Hyundai Motor India’s INR 27,870 crore initial public offering (IPO) — India’s largest-ever — was subscribed 0.18 times on Tuesday, the opening day of the public issue.

The non-institutional investor (NII) portion, primarily high-net-worth individuals, was subscribed 0.13 times, while the retail investor portion saw a subscription of 0.26 times. The portion reserved for the company’s employees, offered at a discount of INR 186 per share, was subscribed 0.8 times (80%).

Meanwhile, the qualified institutional buyer (QIB) portion was subscribed 0.05 times, though institutions typically place bids on the final day of the subscription period.

The IPO, priced between INR 1,865 and INR 1,960 per share, will remain open for subscription until Thursday.

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NIIs are offered 50% and 15% of the issue size, respectively.

Hyundai Motor India, the country’s second-largest passenger car manufacturer after Maruti Suzuki, raised INR 8,315 crore (roughly 30% of the IPO size) on Monday from 225 anchor investors, led by funds owned by the Singapore government, among others.