Top 10 Biggest IPOs in India

There have been several historical IPOs that have had a great impact on the financial market of India. Coal India and Reliance Power, which raised INR 15,200 crore and INR 11,700 crore respectively, are among the top ten biggest IPOs. Other notable mentions include GIC Re at INR 11,370 crore, and SBI cards and payments at INR 10,355 crore. They were crucial in raising capital for expansion or development. The confidence of investors is growing steadily in the Indian market as well as its competence for global companies. These milestones set forth by these firms reveal India's fast-moving business arena.

Top 10 IPOs of India (By Issue Size)

Key Highlights of India's Top 10 IPOs

1. LIC

LIC broke headlines with its IPO, which was one of the largest in the history of the country. The IPO opened in May 2022 to raise funds to the tune of ₹21,000 crore, and this proved that blending made the government go for stake sales. The price of ₹949 per share for this IPO was validated by the participation of both retail and institutional segments, showing strong market confidence in this giant public sector company. Because LIC had extensive reach and had pulled off a huge market share in insurance, this offering became strategically very important. Even though there were some initial ups and downs in the markets, the IPO marked an important milestone in the journey of India on disinvestment and financial markets. After listing, the opening price of LIC share was Rs. 826.15.  

• Overview: LIC is India's largest life insurance company, established in 1956.
• Market Share: Dominates the Indian insurance market with a significant market share.
• Services: Offers a range of life insurance products, including term plans, endowment plans, and pension plans.
• Technology: Investing in digital transformation to enhance customer experience.
• Financial Performance: Consistently profitable with substantial policyholder base and premium collection.
• CSR Initiatives: Actively involved in various corporate social responsibility activities.

2. Paytm

In November 2021, the digital payments giant Paytm launched its IPO, big in the Indian fintech space. The IPO was issued with a fundraising target of ₹18,300 crores, hence becoming one of India's largest tech IPOs. The price of shares was set at ₹2,150 apiece, and really large expectations have been held since Paytm is central to digital payment and financial services. However, the IPO received mixed responses, and finally, a Red Herring Prospectus for Concerted Efforts by Participants Affecting Investor Sentiment. Notwithstanding that, Paytm's IPO underlined the stronger role of FinTech in India and threw adequate light on the associated potential and risks with technology-driven financial services. After listing, the opening price of Paytm share was Rs. 1560.8.

• Overview: Leading digital payments and financial services company in India.
• Services: Provides mobile payments, wallet services, banking, and financial products.
• Growth: Expanded rapidly with millions of users and merchants.
• IPO: Launched one of the largest IPOs in Indian market history in 2021.
• Innovations: Continues to innovate with services like Paytm Postpaid and Paytm Money.
• Financial Inclusion: Plays a significant role in promoting digital transactions in rural and urban areas.

3. Coal India

Again, the October 2010 IPO by Coal India is one of the largest in the history of India, Inc. The PSU mining giant mopped up ₹15,200 crore, an AIM event in the Indian bourse. The IPO was at ₹245 per share, and subscriptions got an overwhelming response on account of strong investor sentiment. Coal India forms a huge part of the energy space, with a near-monopoly in coal production within India, making this offer all the more impressive. The successful IPO not only gave a fillip to the government's disinvestment program but defined a moment for capital markets, demonstrating the unrealized potential that lay within public sector undertakings. After listing, the opening price of Coal India Share was Rs. 348.3.

• Overview: The world's largest coal producer, established in 1975.
• Production: Contributes to over 80% of India's coal production.
• Operations: Manages numerous coal mines across India.
• Energy Supply: Critical for India's energy sector, especially for thermal power plants.
• Environmental Impact: Faces challenges related to environmental concerns and sustainability.
• Financial Performance: Maintains robust financial health with substantial revenues and profits.

4. Reliance Power

The IPO of Reliance Power in January 2008 was the most talked-about event across boardrooms of the Indian capital markets. The program, considered to be one of the largest IPOs of that time, was to raise ₹11,700 crores; at ₹450 per share, it got oversubscribed within minutes of opening, reflecting high investor enthusiasm. However, the post-listing performance has been disappointing, and the stock plunged, causing huge losses for investors. Though much hyped initially, the IPO of Reliance Power was an event that showed everybody the risks associated with investing in high-profile offerings and also brought out the fact that due diligence on the part of investors is very imperative. After listing, the opening price of Reliance Power Share was Rs. 240.3.

• Overview: A part of the Reliance Group, focuses on power generation and distribution.
• Projects: Operates several power projects across India, including thermal, solar, and hydroelectric.
• Capacity: Significant installed capacity contributing to India's power needs.
• Sustainability: Investing in renewable energy sources to diversify its energy mix.
• Challenges: Faces regulatory and financial challenges in the power sector.
• Innovation: Exploring new technologies to improve efficiency and reduce emissions.

5. General Insurance Corporation of India

In October 2017, India's third-biggest IPO came from General Insurance Corporation of India when it went live with a fundraising target of ₹11,370 crore. GIC Re is India's largest reinsurer, and hence, expectations from this IPO were huge across the board. The share pricing was done at ₹855-912 each, evincing strong interest from institutional investors. On the other hand, retail showed a shocking lack of enthusiasm. Though the response to the IPO was tepid, it nonetheless represented an important milestone in the government's disinvestment program and underscored the critical contribution of the insurance sector towards the Indian economy. GIC Re's public issue allowed investors to participate in the growth story of the reinsurance market in the future. After listing, the opening price of General Insurance Corporation of India share was Rs. 417.43.

• Overview: The sole national reinsurer in India, established in 1972.
• Market Position: Dominates the Indian reinsurance market with a significant global presence.
• Services: Provides reinsurance across various lines of business, including property, marine, and health.
• Financial Stability: Strong financial position with a robust balance sheet.
• Global Reach: Expanding its operations internationally with a focus on emerging markets.
• Regulatory Compliance: Adheres to stringent regulatory standards ensuring reliability and trust.

6. ONGC

March 2004 saw the oil and natural gas dominate with its IPO, netting ₹10,500 crore. ONGC was a big issue because it was right at the head of the oil and gas sector as compared to the other companies in India. They tagged their shares at ₹750 each, and boy, the investors just went wild! Both retail and institutional investors jostled with one another to get a slice of the action. The raised funds are all to be utilized toward fostering ONGC's expansion and modernization projects, much required in India's energy scene. On its part, this successful IPO gives the disinvestment program of the government a shot in the arm and proves further that the future growth of India's energy market is something in which the investors have serious faith. After listing, the opening price of ONGC share was Rs. 22.50.

• Overview: India's largest oil and gas exploration and production company, was founded in 1956.
• Operations: Engages in exploration, production, and development of oil and natural gas.
• Reserves: Holds significant hydrocarbon reserves in India and abroad.
• Technology: Utilizes advanced technology for efficient exploration and production.
• Financials: Strong revenue streams from domestic and international operations.
• Sustainability: Focused on reducing carbon footprint and investing in renewable energy projects.

7. SBI Cards and Payments

In March 2020, SBI Cards and Payment Services made its grand entry into the IPO market with an ambitious fund-raising goal of around ₹ 10,355 cr. As a subsidiary of the State Bank of India, SBI Cards happens to be among the largest credit card providers in India. The price per share was fixed at ₹750 to ₹755, and quite frankly, it wouldn't be wrong to say that people were itching to invest. But the IPO managed to garner many eyeballs for itself amid the mayhem wrought by the COVID-19 pandemic. Quite plainly, India does need digital payment solutions, and with its market positioning, and growth prospects, SBI Cards hits the bull's eye. After listing, the opening price of SBI Cards and Payments share was Rs. 702.80.

• Overview: A leading credit card issuer in India, affiliated with State Bank of India (SBI).
• Products: Offers a wide range of credit cards catering to different customer needs.
• Market Share: Holds a significant share of the Indian credit card market.
• Digital Initiatives: Emphasizes digital solutions for enhanced customer experience and convenience.
• Financial Performance: Robust growth in card issuance and transaction volumes.
• Customer Base: Large and diverse customer base across urban and rural areas.

8. The New India Assurance Co. Ltd.

Take the case of The New India Assurance Co. Ltd and its IPO in November 2017. They tried to raise an amount of about ₹9,600 crore-the sheer size is huge! This being one of the premier public sector general insurance companies of India, its IPO created many waves in the financial markets. The price range for their shares falls between ₹770 and ₹800. The response was somewhat mixed, with more interest from institutional investors than from the average Joe's. That notwithstanding, this was an important milestone in government efforts to sell off their stake and also underlined the critical role that the insurance sector plays in the Indian economy. Funds mobilized were all aimed at augmenting the capital base of the company and fuelling future growth. After listing, the opening price of The New India Assurance Co. share was Rs. 337.78.

• Overview: The largest general insurance company in India, established in 1919.
• Products: Offers a wide array of general insurance products, including health, motor, and travel insurance.
• Market Position: Holds a leading position in the Indian general insurance market.
• Global Presence: Operates in over 28 countries, reinforcing its international presence.
• Financial Strength: Strong financials with high solvency ratios and consistent profitability.
• Technological Advancements: Investing in technology to streamline operations and enhance customer service.

9. Zomato

Take the case of Zomato's IPO in July 2021. That was huge, a sort of game-changer for the Indian startup scene. The giant in food delivery looked at raising ₹9,375 crore. It was amongst the largest tech IPOs to ever hit India, valued at ₹76. Well, I need not tell you; the demand was just off the charts! Subscriptions exceeded all expectations and went through the roof. We call that a listing which, by the way, happens to be huge—the first Indian unicorn to have gone public. That sets the stage for so many other tech startups. The IPO captured the appetite of investors in digital and tech-driven businesses and depicted their confidence in the long-term potential of India's constantly evolving consumer Internet landscape. After listing, the opening price of Zomata share was Rs. 126.00

• Overview: A leading food delivery and restaurant discovery platform in India, founded in 2008.
• Services: Provides online food ordering, restaurant reviews, and reservations.
• Growth: Rapid expansion with millions of users and partnerships with numerous restaurants.
• IPO: Successfully went public in 2021, marking a significant milestone.
• Innovations: Continues to innovate with features like Zomato Gold and contactless dining.
• Market Position: Strong market presence competing with other major food delivery platforms.

10. DLF

The country's largest real estate developer, DLF Limited, launched its Initial Public Offering in the market in June 2007, raising about ₹9,188 crore. This was one of the largest IPOs by any Indian real estate company. Priced at ₹525 a share, the stock attracted a huge response from investors who reposed faith in DLF's impressive portfolio and the potential and scope for growth. The money raised was mainly targeted for land acquisition and new project development purposes. This grand success of the IPO not only demonstrated the thriving real estate market but was also a landmark deal for DLF since it would enable the latter to establish its footprints in prominent cities within India. After listing, the opening price of DLF share was Rs. 573.60.

• Overview: One of India's largest real estate developers, established in 1946.
• Projects: Develops residential, commercial, and retail properties across India.
• Land Bank: Holds a vast land bank for future developments.
• Financial Health: Strong financial performance with significant revenue from sales and rentals.
• Sustainability: Focus on sustainable development and green building practices.
• Market Leadership: Maintains a leading position in the Indian real estate market.

Conclusion

That is to say, IPOs of major Indian companies depict new waves of exciting changes within the financial marketplace. In this market, there is diversity, beginning from a government-owned company like LIC to dynamic IT firms such as Paytm and Zomato. Each of these offerings may have left a profound impact on investor psychology and market trends. These IPOs would have leveraged the capital for their business expansion, leading to the growth stories, and also sharing this growth story with the investors. They are a mirror to the changing face of India's economy and one of the key determinants to spur business and market development.