Top 10 biggest IPOs in the Indian stock market

Throughout the year, the Indian primary market was brisk. In 2021, 63 firms raised a total of Rs.1,18,704 crore through IPOs.

In recent years, India’s main market has been active, with numerous firms opting for the IPO route. IPOs, being the first time a firm issues its shares to the broader public, frequently leave a lasting impression on investors. Many investors believe that huge IPOs are bad for markets because they consume a lot of liquidity. While these fears were not unwarranted in the past, there is adequate liquidity in the markets to manage massive offerings. Here is a list of the largest IPOs in India to demonstrate how far the market has progressed.

1. Paytm IPO – INR18,300 crore – Best entry in India’s biggest IPOs


In the big IPO rush of 2021, One97 Communications — the parent firm of renowned payments app Paytm – issued its IPO with considerable anticipation. The firm easily surpassed the previous leader, Coal India.

Given the IPO’s size, it was believed that subscriptions would be modest. Nonetheless, the overall subscription was abysmally low at less than two times, with HNIs skipping the IPO entirely. Meanwhile, the company’s prospects were hampered by sluggish demand in the grey market. At the time of the IPO, the firm had been losing money for the previous three years, and there was little sign of profitability in the near future, which lowered investor enthusiasm.

Not unexpectedly, the Paytm IPO was listed at a 9.3 percent reduction to its offer price. However, it swiftly turned into a nightmare for IPO investors, as the company lost more than a quarter of its value over the day and concluded with a 27 percent loss.

2. Coal India IPO – INR15,200 crore – The largest IPO in 11 years

Coal India’s initial public offering (IPO) smashed multiple records and set new ones as the world’s largest coal miner and Navratna at the time (Coal India has subsequently been elevated to Maharatna status). It raised a total of INR15,200 crore – the biggest sum ever raised in India at the time – but the offer was subscribed to more than 15 times, resulting in a total subscription of more than INR240,000 crore. Despite the strong total demand, employees bid on just 10.8 percent of the reserved shares.

Nonetheless, Coal India debuted at INR291 per share, providing retail investors who obtained a 5% rebate on their offers with a 25 percent listing return. The shares went on to pay investors, even more, closing the first day at INR342.55 per share, representing a 47.17 percent increase above the IPO price for retail investors.

3. Reliance Power IPO – INR11,700 crore – Most known among India’s biggest IPOs

Anil Ambani’s initial public offering (IPO) was a flop for both him and investors. Despite the fact that the firm had no functioning power plant at the time of the offer, this did not dissuade investors, and a 100% premium in the grey market added to the excitement. The IPO, India’s largest ever at the time, was completely subscribed within minutes and ultimately received 73 times the bids, making it the greatest IPO ever in terms of the subscription amount.

The Indian market was in a frenzy when the US subprime mortgage crisis broke shortly before Reliance Power’s IPO. The company’s overpriced shares managed to list at a 17 percent premium, but the momentum faded within five minutes. Investors had lost 17% of their money by the end of the day. While it was not a huge loss, the whole Reliance Group – which had been most recognized for wealth creation up until this point – took a hit. Stockholders in Reliance Power consistently lost money following the IPO, and the business’s shares fell even lower, despite the fact that the company provided IPO investors with three free bonus shares.

4. General Insurance Corporation (GIC) IPO – INR11,256.83 crore

The government returned to the IPO market with the debut of India’s sole insurance player. GIC collected INR11,256.83 crore in the IPO by issuing 124,700,000 shares. The government priced the offer at INR855 to 912 per share, while individual investors were given a discount of INR45 per share. Despite the absence of High Net Worth Individuals (HNIs) and regular investors, the IPO was covered 1.35 times. Apart from the large size of the IPO, the bad listings of ICICI Lombard and SBI Life Insurance hurt GIC, which had a muted listing. Retail investors were spared as a result of the discount, and the stock ended the first day of trading with minor profits.

5. SBI Cards & Payments IPO – INR10,354.8 crore

On March 2, 2020, the country’s second-largest credit card company went public. Through a combination of OFS and new shares, the IPO garnered nearly INR10,350 crore. The IPO of SBI Cards was covered 26.5 times, owing to strong demand from QIBs and HNIs. While there was a lot of interest in the offer, things went worse between the subscription closure and listing dates because of the Covid-19 epidemic. As a result, the stock was listed at a 12.45 percent discount and concluded the day in the red as well. Despite this, the stock rose significantly during the subsequent market rebound.

6. Oil and Natural Gas Corporation (ONGC) IPO – INR10,534 crore

ONGC is the oldest company on our list, and it was the first IPO to raise more than INR10,000 crore — a sum that was unfathomable in 2004. In reality, ONGC kept the top spot for another four years, and it needed nothing less than a public frenzy and an offering from the Reliance group to break ONGC’s record. When corrected for prices, the IPO is undoubtedly among the largest in India.

When the government announced the IPO of ONGC to dump 10% of the company’s shares, it provided a 5% discount to retail investors who applied with a minimum of INR50,000. Since then, the stock has paid out significant dividends and increased in value.

7. New India Assurance IPO – INR9,585.82 crore

While Coal India and ONGC are excellent instances of wealth generation, the New India Assurance IPO warned buyers that not all PSU IPOs are beneficial. 2017 witnessed five insurance IPOs, with the exception of HDFC Standard Life, all of which had a quiet launch. As a result, investors were unimpressed with the New India Assurance IPO, which was reflected in the fact that the HNI, retail, and employee groups remained undersubscribed. Despite the fact that the IPO was successful due to QIB demand, the stock began at INR750 and dropped to INR727.1 per share by the end of the day.

Thanks to the reduction, ordinary investors were once again spared the worst of the harm. More unpleasant days were coming for investors who opted to stay put, as the stock dropped another INR580.1 per share in four weeks. The IPO was the poorest performance in 2017 during this time period, and it also ranks among the worst performers among India’s biggest IPOs of all time.

8. Zomato IPO – The most recent among India’s biggest IPOs — INR9,375 crore

The most recent addition to this list of India’s all-time biggest IPOs is India’s largest food aggregator. The business finished its IPO on a high note, listing at a premium of more than 50%, which was also higher than grey market predictions. It continued to rise throughout the day, finishing the first day of trade with a 65 percent gain on the IPO price. Following its IPO filing, the unicorn was valued at INR1,00,000 crore, making it one of the top 50 most valuable publicly listed companies in India. The IPO opened the path for numerous other high-profile venture-backed startups, including Paytm, Nykaa, Ola, and PolicyBazaar.

9. DLF IPO – INR9,187.5 crore

In June 2007, the New Delhi-based real estate company filed for an initial public offering (IPO). It was a watershed moment for the firm, which began in 1946 with the development of tiny residential projects such as Shivaji Park but went on to influence almost the whole city of Gurgaon (Gurugram). The IPO was priced at INR525 per share, which was the middle of the book-building range. Even though the retail and employee sections were undersubscribed, the IPO was subscribed to 3.47 times. While it ranks low on this list of the largest IPOs in India, it was the second-largest offer at the time of its introduction, after only ONGC.

DLF shares surged up to 35% on the first day of trading and ended the day with an 8.5 percent gain on the allotted price. KP Singh, the promoter of DLF, became one of India’s wealthiest persons as a result of the IPO. Since then, real estate has lost much of its lustre, and the firm has suffered as a result of SEBI’s three-year ban on KP Singh.

10. HDFC Standard Life Insurance IPO – INR8,695.01 crore

One of the few insurance IPOs that did well in 2017 was HDFC Standard Life Insurance. The HDFC brand name worked brilliantly for the IPO, whereas other quality names, such as SBI Life Insurance, struggled to get off to a good start. The business priced the IPO at the top of the pricing range and did not provide any discounts to individual investors.

HDFC Standard Life delivered on lofty expectations as India’s greatest insurance play, and shares surged to conclude the day up 18.8 percent.

The dominance of technology businesses is a recurring feature among India’s major IPOs. As can be seen, three of India’s largest initial public offerings (IPOs) made the list in 2017. This list, too, is anticipated to be updated in the following years. LIC is expected to top the charts after its successful listing. The insurance giant had recently filed the DRHP with SEBI.

The National Stock Exchange (NSE) is an excellent example; the NSE has been tardy in releasing its offer, but once it is released, the INR10,000 crore offering is projected to be included in this list of India’s largest IPOs. Prior to the NSE IPO, the Paytm IPO was listed on this list, despite the fact that investors were dissatisfied with the experience. HDB Financial Services is also scheduled to launch an IPO in 2022, with a valuation of more than INR10,000 crore.