All-Time Largest IPOs in India at a Glance


Last updated on April 23, 2024

In the past few years, India’s primary market has witnessed a flurry of IPO activities with several companies opting for the IPO route. Initial Public Offerings (IPOs) hold a special place in investors’ hearts, as they mark a company’s first issuance of shares to the general public. While some investors may worry that big IPOs could drain liquidity from the market, recent developments show that the market is well-equipped to handle large offerings. Let’s take a closer look at the largest IPOs in India that have significantly shaped the market.

Largest IPOs in India

#1 LIC IPO – Top Entry in Largest IPOs in India – INR 21,000 crore

  • Issue dates: 4 – 9 May 2022
  • Issue size: INR 21,000 crore
  • Price: 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 LIC IPO, not only the biggest IPOs by issue size but also a highly anticipated one, generated significant interest among the general public. Despite being the only IPO to surpass INR 21,000 crore in India, the offering received decent subscription at nearly 3X over six days, with full subscription in all five IPO investor categories.

However, post-listing, the stock performance has been disappointing, with the shares losing 26.6% in just six weeks.

Read Also: Best IPO Stocks That Doubled Investors’ Money

#2 Paytm IPO – INR 18,300 crore

  • Issue dates: 8 – 10 November 2021
  • Issue size: INR 18,300 crore
  • Price: 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 with much fanfare during the great IPO rush of 2021, surpassing Coal India as the largest IPO. The IPO size was INR 18,300 crore, but it received a relatively low total subscription at less than 2 times, with HNIs avoiding it. Tepid demand in the grey market and lack of profitability in the coming years affected investor sentiment.

Not surprisingly, Paytm IPO listed at a discount of 9.3% to its offer price. However, it quickly became a horror show for IPO investors as the stock lost over a quarter of its value through the day and closed with 27% losses.

#3 Coal India IPO – India’s Biggest IPO for 11 years – INR 15,200 crore

  • Issue dates: 18 – 21 October 2010
  • Issue size: 631,636,440 shares
  • Price: 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, the world’s largest coal miner and a former Navratna company (now holding the esteemed Maharatna status) made history with its remarkable Initial Public Offering (IPO). The IPO surpassed all expectations, raising an astounding INR 15,200 crore, making it the largest IPO in India at that time. The overwhelming response from investors resulted in a subscription rate exceeding 15 times the initial offering, reaching an impressive total subscription of over INR 240,000 crore.

Coal India opened at INR 291 per share, giving listing returns of 25% to retail investors who received a 5% discount on their bids. The shares went on to reward investors even further and closed the first day at INR 342.55 per share, showing a growth of 47.17% on retail investors’ IPO price.

Read Also: Highest IPO Subscription

#4 Reliance Power IPO – Most Remembered Among Largest IPOs in India – INR 11,700 crore

  • Issue dates: 15 – 18 January 2008
  • Issue size: 260,000,000 shares
  • Price: 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)

The IPO that was to be the launch of Anil Ambani, turned out to be a disaster for him and investors alike. Although the company had no operational power plant at the time of the offer, it did not deter investors and a 100% premium in the grey market further threw caution out of the window. India’s biggest IPO by issue size at the time was fully subscribed within minutes and eventually garnered 73 times bids.

The Indian market was riding high on euphoria, only to be abruptly shaken by the emergence of the US subprime crisis just before the listing of Reliance Power. Despite being overvalued, the company’s shares managed to debut at a premium of 17%. However, this initial excitement quickly dissipated as the share prices lost momentum within a mere five minutes of trading. By the end of the day, investors were disheartened to witness a 17% loss on their investments.

While it was not a massive loss, the entire Reliance Group – largely known for value creation till the point – received a big jolt. Shareholders in Reliance Power continued to lose money afterwards as well as shares slid further, even though the company gave free bonus shares to IPO investors. Among the biggest IPOs in India, it is easily the most hated one!

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

  • Issue dates: 11 – 13 October 2017
  • Issue size: 124,700,000 shares
  • Price: 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)

India’s sole reinsurance player, GIC, made its debut on the IPO street, offering the government’s maiden share. The IPO raised a significant INR 11,256.83 crore by selling 124,700,000 shares. Priced in the range of INR 855 to INR 912 per share, retail investors were granted a discount of INR 45 per share.

As High Networth Individuals (HNIs) and retail investors stayed away, it is not widely remembered even after featuring among the biggest IPOs in India. Apart from the IPO’s big size, poor listings of ICICI Lombard and SBI Life Insurance played spoilsport for GIC as it had a subdued listing. Thanks to the discount, retail investors were saved and the stock closed the listing day with marginal gains.

Read Also: Upcoming IPO Calendar in India

#6 SBI Cards & Payments IPO – INR 10,354.8 crore

  • Issue dates: 2 – 5 March 2020
  • Issue size: INR 10,354.8 crore
  • Price: 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)

The IPO of SBI Cards, the country’s second-largest credit cards player, was launched on 2nd March 2020. The IPO managed to raise over INR 10,350 crore, comprising a mix of Offer for Sale (OFS) and fresh shares. The offering garnered significant interest, with the SBI Cards IPO being oversubscribed by 26.5 times, mainly driven by strong demand from Qualified Institutional Buyers (QIBs) and High Net Worth Individuals (HNIs).

However, the situation took a downturn between the subscription closing and listing dates due to the outbreak of the Covid-19 pandemic. As a result, the stock faced a challenging debut, listing at a discount of 12.45% and ending the first trading day in the red. The pandemic-induced uncertainty weighed heavily on the initial performance of the stock.

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

  • Issue dates: 5 – 13 March 2004
  • Issue size: 142,593,300 shares
  • Price: INR 680 – 750 per share (discount of 5% for retail investors)

ONGC holds the distinction of being the oldest entry in the list of India’s biggest IPOs, making history as the first public offering to raise more than INR 10,000 crore – an unprecedented amount in 2004. It maintained its top position for an impressive four years until the arrival of Reliance’s offering during a period of mass euphoria.

Even after adjusting for inflation, ONGC’s IPO remains a formidable contender for the title of the largest IPO in India. When the government introduced the IPO to offload 10% of its shares, retail investors were offered a 5% discount. At that time, retail investors were limited to applications of less than INR 50,000.

The IPO proved to be a rewarding opportunity for shareholders, as ONGC consistently provided them with generous dividends and witnessed substantial capital appreciation over the years. ONGC’s IPO stands as a testament to its enduring value and successful contribution to the Indian market.

Read Also: Best IPOs in 2024

#8 New India Assurance IPO – INR 9,585.82 crore

  • Issue dates: 1 – 3 November 2017
  • Issue size: 120,000,000 shares
  • Price: INR 770 – 800 per share (discount of INR 30 per share for retail investors)
  • Listing date: 13 November 2017
  • Listing price on NSE: INR 750 per share (down 2.59% from IPO price for retail investors)
  • Closing price on NSE: INR 727.1 per share (down 5.57% from IPO price for retail investors)

When it comes to wealth creation, there have been remarkable examples like Coal India and ONGC; however, the New India Assurance IPO serves as a stark reminder that not all PSU IPOs are created equal. In 2017, the market witnessed five insurance IPOs, out of which only HDFC Standard Life had an impressive listing. The rest experienced subdued performances, and the New India Assurance IPO was no exception. This tepid response was evident across different investor categories – HNI, retail, and employee – as they remained undersubscribed. While the IPO managed to sail through, it was far from a grand success, opening at INR 750 and then tumbling to INR 727.1 per share by the end of the day.

Despite the damage being limited for retail investors, thanks to the discount, the days that followed were far from pleasant for those who decided to hold on to their shares. Within four weeks, the stock took a nosedive and hit a low of INR 580.1 per share. Regrettably, the New India Assurance IPO claimed the title of the worst performer of 2017, securing a place among the all-time worst performers among the largest IPOs in India.

#9 Zomato IPO – Latest Among Largest IPOs in India – INR 9,375 crores

  • Issue dates: 14 – 16 July 2021
  • Issue size: INR 9,375 crores
  • Price: INR 72 – 76 per share
  • Listing date: 27 July 2007
  • Listing price on NSE: INR 116 per share (up 52.63% from IPO price)
  • Closing price on NSE: INR 126 per share (up 65.79% from IPO price)

In a groundbreaking move, India’s largest food aggregator has etched its name in the annals of the country’s all-time largest IPOs. The company’s IPO concluded in a spectacle, surpassing all expectations as it debuted with a remarkable 50% premium, soaring above even the grey market estimates. The excitement continued throughout the day, with the stock experiencing further gains, eventually closing the first day of trading with an impressive 65% increase over its IPO price.

This phenomenal performance catapulted the unicorn’s valuation to a staggering INR 1,00,000 crore, securing its position among the 50 most valuable publicly traded firms in India. Notably, this IPO stands as the largest ever among Indian startups, setting a precedent for other high-profile venture-backed companies, including Paytm, Nykaa, Ola, and PolicyBazaar, among other prominent players in the market.

Read Also: State-wise IPO in India

#10 DLF IPO – INR 9,187.5 crores

  • Issue dates: 11 – 14 June 2007
  • Issue size: 175,000,000 shares
  • Price: INR 500 – 550 per share
  • Listing date: 5 July 2007
  • Listing price on NSE: INR 526.6 per share (up 0.30% from IPO price)
  • Closing price on NSE: INR 569.8 per share (up 8.53% from IPO price)

In June 2007, a New Delhi-based real estate developer, DLF, marked a significant milestone in its history by launching its Initial Public Offering (IPO). The company’s journey began humbly in 1946, with the development of small residential projects like Shivaji Park. However, DLF’s ambition and vision led it to shape the landscape of Gurgaon (now known as Gurugram) extensively.

The IPO was a defining moment for DLF, as it sought to raise capital and expand its footprint in the real estate market. Priced at INR 525 per share, which was the midpoint of the book-building range, the IPO garnered considerable attention from investors. While it may not have topped the list of largest IPOs in India, it held the distinction of being the most substantial offering after ONGC at the time of its launch.

On listing, DLF shares spiked to as much as 35% and closed the day with 8.5% gains on allotment price. The IPO made DLF promoter KP Singh one of the richest people in India. Real estate has since lost much of its sheen and the company also suffered due to a three-year ban imposed on KP Singh by SEBI.

#11 HDFC Standard Life Insurance IPO – INR 8,695.01 crore

  • Issue dates: 7 – 9 November 2017
  • Issue size: 299,827,818 shares
  • Price: INR 275 – 290 per share
  • Listing date: 17 November 2017
  • Listing price on NSE: INR 310 per share (up 6.89% from IPO price)
  • Closing price on NSE: INR 344.6 per share (up 18.82% from IPO price)

In the dynamic IPO market of 2017, HDFC Standard Life Insurance stood out as a shining example of success. While several insurance IPOs struggled to gain traction, HDFC’s reputable brand name worked wonders, propelling the offering to new heights. Even esteemed names like SBI Life Insurance failed to secure a positive start in comparison. However, HDFC Standard Life Insurance lived up to its high expectations, emerging as the premier insurance play in India, and its shares experienced a significant spike, closing the day with impressive gains of 18.8%.

A clear and compelling trend has emerged in the Indian IPO market: the dominance of technology companies. This shift has been evident in recent years, with three of the largest IPOs in India making their mark in 2017. As the country embraces the digital age and technological advancements, this trend is expected to continue reshaping the list of largest IPOs in the coming years.


A good example would be the National Stock Exchange (NSE) which has been slow in coming up with its offer but once the IPO is launched, the INR 10,000 crore issue is expected to feature in this list of largest IPOs in India. Before the NSE IPO, Paytm IPO has already included itself in this list, although investors didn’t enjoy the experience. HDB Financial Services is also among the expected upcoming IPOs in 2024 which is also likely to mobilize over INR 10,000 crore.

Read Also: Top Drone Stocks in India

India’s Biggest IPOs FAQ

Which is India’s biggest IPO?

Insurance major Life Insurance Corporation (LIC) launched its INR 21,000 crore IPO in 2022 which is India’s biggest IPO to date.

What is Paytm IPO size?

One 97 Communications (Paytm) IPO size is INR 18,300 crore.

What has been listing day performance of the biggest IPOs in India?

The 10 largest IPOs in India returned average 7.29% gains on the basis of listing day closing price (excluding ONGC).


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