Anticipation is high as the National Stock Exchange (NSE) prepares for its highly awaited initial public offering (IPO) on September 24. Having garnered significant subscription, even outshining major issues like Hyundai Motor India, Life Insurance Corporation of India (LIC), and One 97 Communications (Paytm), all eyes are now on how the NSE will perform on its market debut.
The upcoming NSE listing has prompted a look back at India's five largest IPOs to date, examining their performance on their first day of trading. While some, such as Tata Capital and Coal India, saw decent returns, others like LIC, Paytm, and Hyundai Motor India experienced initial setbacks.
Historical IPO Performance Overview
Understanding the historical context of major IPOs provides valuable insight for investors. Here's how some of India's largest public issues performed on their market debuts:
Hyundai Motor India
The largest Indian IPO ever, Hyundai Motor India, raised a colossal Rs 27,859 crore in October 2024. Despite its size, the stock listed at Rs 1,934 per share, a discount of 1.3 percent compared to its issue price of Rs 1,960. It further fell by 7.16 percent on its listing day, closing at Rs 1,820. While it has since recovered, it initially delivered a negative debut.
Life Insurance Corporation of India (LIC)
LIC's maiden stake sale in May 2022 raised Rs 20,557 crore. Issued at Rs 949 per share (with a discount for retail investors bringing it to Rs 904), it listed at Rs 867.20, an 8.6 percent discount over its issue price. The stock closed its first day down nearly 7.75 percent from its IPO price, with muted returns in the subsequent period.
One 97 Communications (Paytm)
Paytm's parent company, One 97 Communications Ltd., raised Rs 18,300 crore in November 2021. It listed at Rs 1,955, falling over 9 percent from its IPO price of Rs 2,150. The stock ended its debut trading session significantly lower at Rs 1,560.80, a 27.4 percent drop from its issue price. Despite a severe dip to Rs 350 in February 2024, it has since become a multibagger.
Tata Capital
Tata Capital, a non-banking financial company (NBFC) from the Tata Group, raised Rs 15,512 crore in October 2025. It listed at Rs 330, a mild premium of one percent over its IPO price of Rs 326. The stock closed its first trading session very close to its listing price at Rs 330.50, showing a stable debut. It has since seen marginal gains from its IPO price.
Coal India
Until the 2020s, Coal India held the record for the biggest IPO, raising Rs 15,200 crore in 2010. Its shares, issued at Rs 245 apiece, listed with a robust premium of 18.77 percent at Rs 291. The stock concluded its first trading session at Rs 342.55, marking a premium close to 40 percent. Coal India has also been a consistent dividend payer since its listing.
As the NSE prepares for its own market debut, investors will be keenly watching whether it follows the path of strong performers like Coal India or faces the initial challenges seen by others on this list.