The Surge of IPOs in India: A Look at the Biggest Offerings

In recent years, India’s primary market has witnessed a remarkable surge in Initial Public Offerings (IPOs), with numerous companies opting to go public to raise capital. IPOs represent a significant opportunity for investors, as they mark the first sale of shares to the public. While concerns have been raised about large IPOs potentially draining liquidity from the market, recent trends indicate that the Indian market is robust enough to absorb substantial issues. This article delves into the biggest IPOs in India, examining their impact on the market and investor sentiment.

Top Biggest IPOs in India

1 Hyundai IPO – INR 27,858.75 crore

• Issue Dates: 15 – 17 October 2024
• Issue Size: INR 27,858.75 crore
• Price Range: INR 1,865 – 1,960 per share (Employee Discount – INR 186 per share)
• Listing Date: 22 October 2024
• Listing Price on NSE: INR 1,934 per share (down 1.33%)
• Closing Price on NSE: INR 1,819.60 per share (down 7.16%)

Hyundai Motor India’s IPO has become the largest in Indian history, raising INR 27,870 crore. Despite strong institutional interest, the overall subscription was only 2.4 times, indicating a lukewarm response from retail investors. On its debut, shares listed at INR 1,934, reflecting a disappointing start with a decline of over 5.87% by the end of the trading day.

2 LIC IPO – INR 20,557.23 crore

• Issue Dates: 4 – 9 May 2022
• Issue Size: INR 20,557.23 crore
• Price Range: INR 902 – 949 per share (discount of INR 45 for retail investors)
• Listing Date: 17 May 2022
• Listing Price on NSE: INR 872 per share (down 8.11%)
• Closing Price on NSE: INR 875.25 per share (down 7.77%)

The Life Insurance Corporation (LIC) IPO was highly anticipated, generating significant interest among the public. It was oversubscribed nearly three times, with full subscription across all investor categories. However, the stock’s performance post-listing was disappointing, with shares losing 26.6% in just six weeks.

3 Paytm IPO – INR 18,300 crore

• Issue Dates: 8 – 10 November 2021
• Issue Size: INR 18,300 crore
• Price Range: INR 2,080 – 2,150 per share (discount of 5% for retail investors)
• Listing Date: 18 November 2021
• Listing Price on NSE: INR 1,950 per share (down 9.30% from IPO price)
• Closing Price on NSE: INR 1,560 per share (down 27.44% from IPO price)

One97 Communications, the parent company of Paytm, launched its IPO amid a flurry of excitement during the IPO rush of 2021. However, it received a low subscription rate, with many high-net-worth individuals (HNIs) avoiding it. The stock listed at a 9.3% discount and closed the day down 27%, marking a challenging debut for investors.

4 Coal India IPO – INR 15,200 crore

• Issue Dates: 18 – 21 October 2010
• Issue Size: 631,636,440 shares
• Price Range: INR 225 – 245 per share (discount of 5% for retail investors)
• Listing Date: 4 November 2010
• Listing Price on NSE: INR 291 per share (up 25% for retail investors)
• Closing Price on NSE: INR 342.55 per share (up 47.17% for retail investors)

Coal India’s IPO was a historic event, raising INR 15,200 crore and becoming the largest IPO in India at that time. The offering was oversubscribed over 15 times, showcasing strong investor enthusiasm. The stock opened at INR 291, providing a 25% return on the first day, and closed at INR 342.55, rewarding investors with a 47.17% gain.

5 Reliance Power IPO – INR 11,700 crore

• Issue Dates: 15 – 18 January 2008
• Issue Size: 260,000,000 shares
• Price Range: INR 405 – 450 per share
• Listing Date: 11 February 2008
• Listing Price on NSE: INR 530 per share (up 17.77% from IPO price)
• Closing Price on NSE: INR 372.3 per share (down 17.27% from IPO price)

Reliance Power’s IPO was highly anticipated but ultimately disappointing for investors. Despite being fully subscribed within minutes, the stock faced a significant decline shortly after listing, closing down 17.27% on its first day. This IPO remains a cautionary tale for investors, as it marked a shift in sentiment towards Reliance Group companies.

6 Swiggy IPO – INR 11,327.43 crore

• Issue Dates: 6 – 8 November 2024
• Issue Size: INR 11,327.43 crore
• Price Range: INR 371 – 390 per share (Employee Discount – INR 25 per share)
• Listing Date: 13 November 2024
• Listing Price on NSE: INR 420 per share (up 7.69%)
• Closing Price on NSE: INR 456 per share (up 16.92%)

Swiggy’s IPO debuted successfully, raising INR 11,327.43 crore. Despite a cautious market, shares opened at INR 420, reflecting a 7.7% premium over the issue price. By the end of the trading session, the stock rose further to INR 456, showcasing strong investor interest.

7 General Insurance Corporation (GIC) IPO – INR 11,256.83 crore

• Issue Dates: 11 – 13 October 2017
• Issue Size: 124,700,000 shares
• Price Range: INR 855 – 912 per share (discount of INR 45 per share for retail investors)
• Listing Date: 25 October 2017
• Listing Price on NSE: INR 850 per share (down 1.96% from IPO price for retail investors)
• Closing Price on NSE: INR 874.3 per share (up 0.84% from IPO price for retail investors)

GIC’s IPO was notable as India’s sole reinsurance player. Despite raising a significant amount, the listing was subdued, with retail investors benefiting from a discount. The stock closed the listing day with marginal gains, reflecting a lack of enthusiasm from investors.

8 SBI Cards & Payments IPO – INR 10,340.79 crore

• Issue Dates: 2 – 5 March 2020
• Issue Size: INR 10,340.79 crore
• Price Range: INR 750 – 755 per share (discount of INR 75 for employees)
• Listing Date: 16 March 2020
• Listing Price on NSE: INR 661 per share (down 12.45% from IPO price)
• Closing Price on NSE: INR 678 per share (down 10.20% from IPO price)

SBI Cards launched its IPO amid the onset of the COVID-19 pandemic, which significantly impacted its debut. Despite being oversubscribed 26.5 times, the stock faced a challenging listing, debuting at a 12.45% discount.

9 Oil and Natural Gas Corp (ONGC) IPO – INR 10,534 crore

• Issue Dates: 20 – 23 September 2011
• Listing Date: 3 October 2011
• Issue Size: 142,593,300 shares
• Price Range: INR 680 – 750 per share (discount of 5% for retail investors)

ONGC’s IPO was historic as it was the first public offering to raise over INR 10,000 crore. The offering provided substantial returns to shareholders over the years, showcasing the company’s enduring value.

10 NTPC Green Energy IPO – INR 10,000 crore

• Issue Dates: 19 – 22 November 2024
• Issue Size: INR 10,000 crore
• Price Range: INR 102 – 108 per share (Employee Discount – INR 5 per share)
• Listing Date: 27 November 2024
• Listing Price on NSE: Coming soon
• Closing Price on NSE: Coming soon

NTPC Green Energy’s IPO is set to make its mark as one of the largest in India, with expectations of strong investor interest.

Conclusion

The Indian IPO landscape has evolved significantly, with technology companies leading the charge. The surge in IPOs reflects a growing appetite for investment opportunities among retail and institutional investors alike. While some IPOs have faced challenges post-listing, others have provided substantial returns, highlighting the dynamic nature of the market. As India continues to embrace digital transformation, the trend of large IPOs is likely to persist, reshaping the investment landscape for years to come.

FAQs

Which IPO is the biggest in India?
Hyundai Motors India launched its INR 27,858.75 crore IPO in 2024, which is the biggest IPO in Indian history to date.

What has been the average listing day performance of the top 10 biggest IPOs in India?
The average listing gain for the top 10 biggest IPOs in India by issue size is around 6%, with about 60% of them ending up with negative returns.

What is the highest IPO price per share in India?
In the last 6 years, One97 Communications (Paytm) has had the highest IPO allotment price of INR 2,150 per share.

Which recent tech IPO was the largest in the history of the Indian stock market?
Paytm’s IPO in November 2021, raising INR 18,300 crore, is the largest tech IPO in Indian stock market history, despite a poor market debut.