NSE IPO set to become India’s biggest ever: A look at the country’s largest public issues
ADVERTISEMENT
The initial public offering (IPO) of the National Stock Exchange (NSE), estimated at ₹30,000 crore, is poised to become the largest public issue in the history of India’s capital markets, overtaking the current record held by Hyundai Motor India.
If launched at the projected size, the NSE IPO will surpass Hyundai Motor India ’s ₹27,870-crore public issue launched in October 2024, marking a milestone for India’s primary market.
The anticipated listing is expected to renew investor interest in large-ticket offerings and add another landmark to India’s growing IPO landscape, which has seen several record-breaking public issues over the past decade.
Hyundai Motor India currently holds the record
At present, Hyundai Motor India’s ₹27,870-crore IPO remains India’s largest public issue.
Launched in October 2024, the offering marked the biggest-ever IPO by a private sector company in the country and one of the largest listings globally during the year. The issue was entirely an offer for sale by parent Hyundai Motor Company and attracted strong institutional interest.
LIC’s historic public offering
Life Insurance Corporation of India (LIC) currently holds the record for India’s largest completed IPO. Launched between May 4 and May 9, 2022, LIC’s public issue raised ₹21,008 crore through an offer for sale of 22.14 crore shares in a price band of ₹902–949 apiece. The issue included a discount of ₹45 per share for policyholders and employees.
The IPO received strong investor participation, with policyholders subscribing nearly twice their reserved portion, while retail investors were allocated 31.25% of the issue. LIC shares debuted on the BSE and NSE on May 17, 2022.
Paytm’s mega tech listing
Digital payments platform Paytm launched its ₹18,300-crore IPO in November 2021, making it one of India’s largest and most closely watched technology listings.
The issue, priced at ₹2,080–2,150 per share, attracted healthy demand and was subscribed 1.89 times overall, supported by institutional and retail investors. However, the stock made a weak market debut, listing at ₹1,955 — about 9% below its issue price.
Insurance and public sector listings
General Insurance Corporation of India ’s ₹11,176-crore IPO hit the market in October 2017 and was among the largest insurance listings in the country.
Priced at ₹855–912 per share, the issue received 1.38 times subscription, largely driven by institutional investors. The stock debuted at a discount of nearly 7% to its issue price. GIC Re remains India’s largest reinsurance company.
New India Assurance Company IPO
State-owned New India Assurance launched its ₹9,600-crore IPO in November 2017.
The issue was priced at ₹770–800 per share and included a ₹30 discount for retail investors and employees. The IPO saw moderate demand and was subscribed 1.2 times, primarily led by qualified institutional buyers.
Shares listed at a discount to the issue price.
Zomato's listing
Food delivery platform Zomato became one of India’s first major new-age technology companies to go public when it launched its ₹9,375-crore IPO in July 2021.
The issue generated exceptional investor interest and was subscribed 38.25 times overall. Zomato listed with a premium of over 50%, debuting at ₹115 against its issue price of ₹76, becoming a landmark listing for India’s startup ecosystem.