A $3.3-billion initial public offering by Hyundai Motor India was fully subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds buying into the country's first automaker to go public in two decades.

India's biggest-ever primary market offering saw the lowest retail subscription among recent large IPOs, with only 0.50x retail participation.

QIBs portion subscribed 6.97 times. Retail individual investors shun issue as subscription lagged at 0.5 times after premium in the gray market nosedived.