India’s IPO league table: How the largest listings opened

India's IPO league table has been rewritten three times in five years.Paytm topped it in 2021, LIC in 2022 and Hyundai Motor India in 2024, with Hyundai's ₹27,870-crore offering nearly twice the size of Coal India's landmark share sale of 2010.

The next entry is due on October 21, when Jio Platforms opens for bids. Its price band, announced on October 14, has already settled where it ranks. How the market receives it is a separate matter. Hyundai Motor India (2024)

Hyundai Motor India's ₹27,870-crore IPO in October 2024 remains the country's largest, as Business Standard reported¹. It was a pure offer for sale (OFS): the Indian unit raised no fresh capital, while its South Korean parent sold a 17.5% stake, according to an AFP report carried by Fortune².


Overall demand covered the offering more than twice, but retail investors took up only half the shares set aside for them, Fortune reported. The stock ended its first session 7.1% below the IPO price of ₹1,960.

LIC (2022)

The government had planned to sell 5% of LIC but pared that to 3.5% amid volatile markets, bringing the offering down to about ₹20,557 crore, as Business Standard reported³. Policyholders oversubscribed their quota on the opening day, according to the same report.

LIC listed at ₹872 on BSE against an IPO price of ₹949, a discount of over 8%, PTI reported. That was below even the discounted price at which policyholders and retail investors were allotted shares; the stock closed at ₹873 on NSE, as Business Standard reported⁴. Citing Bloomberg, Free Press Journal⁵ reported it was the year's second-weakest debut among global IPOs of $1 billion or more.

Paytm and Coal India

Before LIC, the top slot belonged to Paytm, which raised about ₹18,300 crore in 2021. Coal India's 2010 share sale of nearly ₹15,500 crore ranked second, followed by Reliance Power's ₹11,700 crore in 2008, as Outlook Business reported⁶, citing PTI.

Jio Platforms (2026)

Jio arrives in a busy primary market. As Free Press Journal reported⁷, 96 IPOs have raised over ₹1.1 lakh crore so far in 2026, 35 of them in September, with 12 more lined up for October.

As per Reliance Industries' stock exchange filing on October 14, Jio Platforms has set a price band of ₹1,065-1,119 per share, with bidding from October 21 to 23. The offering comprises only fresh shares, up to 27 crore of them, with no OFS component, according to the company's filing as reported by Outlook Business⁸. Proceeds will largely go towards repaying borrowings at telecom subsidiary Reliance Jio Infocomm, as per the company's disclosures cited by Outlook Money⁹.

At the upper end of the band, the IPO would raise about ₹30,213 crore and value Jio at around ₹10.3 lakh crore, Outlook Money reported. At the lower end, 27 crore shares would fetch roughly ₹28,755 crore, still above Hyundai's mark, if fully subscribed.
The two largest IPOs so far, Hyundai and LIC, both closed their first session below the IPO price. Investors are becoming more selective on valuations, profitability and governance, JM Financial's Neha Agarwal told Free Press Journal. Jio is scheduled to list later this month.

References:

1. https://www.business-standard.com/markets/ipo/ipo-aimed-to-further-indianise-operations-hyundai-motor-india-coo-124101100615_1.html
2. https://fortune.com/asia/2024/10/22/hyundai-motor-india-shares-drop-country-biggest-ever-ipo/
3. https://www.business-standard.com/amp/article/companies/lic-ipo-day-1-issue-subscribed-66-policyholders-portion-oversubscribed-122050401042_1.html
4. https://www.business-standard.com/amp/article/markets/lic-shares-drop-8-below-issue-price-on-debut-end-at-rs-873-apiece-122051701018_1.html
5. https://www.freepressjournal.in/business/lic-makes-stock-market-debut-2nd-worst-debutant-despite-record-ipo
6. https://www.outlookbusiness.com/news/lic-ipo-india-s-largest-ever-ipo-opens-for-subscription-lic-ipo-price-news-194791
7. https://www.freepressjournal.in/business/ipo-boom-continues-jio-platforms-and-11-others-set-to-hit-market-in-october
8. https://www.outlookbusiness.com/corporate/reliance-jio-ipo-to-open-on-oct-21-files-rhp
9. https://www.outlookmoney.com/invest/jio-platforms-ipo-price-band-dates-valuation-lot-size