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’s IPO was seen as a pivotal test for gauging the depth and attractiveness of the domestic equity markets. Through the IPO, the Seoul-headquartered parent divested a 17.5 per cent stake and mobilised Rs 27,870 crore—the highest-ever by way of an IPO.