Stock hits new high in Korea on IPO plan

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Plans for what may be one of India’s largest-ever IPOs boosted Hyundai Motor’s

stock

to a

record high

in South Korea. The company is selling a 17.5% stake in

Hyundai Motor

India, according to its draft red herring prospectus. Shares of Hyundai – which will collect all of the proceeds from the

IPO

of its local unit – rose 4% on Monday in Seoul. Hyundai is seeking to raise about $2.5 billion in the IPO, with a potential listing planned by the end of the year.

Shares of Maruti’s parent Suzuki fell 3.6% in Tokyo, while Indian markets were closed.