Remember the family WhatsApp group buzzing about the LIC IPO in 2022? Or the uncle who still talks about the money he lost on Reliance Power? Big IPOs in India are not just market events. They are dinner-table conversations.
And in October 2026 the record book was rewritten again. Here is the updated list of the biggest IPOs in India of all time, ranked by issue size, with the price, listing-day result and the one lesson each issue teaches a retail investor.
Quick Answer: The Top 10 at a Glance
- Jio Platforms (2026), about ₹30,188 crore: India’s largest IPO ever, and it listed 26.7% higher on day one.
- Hyundai Motor India (2024), about ₹27,859 crore: the record holder for two years, but it closed 7% lower on debut.
- National Stock Exchange (2026), about ₹22,562 crore: the long-awaited exchange listing, entirely an offer for sale.
- LIC (2022), about ₹20,557 crore: the “people’s IPO” that brought crores of policyholders to the market.
- Paytm (2021), ₹18,300 crore: the cautionary tale of the 2021 IPO boom.
- Tata Capital (2025), about ₹15,512 crore: the biggest IPO of 2025.
- Coal India (2010), about ₹15,200 crore: the record holder for 11 years, with a 47% first-day gain.
- HDB Financial Services (2025), ₹12,500 crore: HDFC Bank’s NBFC arm, subscribed nearly 17 times.
- Reliance Power (2008), about ₹11,700 crore: 73 times oversubscribed, then a painful debut.
- LG Electronics India (2025), about ₹11,607 crore: the best listing on this list, up 48% on day one.
Largest IPOs in India: Comparison Table
| Rank | Company | Year | Issue size (₹ crore) | Issue price (₹) | Listing-day close vs issue price |
|---|---|---|---|---|---|
| 1 | Jio Platforms | 2026 | 30,188 | 1,119 | +26.7% |
| 2 | Hyundai Motor India | 2024 | 27,859 | 1,960 | -7.2% |
| 3 | National Stock Exchange | 2026 | 22,562 | 1,785 | +1.9% (listing price) |
| 4 | LIC | 2022 | 20,557 | 949 | -7.8% |
| 5 | Paytm (One97) | 2021 | 18,300 | 2,150 | -27.4% |
| 6 | Tata Capital | 2025 | 15,512 | 326 | +1.4% |
| 7 | Coal India | 2010 | 15,200 | 245 | +39.8%* |
| 8 | HDB Financial Services | 2025 | 12,500 | 740 | +13.6% |
| 9 | Reliance Power | 2008 | 11,700 | 450 | -17.3% |
| 10 | LG Electronics India | 2025 | 11,607 | 1,140 | +48.2% |
1. Jio Platforms: The New Biggest IPO in India
Reliance’s digital and telecom arm took the crown in October 2026. The issue ran from 21 to 23 October at a price band of ₹1,065 to ₹1,119 and raised about ₹30,188 crore (net of the employee discount; some brokers quote ₹30,213 crore gross).
What makes it different from most mega IPOs: it was an entirely fresh issue. The money goes to the company, not to selling shareholders. As per the red herring prospectus, about ₹27,500 crore is earmarked to prepay borrowings of Reliance Jio Infocomm.
Demand was heavy but lopsided. The issue was subscribed 22.19 times overall, with institutional buyers at 70.55 times and retail at just 2.72 times. Shares listed on 28 October 2026 at ₹1,358 (21.4% premium) and closed the day at ₹1,417.50, up 26.7%.
- Good to know: retail investors were the least enthusiastic group, yet they still got a strong listing.
- The lesson: when big institutions bid 70 times over, the market is telling you something.
2. Hyundai Motor India: The Record That Stood Two Years
In October 2024, the Korean carmaker’s Indian unit raised about ₹27,859 crore at ₹1,865 to ₹1,960 a share. It beat LIC to become India’s biggest IPO and held the title until Jio arrived.
The debut was a letdown. Overall subscription was only about 2.4 times, with retail investors lukewarm. The stock listed at ₹1,934 on NSE and closed at ₹1,819.60, about 7% below the issue price.
The whole issue was an offer for sale by the Korean parent, so Hyundai India itself got no fresh money. That detail mattered to many analysts who felt the pricing left little on the table for new shareholders. The brand behind the Creta and Venue is a household name, but a familiar name is not the same thing as a cheap price.
3. National Stock Exchange: The IPO Everyone Waited For
For years, NSE shares traded in the unlisted market while investors waited for a proper IPO. It finally came in September 2026: the issue ran from 17 to 21 September at ₹1,700 to ₹1,785 per share and raised about ₹22,562 crore.
Like Hyundai, it was entirely an offer for sale, so existing shareholders cashed out and the exchange raised nothing new. Subscription stood at 5.71 times overall, led by institutional buyers at 12.68 times. Retail came in at a modest 1.39 times.
The stock listed on 24 September 2026 at ₹1,818 on BSE, a small 1.85% premium. For anyone who bought NSE shares at higher prices in the unlisted market, that was a sobering result.
4. LIC: The People’s IPO
LIC’s May 2022 IPO was India’s biggest government disinvestment through a public issue. It raised about ₹20,557 crore at ₹902 to ₹949 per share, with a ₹45 discount for retail investors and a ₹60 discount for policyholders.
Many first-time investors opened a demat account just for this one. The issue was subscribed nearly 3 times across six days. But the listing on 17 May 2022 was weak: ₹872 on NSE, and the shares lost about a quarter of their value within six weeks.
- Pros: brought crores of new households into the stock market.
- Cons: listed below the issue price, which hurt first-timers.
5. Paytm: The Warning Sign of the 2021 Boom
One97 Communications, Paytm’s parent, raised ₹18,300 crore in November 2021 at ₹2,080 to ₹2,150 per share. At the time, it was India’s biggest IPO, ahead of Coal India.
Subscription was under 2 times, and the grey market was already signalling trouble. The stock listed at ₹1,950, about 9% below the issue price, and closed the day 27.4% down at ₹1,560.
The lesson is simple: a famous app on every phone does not mean a profitable business. If you care about digital money safety too, our guide to the top online scams in India and how to avoid them is worth a read, because fake “pre-IPO allotment” offers are a common trick.
6. Tata Capital: The Biggest IPO of 2025
Tata Capital, the Tata Group’s flagship financial services company, raised about ₹15,512 crore in October 2025 at ₹310 to ₹326 per share. It was the largest IPO of that year.
Demand was steady rather than frenzied: 1.95 times overall, with QIBs at 3.42 times and retail at 1.10 times. The stock listed at ₹330 on NSE and closed at ₹330.50, a gain of about 1.4%.
The Tata name brings trust, and the company is one of India’s largest diversified NBFCs. But the flat debut showed that brand loyalty alone does not create listing gains when the price is full.
7. Coal India: The 11-Year Champion
Coal India’s October 2010 IPO raised about ₹15,200 crore at ₹225 to ₹245 per share, with a 5% retail discount. It held the “biggest IPO in India” title until Paytm came along in 2021.
It was a blockbuster. The issue was subscribed over 15 times. The stock opened at ₹291 on 4 November 2010 and closed at ₹342.55, a gain of about 47% for retail investors who bought at the discounted price.
Coal India shows why government PSU issues often attract value-hunting investors: big, established, cash-generating businesses with a dividend history. If you prefer even safer government-backed returns, compare our list of the post office saving schemes with the highest interest.
8. HDB Financial Services: Strong Demand, Solid Debut
HDFC Bank’s NBFC subsidiary raised ₹12,500 crore in June 2025 at ₹700 to ₹740 per share. The issue was subscribed 16.69 times, led by QIBs at 55.47 times.
It listed on 2 July 2025 at ₹835 on NSE and closed at ₹840.95, up about 13.6%. Existing HDFC Bank shareholders also had a special reserved quota, which helped many small investors improve their allotment chances.
The company reported FY25 revenue of about ₹16,300 crore and a loan book above ₹1 lakh crore, which gave investors real numbers to judge rather than just hype.
9. Reliance Power: The IPO India Never Forgot
In January 2008, Anil Ambani’s Reliance Power raised about ₹11,700 crore at ₹405 to ₹450 per share. It was fully subscribed within minutes and drew bids of around 73 times the issue size.
The company had no operational power plant at the time. The market was in a bubble, and the US subprime crisis hit just before the listing. On 11 February 2008, the stock opened at ₹530 but crashed within minutes and closed at ₹372.30, down 17.3%.
Investors kept losing money in the years that followed, even after the company issued bonus shares. Ask any market veteran about “IPO mania” and this is the first name they will mention.
10. LG Electronics India: The Best Debut on This List
LG Electronics India raised about ₹11,607 crore in October 2025 at ₹1,080 to ₹1,140 per share. It drew more than 65 lakh applications and was subscribed about 54 times.
The listing on 14 October 2025 was spectacular: ₹1,710 on NSE, a 50% premium, closing at ₹1,689.90 (up 48.2%). In percentage terms, that is the best first-day result among India’s ten largest IPOs.
LG is a brand in almost every Indian home, from fridges to washing machines. Unlike Hyundai, though, the pricing was seen as reasonable, and that made all the difference. Consumer brands with strong Indian sales are clearly a favourite with investors, much like the best-selling electric scooter brands in India, several of which are now listed companies too.
How We Picked This List
This list ranks mainboard IPOs on Indian exchanges purely by total issue size, which includes both fresh shares and any offer for sale. We did not rank by returns, popularity or our own opinion.
We cross-checked figures from IPO data trackers such as IPO Central and Chittorgarh, broker research pages (Motilal Oswal, Upstox, Groww) and exchange listing data. Where sources differ slightly (for example, LIC is quoted as ₹20,557 crore or ₹21,008 crore), we used the net figure most trackers report and rounded it.
Follow-on public offers (FPOs) and rights issues are not IPOs, so they are left out.
Honourable Mentions and Myths About Mega IPOs
Just missed the cut: Swiggy (about ₹11,327 crore, November 2024, listed 7.7% higher) and GIC Re (about ₹11,257 crore, 2017). The 2026 batch also had big names like SBI Funds Management (about ₹9,795 crore) and Manipal Health (about ₹9,275 crore). Vodafone Idea’s roughly ₹18,000 crore issue in 2024 was huge, but it was an FPO, not an IPO.
Now, some myths worth busting:
- Myth: bigger IPO means safer money. Four of the top ten closed their first day below the issue price.
- Myth: a famous brand guarantees gains. Hyundai, LIC and Paytm were all household names, and all three listed lower.
- Myth: the company gets all the money. In an offer for sale (like Hyundai and NSE), the cash goes to selling shareholders. Always check the fresh issue versus OFS split in the prospectus.
- Myth: oversubscription equals profit. Reliance Power was 73 times oversubscribed and still fell 17% on debut.
- Mistake to avoid: taking loans or breaking FDs to apply for a hyped IPO. Apply only with money you can afford to keep invested.
Our Take
Jio Platforms is the clear headline: the biggest IPO in India, all fresh capital, and a solid 26.7% first-day gain. It has earned its spot at the top.
But the real story of this list is how little size predicts returns. LG and Coal India rewarded investors handsomely; Paytm, Reliance Power and Hyundai did not. The one thing the winners shared was sensible pricing. Read the prospectus, check who is selling, and never apply just because your office group is excited.
FAQs
Which is the biggest IPO in India till date?
Jio Platforms is India’s biggest IPO, raising about ₹30,188 crore in October 2026. It overtook Hyundai Motor India’s ₹27,859 crore issue from October 2024.
Which was the biggest IPO in India before Hyundai?
LIC held the record from May 2022 with about ₹20,557 crore. Before that, Paytm (2021) and, for 11 years, Coal India (2010) held the title.
Which big Indian IPO gave the best listing gains?
Among the ten largest, LG Electronics India had the best debut, closing about 48% above its issue price. Coal India gave retail investors a similar 47% gain in 2010.
What is the difference between a fresh issue and an offer for sale?
In a fresh issue, the company creates new shares and keeps the money. In an offer for sale, existing shareholders sell their shares, and the money goes to them, not the company.
Are big IPOs good for small retail investors?
Big IPOs usually have more shares for retail investors, so allotment chances can be better. But returns depend on pricing and business quality, not size, so study each issue before applying.
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Figures are approximate and rounded, based on data from IPO Central, broker research pages and exchange listing data as of November 2026. Check the final prospectus on SEBI’s website for official numbers. This is general information, not investment advice; consult a SEBI-registered adviser before investing.
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