Hyundai India's $3.3 billion IPO was subscribed in 42% on the second day of bidding on Wednesday, led mostly by employees, who were offered shares at a discount and already oversubscribed their part of the offer.

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.