Over the years, a string of path-breaking initial public offerings (IPOs) has significantly influenced India’s economic landscape. These IPOs have not only redefined capital markets in India but also played an important role in the country’s financial evolution. In this article, we will look at the Top 10 IPOs in India, their journeys, and the impact they had. Let’s start.
1. Hyundai Motor India Limited (2024)
In October 2024, Hyundai Motor India Limited hogged the limelight with its record-breaking IPO. Through the IPO, the company planned to raise ₹27,870 crore, the biggest in India’s history. Although the IPO received a lukewarm response from retail investors, institutional investors strongly supported it. This cautious approach led to a slight drop in Hyundai’s share price on the listing day. The massive IPO highlighted India’s growing attractiveness to multi-national companies keen to capitalize on its fast-growing market.
- IPO Open Date: October 15, 2024
- IPO Close Date: October 17, 2024
- Price Band: ₹1,865 to ₹1,960
- Issue Size: ₹27,870 crore
- Listing Date: October 22, 2024
- Listing Price: ₹1,931 on BSE
- Closing Day Price: ₹1,820.40 on BSE
2. Life Insurance Corporation of India (LIC) (2022)
Before Hyundai’s record-breaking entry, the title for India’s largest IPO was held by LIC. The IPO was launched in May 2022 and LIC sought to raise ₹21,000 crore. The IPO was a big-ticket event, reflecting the government’s attempts to monetize assets and strengthen public sector undertakings. The IPO attracted widespread attention, marking a new era for India’s insurance sector.
- IPO Open Date: May 4, 2022
- IPO Close Date: May 9, 2022
- Price Band: ₹902 to ₹949 per share
- Issue Size: ₹21,000 crore
- Listing Date: May 17, 2022
- Listing Price: Opened at ₹867.20 on BSE and ₹872.00 on NSE
- Closing Price on Listing Day: ₹875.45 on BSE and ₹875.25 on NSE
3. One 97 Communications (Paytm) (2021)
In November 2021, Paytm’s holding company, One 97 Communications, floated its IPO, raising ₹18,300 crore. As a pioneer, in India’s digital payment ecosystem, it was a highly anticipated IPO. The share price of the company, however, faced challenges post-listing reflecting the volatile nature of tech IPOs and the need to balance valuations with market expectations.
- IPO Open Date: November 8, 2021
- IPO Close Date: November 10, 2021
- Price Band: ₹2,080 to ₹2,150 per share
- Issue Size: ₹18,300 crore
- Listing Date: November 18, 2021
- Listing Price: Opened at ₹1,950 on BSE
- Closing Price on Listing Day: ₹1,560 on BSE
4. Coal India Limited (2010)
Coal India Limited, the world’s largest coal-producing company’s IPO in October 2010 was a historic one. The company planned to raise ₹15,200 crore from the IPO and was oversubscribed, reflecting strong investor confidence. The success of the IPO demonstrated the ability of India’s public sector units to garner sizeable market interest.
- IPO Open Date: October 18, 2010
- IPO Close Date: October 21, 2010
- Price Band: ₹225 to ₹245 per share
- Issue Size: ₹15,200 crore
- Listing Date: November 4, 2010
- Listing Price: Opened at ₹287.75 on BSE
- Closing Price on Listing Day: ₹342.35 on BSE
5. Reliance Power Limited (2008)
Reliance Power’s January 2008 IPO sought to raise ₹11,700 crore. The IPO was received with unprecedented enthusiasm and was subscribed within minutes. The post-IPO performance, of the share, however, was disappointing, serving a valuable lesson not to be swayed by market hype and the need for due diligence.
- IPO Open Date: January 15, 2008
- IPO Close Date: January 18, 2008
- Price Band: ₹405 to ₹450 per share
- Issue Size: ₹11,563.20 crore
- Listing Date: February 11, 2008
- Listing Price: Opened at ₹547.80 on BSE
- Closing Price on Listing Day: ₹372.50 on BSE
6. General Insurance Corporation of India (2017)
GIC Re made its market debut in October 2017 with an IPO size of ₹11,256.83 crore. As India’s biggest reinsurance firm, GIC Re’s public issue was a part of the divestment plan of the government. The IPO received a lukewarm response, due to the niche nature of the business of reinsurance.
- IPO Open Date: October 11, 2017
- IPO Close Date: October 13, 2017
- Price Band: ₹855 to ₹912 per share
- Issue Size: ₹11,256.83 crore
- Listing Date: October 25, 2017
- Listing Price: Opened at ₹850 on BSE
- Closing Price on Listing Day: ₹845.05 on BSE
7. Oil and Natural Gas Corporation (ONGC) (2004)
ONGC’s March 2004 IPO was a landmark one, which raised ₹10,694.5 crore. With ONGC being one of the major players in the energy industry of India, its public issue received huge interest, highlighting the strategic relevance of energy firms in the country’s economy.
- IPO Open Date: March 5, 2004
- IPO Close Date: March 13, 2004
- Price Band: ₹680 to ₹750 per share
- Issue Size: ₹10,694.5 crore
- Listing Date: July 19, 2004
- Listing Price: Opened at ₹750 on BSE
- Closing Price on Listing Day: ₹795.90 on BSE
8. Swiggy (2024)
Swiggy, the food delivery giant, launched its IPO in November 2024 to raise about ₹11,327 crore. The IPO involved a fresh issue of ₹4,499 crore and an offer for sale by current shareholders. The price band was fixed at ₹371 to ₹390 per share, valuing the company at roughly $11.3 billion at the higher band. Despite a significant offering, the IPO received a lukewarm response from investors reflecting concerns about the company’s profitability and intense competition in the quick commerce space.
- IPO Open Date: November 6, 2024
- IPO Close Date: November 8, 2024
- Price Band: ₹371 to ₹390 per share
- Issue Size: ₹11,327 crore
- Listing Date: November 13, 2024
- Listing Price: Opened at ₹421.20 on BSE
- Closing Price on Listing Day: ₹405.50 on BSE
9. State Bank of India (SBI) Cards and Payment Services (2020)
SBI Cards issued its IPO in March 2020, raising ₹10,355 crore. Being a subsidiary of India’s largest bank, the issue was eagerly awaited. Even with market uncertainty owing to the COVID-19 pandemic breakout, the IPO was able to attract strong investor interest, demonstrating faith in India’s increasing digital payment space.
- IPO Open Date: March 2, 2020
- IPO Close Date: March 5, 2020
- Price Band: ₹750 to ₹755
- Issue Size: ₹10,341 crore
- Listing Date: March 16, 2020
- Listing Price: ₹658
- Closing Day Price: ₹683.20
10. Zomato Limited (2021)
Zomato’s IPO in July 2021 was a milestone for India’s startup ecosystem. The IPO raised ₹9,375 crore. Being one of the first major tech unicorns to go public, Zomato’s successful listing opened the door for other startups, signaling the coming of age of India’s digital economy.
- IPO Open Date: July 14, 2021
- IPO Close Date: July 16, 2021
- Price Band: ₹72 to ₹76
- Issue Size: ₹9,375 crore
- Listing Date: July 23, 2021
- Listing Price: ₹115
- Closing Day Price: ₹126
Final Thoughts – Top 10 Biggest IPOs in India
Each IPO listed above is not just a collection of numbers—it’s a reflection of India’s economic journey, investor sentiment, and evolving industries. From the coal fields of Coal India to the cloud kitchens of Swiggy, the market has matured, and so have its investors.
If you’re an IPO enthusiast or just looking to understand how India’s capital markets grew, these 10 IPOs are the perfect case studies — full of excitement, risks, and lessons.
For Current & Upcoming IPOs check the following link
Top 10 Biggest IPOs in History: Record-Breakers
