South Korean automaker Hyundai has filed for an initial public offering for its India unit in what may be among the country's biggest stock market debuts, reports said Saturday.

The company plans to offer 142.2 million shares or 17.5 percent of Hyundai Motor India as part of the IPO, Bloomberg News reported, citing a draft prospectus filed by the firm.

While the pricing is still unclear, local media reports have suggested that the company is looking to raise $2.5-3.0 billion through the IPO.

India's biggest IPO was the 2022 listing of state-run Life Insurance Corporation of India, in which the government raised $2.7 billion by selling a 3.5 percent stake.

Hyundai will be looking to capitalise on India's booming stock market, which recently pipped Hong Kong to become the fourth-largest in the world.

The South Korean company has been operating in India for more than two decades and is the country's second-biggest by sales.

It is one of the few foreign automotive giants to make a mark in India, with US rivals Ford and General Motors both failing to crack the local market.

The Times of India newspaper suggested in January that Hyundai was planning to invest billions of dollars in India to ramp up production, roll out new cars and expand in the world's most populous country.