10 Largest IPOs In India: How Upcoming Jio And NSE Public Issues Compare To India's Biggest Public Issues

The Indian primary market is abuzz with activity as two massive public issues prepare to open for bidding in the upcoming months. Reliance Jio Infocomm is expected to launch the biggest public issue in the history of the Indian primary market, with an estimated issue size between Rs 33,000 crore and Rs 40,000 crore.

Close on its heels is the much-awaited listing of the National Stock Exchange (NSE), which filed draft papers on June 17 for a proposed Rs 30,000 crore offering. Apart from these two mega public issues, there have been several other monumental IPOs that have fundamentally shaped the Indian capital markets.

Typically, when heavyweights go public, their IPOs tend to significantly boost overall investor sentiment by validating the depth of the domestic market and signalling institutional confidence in the market and the broader economy. Here is a look at some of the largest public issues in Indian primary market history:

Hyundai Motor India IPO

The Hyundai Motor India IPO is the biggest public issue so far in the history of the Indian primary market. The automotive giant’s public issue comprised an offer for sale with an issue size of Rs 27,858.75 crore.

The automaker set the price band for its public issue between Rs 1,865 and Rs 1,960 per share. While the public issue generated significant buzz, the stock made a muted debut at Rs 1,931 apiece in October 2024. The stock is listed with a discount of roughly 7 per cent below the upper end of the price band.

Life Insurance Corporation of India (LIC) IPO

The second biggest IPO in terms of issue size, the Life Insurance Corporation of India (LIC) IPO consisted completely of an offer for sale and had an issue size of Rs 20,557.23 crore. The insurance behemoth set a price band between Rs 902 and Rs 949.

The stock debuted in May 2022 with a weak opening despite massive retail participation. The insurer’s shares listed at Rs 872 apiece, with a discount of about 8 per cent below the upper end of the price band.

Paytm (One97 Communications) IPO

The Paytm (One97 Communications) IPO raised Rs 18,300 crore through a fresh issue of Rs 8,300 crore and an offer for sale of Rs 10,000 crore. The fintech company fixed its price band between Rs 2,080 and Rs 2,150. The stock entered the public markets in November 2021 and suffered a poor debut among mega listings. Shares of the fintech player are listed at Rs 1,950, sitting roughly 9.3 per cent below the upper end of the price band.

Tata Capital IPO

Tata Capital IPO had a total issue size of Rs 15,512 crore and comprised a fresh issue of Rs 6,846 crore and an offer for sale of Rs 8,666 crore. The financial services firm set a price band between Rs 310 and Rs 326 for its public issue.

The stock was listed in October 2025 and witnessed strong demand during its bidding window. The Tata Group company’s stock debuted at Rs 330, delivering a modest premium of about 1.2 per cent above the upper end of the price band.

Coal India IPO

Coal India IPO was structured entirely as an offer for sale with an issue size of Rs 15,199 crore. The state-owned mining company set the price band for its public issue between Rs 225 and Rs 245. The stock debuted on the exchanges in November 2010 and held the record for India's most celebrated mega listing for over a decade. The stock listed at Rs 287.75 apiece, giving investors a 17.4 per cent premium above the upper end of its issue price band.

HDB Financial Services IPO

The HDB Financial Services IPO raised Rs 12,500 crore through a fresh issue of Rs 2,500 crore and an offer for sale of Rs 10,000 crore. The non-banking financial company set its price band between Rs 700 and Rs 740. The stock debuted in July 2025 and was met with robust demand from the market. Shares listed at Rs 835, marking a strong premium of 12.8 per cent over the upper end of its price band.

Reliance Power IPO

Reliance Power IPO was entirely a fresh issue sized at Rs 11,700 crore to fund various power generation projects. The energy company set its price band between Rs 405 and Rs 450. The stock debuted on the exchanges in February 2008 with a dramatic initial jump, opening strong at Rs 538 apiece. This represented a 19.5 per cent premium above the upper price band.

LG Electronics India IPO

LG Electronics India's IPO was executed entirely as an offer for sale and had a total issue size of Rs 11,607 crore. The consumer electronics manufacturer established a price band between Rs 1,080 and Rs 1,140 for the public issue. The stock made its market debut in October 2025, listing at Rs 1,710, commanding a massive 50 per cent premium above the upper end of the price band.

Swiggy IPO

Swiggy IPO launched with an issue size of Rs 11,327 crore, combining a fresh issue of Rs 4,499 crore with an offer for sale of Rs 6,828 crore. The food delivery platform fixed its price band between Rs 371 and Rs 390. The stock was listed in November 2024 and enjoyed a solid listing as its shares debuted at Rs 420, jumping 7.7 per cent above the upper end of the issue price band.

General Insurance Corporation of India (GIC Re) IPO

General Insurance Corporation of India (GIC Re) IPO raised Rs  11,256.83 crore through a fresh issue of Rs 1,552.67  crore and an offer for sale of
Rs 9,704.16 crore. The national reinsurer set its price band between Rs 855 and Rs 912. The stock was listed in October 2017 but faced a disappointing start on the bourses. It opened at Rs 850, marking a discount of 6.8 per cent below the upper end of the price band.