The Indian primary markets have seen a strong inflow of funds through IPOs in recent years and some of these public offers have made records of sorts in terms of demand from investors. Here, we present you the list of the biggest IPOs by applications in India. This most popular IPO list contains all mainboard public offers on NSE and BSE.
Please note that this article deals with the IPOs that received the most number of applications. On similar lines, we have an article about the biggest IPOs in India by issue size.
In recent years, there has been a surge in IPO activities within India’s primary market. IPOs hold a special significance for investors, representing a company’s initial issuance of shares to the general public. Despite concerns among some investors about the potential impact of substantial IPOs on market liquidity, recent developments indicate that the market is adequately equipped to manage such significant offerings. Let’s delve into the biggest IPOs by applications that have played a significant role in shaping the market.
Table of Contents
#1 Waaree Energies IPO: Leading Among the Biggest IPOs by Applications – 97.33 Lakh Applications
Waaree Energies is a leading solar energy solutions provider in India. The company offers a wide range of products and services, including solar modules, solar power plants, and energy storage systems. Their commitment to sustainability and innovation has made them a trusted name in the renewable energy industry.
The IPO attracted a record 97.33 lakh applicants at the upper end of its price band, which is the highest number for any Indian IPO to date. On its first day, the offering was oversubscribed by 3.47 times. Overall, the IPO received bids totalling INR 2.41 lakh crore, resulting in a total subscription of 76.34 times. Specifically, the quota for qualified institutional buyers (QIBs) was subscribed 208.63 times, while the allocation for non-institutional investors (NIIs) saw a subscription of 62.49 times. The retail portion was subscribed 10.79 times, garnering bids of INR 16,788 crore. Additionally, company employees submitted bids for a total of INR 354.15 crore, for the reserved INR 65 crore for them.
#2 Bajaj Housing Finance IPO: Another 2024 Entry Among the Most Popular IPOs by Applications – 89.07 Lakh Applications
Bajaj Housing Finance – a subsidiary of Bajaj Finserv and Bajaj Finance – is among India’s fastest-growing housing finance companies. The company focuses on individual retail housing loans, complemented by an assortment of lease rental discounting and developer loans, serving a broad customer base from individual homebuyers to large developers.
The IPO was fully subscribed within hours and eventually got subscribed 63.5 times. QIBs lead the charge with 209.3X subscriptions while the HNI quota was covered 41.4 times. Retail investor’s quota was subscribed 6.9 times and the Employee portion was covered nearly 2X. The IPO went on to reward investors well with a listing day gain of 135.7%.
#3 Tata Technologies: 73.6 Lakh Applications
Tata Technologies is a global leader in engineering, digital services, product development, and outsourcing. The company has a diversified global presence across Asia Pacific, Europe, and North America and partners with many of the largest manufacturing enterprises in the world.
Tata Technologies IPO was a highly anticipated one and generated significant interest among the general public. Despite the IPO size of INR 3,042 crore, the offering received a decent subscription at nearly 69X over three days, with full subscriptions in all five categories.
The shares went on to reward investors even further and closed the first day at INR 1,313 per share, showing a growth of 162.60% on retail investors’ IPO price.
#4 Life Insurance Corporation of India: 73.4 Lakh Applications
LIC is the largest life insurer in India with a 64.1% market share in terms of Gross Written Premium (GWP), a 66.2% market share in terms of New Business Premium (NBP), a 74.6% market share in terms of the number of individual policies issued, an 81.1% market share in terms of the number of group policies issued for Fiscal 2021, as well as by the number of individual agents (1.35 million), which comprised 55% of all individual agents in India as at 31 March 2021.
#5 Reliance Power: 48 Lakh Applications
Reliance Power is a part of the Reliance Group, one of India’s largest business houses. Reliance Power has been established to develop, construct, and operate power projects both in India as well as internationally. The company on its own and through its subsidiaries has a large portfolio of power generation capacity, both in operation as well as capacity under development.
#6 DOMS: 44.0 Lakh Applications
Valsad-based stationary major DOMS approached the primary market at the end of 2023 when the secondary market was in full bloom. The strong fundamentals of the company, coupled with the buoyant market conditions, resulted in healthy demand for the IPO even though it was priced at a PE ratio of 43.
Nevertheless, the company received an overwhelming response, and over 44 lakh applications were filed by investors, most notably by QIBs and retailers.
#7 Glenmark Life Sciences: 39.5 Lakh Applications
Glenmark Life Sciences – a wholly-owned subsidiary of Glenmark Pharmaceuticals – is a developer and manufacturer of select high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes. It also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives, and other therapeutic areas.
#8 SBI Cards: 39.0 Lakh Applications
SBI Cards started operations in 1998 and now offers an extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel and fuel, shopping, banking partnership cards, and corporate cards covering all major cardholder segments in terms of income profiles and lifestyles.
#9 Devyani International: 38.4 Lakh Applications
The company’s business is broadly classified into three verticals that include stores of KFC, Pizza Hut, and Costa Coffee operated in India (‘Core Brands’); stores operated outside India primarily comprising KFC and Pizza Hut stores operated in Nepal and Nigeria (‘International Business’); and certain other operations in the F&B industry, including stores of its brands such as Vaango and Food Street (‘Other Business’).
#10 Latent View Analytics: 37.6 Lakh Applications
The company is a leading pure-play data analytics services company in India, based on its expertise in the entire value chain of data analytics from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering, and digital solutions. Across industries, data and analytics are being leveraged by enterprises to guide business strategy and optimize spending decisions amid growing financial uncertainties.
Latent View Analytics engages and provides services to blue chip companies in Technology, BFSI, CPG & Retail, Industrials, and other industries.
HONARARY MENTIONS
#11 Paras Defence: 36.2 Lakh Applications
Engaged in the designing, developing, and manufacturing of defense and space engineering products and solutions, Paras Defence was among the most popular IPOs in India. It is one of the leading ‘Indigenously Designed Developed and Manufactured’ (IDDM) category private sector companies in India, which caters to four major segments of the Indian defense sector i.e. Defence and space optics, Defence electronics, Electro-magnetic pulse (EMP) protection solution and Heavy engineering.
Paras Defence is one of the leading providers of optics for various Indian defense and space programmes, and the only Indian company with the design capability for space-optics and opto-mechanical assemblies.
#12 FSN E-commerce (Nykaa): 35.7 Lakh Applications
The company operates a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care, and fashion products, including its owned brand products effectively established itself not only as a lifestyle retail platform but also as a popular consumer brand.
#13 Rolex Rings: 34.9 Lakh Applications
Rolex Rings is a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components for segments of vehicles including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles), industrial machinery, wind turbines, railways, among other segments.
Biggest IPOs by Applications FAQs
Which is the largest IPO application in India?
Despite the reduced size, the Bajaj Housing Finance IPO would still be India’s biggest IPO to date. The housing finance company currently enjoys the title of the biggest IPO in the Indian market.
