Hyundai Motor India has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to two insiders familiar with the matter, Reuters reported. The South Korean automaker is expected to raise $3 billion, with a company valuation of approximately $20 billion, sources previously told Reuters.

This would mark the first car manufacturer to go public in India in two decades, following Maruti Suzuki’s IPO in 2003.

Efforts to reach Hyundai India for comment outside of regular business hours were unsuccessful.

The automaker is striving to reclaim market share from local competitors inlcuding Tata Motors, by enhancing its SUV lineup. Additionally, Hyundai plans to introduce its first locally-produced electric vehicle early next year, with two gasoline-powered models expected to launch by 2026, according to three sources familiar with the company’s plans, the report added.