JPMorgan, Citigroup, HSBC and other banks advising Hyundai India on its upcoming IPO will receive a fee of up to $40 million (about ₹334 crore), Reuters reported. This will be the second-biggest IPO fee in India after Paytm's IPO yielded $44 million for its advisers, the report said. Hyundai will reportedly pay banks 1.3% of the IPO size.