Hyundai Motor India, LIC, Paytm, Tata Capital, Coal India, HDB Financial Services, and LG Electronics are among India’s largest IPOs by issue size. Price bands, subscription levels, and listing day results varied sharply. A large issue size does not consistently indicate a successful market debut.
An IPO is when a private company sells shares to the public for the first time. Following a stock exchange listing, public investors gain the opportunity to acquire shares in the company. Founders and early investors often use this route to sell part of their stake, while the company itself may raise new funds to expand, repay debt, or fund new projects.
Top 7 Largest IPOs
Here are the seven largest IPOs in India by issue size, along with allotment price and listing day gain or loss. Together, they account for over ₹1,30,427 crore raised from the public.
Hyundai Motor IPO is currently the largest IPO in the Indian stock market. It was an offer for sale by the parent company. No fresh funds went into the business; only existing shares changed hands. Institutional investors subscribed nearly 7 times, but overall subscription stood at 2.4 times, as retail demand remained limited. Shares listed at ₹1,934 on the NSE, down 1.33% from the issue price, and closed the day at ₹1,819.60, down 5.87%. As of July 2026, the stock has largely traded below its issue price since its market debut.
#2 LIC of India – INR 20,557.23 crore
Issue dates: 4 – 9 May 2022
Price band: ₹902–949 per share
Listing date: 17 May 2022
The Life Insurance Corporation was among the most anticipated public offerings in the Indian equity market. It was subscribed nearly three times over six days, with full subscription across all five investor categories. The stock listed at ₹872 on the NSE, down 8.11% from the issue price, and closed the day at ₹875.25, down 7.77%. Performance remained subdued following the listing, with the stock losing over 26% of its value within six weeks.
Paytm’s IPO represents one of the most significant declines on a listing day in Indian market history. Subscription remained under 2 times, as HNIs abstained from the issue. At the time of the offering, the company was unprofitable, leading investors to express concerns regarding its valuation. Shares listed at ₹1,950 on the NSE, down 9.30% from the issue price, and closed at ₹1,560, down 27.44% for the day. This listing remains one of the sharpest single-day declines for an IPO of this magnitude globally.
#4 Tata Capital – INR 15,511.87 crore
Issue dates: 6 – 8 October 2025
Price band: ₹310–326 per share
Listing date: 13 October 2025
Tata Capital is the financial services arm of the Tata Group and India’s third-largest diversified NBFC. The IPO was subscribed 1.95 times overall, with QIB demand at 3.42 times, NII at 1.98 times, and retail at 1.10 times. Shares listed at ₹330 on the NSE, up 1.23% for retail investors, and closed at ₹330.50, up 1.38%. The listing was modest but positive, in line with the company’s steady, low-risk profile.
#5 Coal India – INR 15,200 crore
Issue dates: 18 October 2010
Price band: ₹225–245 per share
Listing date: 4 November 2010
Previously, Coal India was the largest IPO in India and remained so for 11 years. Subscription crossed 15 times the issue size, with total bids worth about ₹2.35 lakh crore. The price was set conservatively for a state-run monopoly with steady cash flow. Shares listed at ₹291 on the NSE, up 25% for retail investors who received a 5% discount, and closed the day at ₹342.55, up 39.82%. It remains the best listing day return among India’s biggest IPOs.
#6 HDB Financial Services Ltd.
Issue dates: 25 June 2025 – 27 June 2025
Price band: ₹700–740 per share
Listing date: 2 July 2025
HDB Financial Services, the non-banking financial company (NBFC) arm of HDFC Bank, launched a massive public offer consisting of a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore. The issue generated significant investor interest, receiving an overall subscription of 17.65 times, driven heavily by Qualified Institutional Bidders (QIBs) whose category was oversubscribed nearly 58.6 times. Allotted at the upper price band of ₹740 per share, the stock made a strong market entry on the NSE and BSE, listing at ₹835 per share and rewarding investors with a solid listing-day gain of 12.84%.
#7 LG Electronics India Ltd.
Issue dates: 7 October 2025 – 9 October 2025
Price band: ₹1,080–1,140 per share
Listing date: 14 October 2025
LG Electronics India’s mega public issue was structured entirely as an Offer for Sale (OFS) by its South Korean parent entity, LG Electronics Inc. As a market leader in India’s consumer electronics and home appliances sector, the offering attracted tremendous demand from domestic and international institutional investors, driving overall subscription to over 33 times. Shares were priced at the top end of the band at ₹1,140. On its trading debut, the stock logged one of the strongest mega-IPO listings of the year, opening at ₹1,710.10 on the stock exchanges for a stellar 50.01% listing gain.
How Have These Companies Fared Post-IPO?
Initial listing performance does not necessarily correlate with long-term capital appreciation; an asset may experience listing-day losses yet generate long-term value, or vice versa.
Coal India has been a consistent dividend payer for over a decade, even with slow share price growth.
Paytm recovered part of its losses as the company cut cash burn, but many original investors are still below their buy price.
As of July 2026, LIC continues to trade below its issue price of ₹949, with investors staying cautious on state-owned insurance valuations.
Hyundai Motor India and Tata Capital were listed recently. It is too early to judge their long-term performance.
The wider pattern is worth noting. Companies with predictable cash flow and conservative pricing, like Coal India, tend to hold up better over the long run than companies priced on future growth alone. Issue size does not predict how a stock performs after listing. Valuation at the time of pricing matters more than how much money the IPO raised.
Your Ally in the IPO Journey
Reading an IPO document requires time and a level of market knowledge that many retail investors do not possess. Professional brokerage support helps to understand category-wise demand, valuation context, and specialized analysis.
Jainam Broking supports investors through the full IPO process, from application to allotment to the first day of trading. They provide investors with relevant information throughout the IPO process and support informed investment decisions based on market conditions.
Conclusion: Taking the Leap with IPOs
A large size of issue is not a guarantee for good post-listing performance. Hyundai, LIC and Paytm all raised big capital but fell on their respective listing days. Meanwhile, Coal India, with a more conservative valuation, had one of the most successful debuts in the history of the Indian market. Tata Capital had a flat and moderate listing performance.
Before applying for any IPO, check the valuation, the company’s financials, and the subscription trend across investor categories. These tend to be more important when it comes to an IPO. A well-priced issue from a small company can outperform a mega IPO from a household name.
Key Highlights
Hyundai Motor India raised ₹27,858.75 crore, the biggest IPO in Indian history, but fell 5.87% on the listing day.
LIC of India raised ₹20,557.23 crore and closed 7.77% lower on debut.
Paytm recorded a listing-day decline of 27.40%, representing the weakest debut among the analyzed issues.
Coal India, issued at ₹245 per share, appreciated by 39.8% on its trading debut, establishing the strongest initial performance among India’s largest initial public offerings
FAQs
What is an IPO, and why is it important?
An IPO is the first sale of a company’s shares to the public. It allows retail investors to buy shares that were previously available only to private owners, founders, or institutional backers. An IPO is a company’s way of tapping the public capital markets.
What is the biggest IPO in India?
In India, the biggest IPO as of July 2026 is Hyundai Motor India Ltd with an issue size of ₹27,858.75 crore, followed by Life Insurance Corp.of India, One 97 Communications Ltd., and Vodafone Idea Ltd.
What goes into a successful IPO?
An IPO succeeds when pricing is fair relative to earnings and growth, financials are strong, demand is broad across categories, and the business model is sound.
How have companies fared after their IPOs?
Results vary widely and have little to do with issue size. Paytm and LIC struggled after listing, losing value in the weeks that followed, while Coal India, priced more conservatively, delivered modest price gains but steady dividends.
How can I make an informed decision when investing in IPOs?
You can check the valuation against industry peers, read the risk factors, analyze the trends before the issue closes, and speak with a broker before applying for any upcoming issue.
This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Jainam Broking does not provide any assurance regarding outcomes based on this information.
