The National Stock Exchange (NSE) has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) valued at an estimated Rs 30,000 crore. This highly anticipated public issue is poised to become the largest in the history of the Indian market by issue size, marking a significant milestone for the exchange.
The upcoming IPO is structured as a 100% offer for sale (OFS), comprising 14.89 crore shares, which represents approximately 6% of the NSE's paid-up capital. Notably, the NSE's shares will make their stock market debut on the competing exchange, the BSE, rather than self-listing on its own platform. The journey to this IPO began in 2016 but faced multiple regulatory setbacks, including scrutiny related to a co-location controversy, delaying what is now considered a landmark offering for 2026.
A Look at India's Five Largest IPOs and Their Performance
As the NSE prepares for its mega debut, it's insightful to examine the performance of some of India's other largest IPOs by issue size:
1. Hyundai Motor India IPO
- Issue Size: Rs 27,858 crore
- Subscription Dates: October 15 to October 17, 2024
- Listing Date: October 22, 2024, on BSE and NSE.
- Price Band: Rs 1,865 to Rs 1,960 per equity share.
- Listing Performance: The stock listed at Rs 1820.40, a 7% loss compared to its IPO price of Rs 1960.
- Current Performance: As of mid-2026, the stock has gained 9% from its market debut price.
2. LIC IPO
- Issue Size: Rs 20,557 crore
- Subscription Dates: May 4 to May 9, 2022
- Listing Date: May 17, 2022, on BSE and NSE.
- Price Band: Rs 902 to Rs 949 per equity share.
- Listing Performance: The stock listed at Rs 875.45, an 8% loss against its IPO price of Rs 949.
- Current Performance: The stock has seen a significant decline, falling 51% from its market debut price to date.
3. Paytm IPO
- Issue Size: Rs 18,300 crore
- Subscription Dates: November 8 to November 10, 2021
- Listing Date: November 18, 2021, on BSE and NSE.
- Price Band: Rs 2080 to Rs 2150 per equity share.
- Listing Performance: The stock listed at Rs 1950, a 9.3% loss from its IPO price of Rs 2150.
- Current Performance: The stock has fallen 43.38% from its market debut price as of mid-2026.
4. Tata Capital IPO
- Issue Size: Rs 15,511 crore
- Subscription Dates: October 6 to October 8, 2025
- Listing Date: Listed on BSE and NSE after allotment.
- Price Band: Rs 310 to Rs 326 per equity share.
- Listing Performance: The stock listed at Rs 330, a gain of 1.23% compared to its IPO price of Rs 326.
- Current Performance: The stock has experienced a slight decline, falling 1.51% from its market debut price to date.
These examples highlight the varied outcomes for large-scale public offerings in the Indian market, underscoring the dynamic nature of stock market debuts and subsequent performance.