By Dhwani Pandya MUMBAI (Reuters) -Hyundai Motor plans to use proceeds from a $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

Hyundai Motor India has fixed a price band at Rs 1,865-1,960 per share for its Rs 27,870-crore IPO. The public issue will open for subscription on October 15

Hyundai Motor India’s IPO will be open from October 15-17, marking the largest public issue in India's history. Set at Rs 1,865-1,960 per share, the I

Hyundai Motor's Indian unit will launch its $3 billion initial public offering next week, set to be the country's largest-ever IPO by issue size, in a red-hot stock market.

Hyundai aims to raise $3.3 billion in its initial public offering of its India unit, reports said Tuesday, which would make it the country's biggest stock market debut.

The Indian unit of the Korean carmaker is reportedly offering a discount of Rs 186 per share to eligible employees in the IPO.

Hyundai Motor Co expects India to be a fast-growing market and plans to make it a global manufacturing hub, a top company executive said on Wednesday, as the South Korean carmaker gears up to launch its Indian IPO next week.