings ever.

The country's second-largest carmaker also is in talks with other banks as it pulls together a roster of advisers for the offer that may come this year, said a Bloomberg report.

There’s no final decision on the timing of the sale or the number of shares the South Korean parent will sell, and the offering could yet be delayed, the report added. If the South Korean company does proceed with an IPO, it will use the cash raised to expand operations, Bloomberg News reported this week. India accounted for 13% of Hyundai’s global sales last year.

About $27 billion was raised in IPOs and follow-on share sales in India last year, exceeding Hong Kong for the first time in at least three decades, according to data compiled by Bloomberg.

Reuters reported the naming of the banks earlier Friday.