(Reuters) - Hyundai Motor India has set a price range of 1,865 rupees ($22) to 1,960 rupees ($23) for its initial public offering (IPO) that opens next week for subscriptions, a advertisement in the Financial Express newspaper showed on Wednesday.

The Indian unit of the Korean carmaker is offering a discount of 186 rupees per share to eligible employees in the IPO, the advertisement showed.

The $3 billion IPO, India's largest ever, will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17.