NSE, Jio Set For Mega IPOs: Post-Listing Performance Of Biggest Public Issues Reveal Bigger Isn't Always Better

The National Stock Exchange (NSE) filed draft papers this week for a long-delayed public listing that is expected to be one of India's largest initial public offerings (IPOs).

Reliance Jio Platforms, backed by billionaire Mukesh Ambani, is also preparing for a mega public issue. Speaking at Reliance Industries' 49th Annual General Meeting (AGM) on June 19, Ambani announced that Jio Platforms will file its draft papers with the Securities and Exchange Board of India (Sebi) today.

NSE's IPO is expected to be worth around Rs 30,000 crore, based on the company's valuation in the unlisted market. The issue will be a pure offer-for-sale (OFS), with existing shareholders selling around 6 per cent of their holdings, while the company itself will not raise any fresh funds.

Reliance Jio Platforms is also expected to raise up to Rs 35,000 crore through fresh issuance of 270 million equities, potentially making it the largest IPO in India's history. However, the final size and ranking of both IPOs will become clear only after their price bands are announced.

As investors gear up for these mega IPOs, the performance of India's biggest public issues over the years shows that size alone has not always translated into strong returns for investors.

Hyundai Motor India: India's Largest IPO

Hyundai Motor India raised Rs 27,858.75 crore through its IPO in October 2024, making it the largest public issue in Indian market history. The issue was priced at Rs 1,960 per share and listed on October 22, 2024.

The South Korean parent sold a 17.50 per cent stake through a pure OFS, without raising fresh capital for the company. The stock had a disappointing debut, closing at Rs 1,819.60 on listing day, down 7.16 per cent from its issue price.

The stock has since recovered and is currently trading about 1 per cent above its issue price. Hyundai Motor India has not announced any bonus issue, stock split or other major corporate action since listing.

Life Insurance Corporation (LIC): Government's Mega Divestment

The government raised Rs 20,557.23 crore by selling a 3.50 per cent stake in LIC through its IPO in May 2022. The issue was priced at Rs 949 per share and listed on May 17, 2022.

The insurer's shares closed at Rs 875.25 on listing day, translating into a loss of 7.77 per cent for IPO investors. The issue size was significantly lower than the government's initial ambition of raising up to Rs 1 lakh crore.

LIC had announced its first-ever 1:1 bonus issue in May 2026. The stock currently trades about 6.68 per cent below its IPO price.

Paytm: India's Biggest Fintech Listing

One97 Communications, the parent company of Paytm, raised Rs 18,300 crore in November 2021 through a combination of fresh issue and OFS. The IPO was priced at Rs 2,150 per share and listed on November 18, 2021.

Major investors including Ant Group and SoftBank reduced their stakes as part of the offering. The stock suffered a historic debut, ending its first trading session at Rs 1,560.80, down 27.4 per cent from the issue price, then the biggest listing-day decline among major Indian IPOs.

Major investors such as Ant Group and SoftBank sold part of their holdings in the IPO. However, the stock had a disappointing market debut. It closed its first trading day at Rs 1,560.80, down 27.4 per cent from the issue price of Rs 2,150, making it one of the worst listing-day performances among major Indian IPOs.

Even nearly five years after listing, Paytm remains one of the weakest performers among India's largest public issues. The stock currently trades about 49.15 per cent below its IPO price. the company has not announced any bonus issue or stock split since listing.

Tata Capital: Largest NBFC IPO

Tata Capital raised Rs 15,511.87 crore through its October 2025 IPO, making it the largest-ever IPO by a non-banking financial company (NBFC) in India. Tata Sons and International Finance Corporation (IFC) were among the selling shareholders, while the issue also included a fresh equity component.

The IPO was priced at Rs 326 per share and listed on October 13, 2025. The stock closed at Rs 330.50 on debut, delivering a modest listing gain of 1.38 per cent.

Since then, the stock has strengthened further and currently trades about 6.80 per cent above its issue price. No major corporate action has been announced since listing.

Coal India: One of the Biggest Success Stories

Coal India raised Rs 15,199.44 crore in its landmark IPO in October 2010. The issue was priced at Rs 245 per share and listed on November 4, 2010.

The state-run miner rewarded investors immediately, closing at Rs 342.55 on listing day, a gain of 39.82 per cent over the issue price.

Coal India has been one of the best-performing large IPOs in India. Backed by strong profits and regular dividend payouts, the stock currently trades about 83.67 per cent above its IPO price. The company has not announced any bonus issue since its listing.

Beyond The Top Five: The Good, The Bad And The Disappointing

Here's how the other mega IPOs have performed since their stock market debut

HDB Financial Services, which raised Rs 12,500 crore in June 2025, was priced at Rs 740 per share and listed on July 2, 2025. The stock closed at Rs 840.95 on debut, delivering a listing gain of 13.64 per cent. However, it currently trades about 4.87 per cent below its issue price. The company has not announced any major corporate action since listing.

LG Electronics India raised Rs 11,607.01 crore through a pure OFS in October 2025. The issue was priced at Rs 1,140 and listed on October 14, 2025. The IPO attracted exceptional investor demand, being subscribed 54 times and drawing bids worth about Rs 4.4 lakh crore. The stock surged 48.24 per cent on listing day to close at Rs 1,689.90 and currently remains about 28.2 per cent above its issue price. The company has not announced any bonus issue or stock split since listing.

Reliance Power raised Rs 11,544 crore in January 2008 in what was then one of India's most anticipated IPOs. The issue was priced at Rs 450 per share and listed on February 11, 2008. The stock ended its debut session at Rs 372.30, down 17.27 per cent. The company subsequently announced a 3:5 bonus issue in 2008, but despite that corporate action, the stock remains one of the biggest wealth destroyers among large IPOs and currently trades about 90.34 per cent below its issue price.

Swiggy raised Rs 11,327.43 crore through its November 2024 IPO. The issue was priced at Rs 390 per share and listed on November 13, 2024. The stock delivered a healthy listing gain of 16.92 per cent, closing at Rs 456 on debut. However, the stock has since corrected and is currently around 35 per cent below its issue price. The company has not announced any major corporate action.

General Insurance Corporation of India (GIC Re) raised Rs 11,256.83 crore through its IPO in October 2017. The issue was priced at Rs 912 per share and listed on October 25, 2017. The stock closed at Rs 874.30 on listing day, a decline of 4.13 per cent. GIC Re announced a 1:1 bonus issue in 2018, but the stock currently remains about 22.15 per cent below its IPO price.

Size Isn't Everything In The IPO Market

The performance of India's biggest IPOs shows that a large issue size does not automatically translate into strong returns for investors. While stocks such as Coal India and LG Electronics India have delivered healthy gains since listing, several high-profile offerings, including Paytm, LIC, Reliance Power and GIC Re, continue to trade below their issue prices.

As NSE and Reliance Jio prepare for their market debuts, investors may be tempted by the sheer scale of these offerings. However, the track record of past mega IPOs suggests that size alone is not a reliable indicator of future performance.

Instead of focusing only on how much money an IPO aims to raise, investors should evaluate the company's fundamentals, growth prospects, valuation, business model and the purpose of the issue. As with any investment, thorough due diligence remains key to making informed decisions.