Today is the third and the last day for subscription of an initial public offering (IPO) of Hyundai Motor India Limited, the Indian arm of South Korean automaker Hyundai.

Hyundai India IPO GMP has seen a significant decline from Rs 570 just two weeks ago when the shares began trading in the unlisted market.

India’s unregulated gray market is indicating that the excitement around Hyundai Motor India Ltd.’s $3.3 billion initial public offering — poised to be the country’s biggest ever — is cooling.