By Aditya Kalra and Scott Murdoch

NEW DELHI/HONG KONG (Reuters) – 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.

The $3 billion IPO will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.

At the upper end of the price band, the company will roughly be valued at $19 billion, the sources said, adding the stock is set to start trading in Mumbai on Oct. 22.

Hyundai did not immediately respond to Reuters queries.

The IPO will make it the country’s first car maker to go public in two decades since Maruti Suzuki in 2003, and would come just after Indian stock markets touched record highs and saw many companies making debuts.

Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via a so-called “offer for sale” route.

(Reporting by Aditya Kalra and Scott Murdoch; editing by David Evans)