Top 10 Biggest IPOs In India

Many financial experts believe the world is on the brink of a recession. However, despite this, India has recently seen several companies launch IPOs (Initial Public Offerings) which have been successful. These IPOs range from small businesses to some of the biggest IPOs in the country. Some IPOs have been so popular with investors that they have surprised even industry experts. The LIC IPO and Coal India IPO are examples of such successful IPOs.

If you're interested in investing in IPOs, you might wonder what the biggest IPOs in Indian stock markets are. Below, we have listed the biggest IPOs in India with details. It might help you to make an informed decision about investing in IPOs.

What is an IPO?

An IPO or Initial Public Offering is when a private limited company offers shares of its stock to the public for the first time. To launch an IPO, the company must follow the guidelines set by SEBI and the Companies Act 2013. The company must provide all necessary information about the IPO and the company in a prospectus so investors can make informed decisions. There are two types of IPOs: fixed-price IPOs and book-built IPOs. While the underwriters, in association with the company, determine the issue price, the market's demand and supply forces determine the final cost of the stock post-issue of the IPO.

Top 10 IPOs In India

1. LIC IPO

In 2022, LIC (Life Insurance Corporation) offered its shares to the public. It was the largest IPO in the country and took place from May 4th to May 9th. The price range of each share was between Rs. 902 and 949 (with a discount of INR 45 for retail investors). 

The total value of the shares offered was Rs. 21,000 crores. The shares of LIC were listed on the stock exchanges on May 17th, 2022 and the response from the public was very good as the IPO was subscribed for nearly three times the number of shares made available for sale.

2. PayTM (One 97 Communications)

PayTM recently launched its stocks for people to purchase. It was a big deal and many people were excited about it. It was the second-biggest stock launch in the country. They did this between the 8th – 10th of November 2021.

The amount of money they hoped to make from this was Rs. 18,300 crore. Some people were worried because the company had not made any profit yet, and it wasn't clear when they would. Because of this, some people who are good at investing decided to not buy any of the stocks. When the stocks were finally listed, they were sold for less than they were originally worth.

3. Coal India

Coal India, a Navratna company, is among the largest coal mining companies in India. In 2010, the company launched an Initial Public Offering (IPO) of size Rs. 15,200 crores, which ranked third in terms of IPO size in the country at the time. The IPO, which was open for subscription between 18-21 October 2010, received an overwhelming response with a subscription of over 15 times. The issue was priced at a range of Rs. 225 – Rs. 245 per share, and retail investors were able to make listing gains of up to 25%.

4. Reliance Power

Reliance Power made its debut in 2008 amid the US subprime crisis. The company's initial public offering (IPO) garnered a lot of attention due to its high-profile name, and it was seen as the launch of Mr. Anil Ambani. Despite not having any operational power plant at the time of the IPO, it still commanded an impressive 100% premium in the grey market. This IPO was oversubscribed 73 times within a few minutes, making it one of the highest ever. However, the shares could not maintain their value post-listing, and it was one of the first Reliance companies where shareholders suffered significant losses.

5. General Insurance Corporation

GIC launched its IPO from October 11th to 13th, 2017. The price of each share was between Rs. 855 and Rs. 912, and the total amount of money raised was Rs. 11,175 crores. The rich people did not invest much in this IPO but the regular people received a discount on the issue price, meaning they made some money when the shares were listed. Even though it was a big IPO in India, it was not very popular.

6. SBI Cards & Payment Services Ltd

The SBI Cards IPO, introduced between 2nd and 5th March 2020 with a price band of Rs. 750-755 per share and an issue size of Rs. 10,355 crores, has made its name in India's list of biggest IPOs. The IPO received an overwhelming response from the QIB and HNI category of investors, with approximately 26.5 times the subscription. However, due to the onset of the COVID-19 pandemic, it was listed at a discount. Despite this, the IPO still gained immense popularity and recognition in the market.

7. ONGC

ONGC launched its IPO on March 5th, 2004 and closed on March 13th, 2004. It has been a remarkable IPO in the Indian markets. The offering raised a whopping amount of over Rs. 10,000 crores. The price band of this IPO was Rs. 680 – Rs. 750 per share, and it also offered a discount of 5% to retail investors. The IPO offered 10% company shares and successfully provided substantial returns to investors with consistent dividends and capital appreciation.

8. New India Assurance

New India Assurance launched its IPO in the Indian market in November 2017 with a size of approximately Rs. 9,600 crores. Despite the demand from qualified institutional buyers (QIBs), the IPO performed poorly. Although retail investors achieved marginal listing gains due to the discount offered during subscription, the IPO's performance was dismal in the following weeks. This IPO is now known as one of the worst-performing IPOs in the history of Indian markets.

9. Zomato

Zomato launched its IPO in 2021. The IPO was a significant milestone for unicorn start-ups. It helped them attract public funds and raise capital to meet their needs. The size of the Zomato IPO was Rs. 9,375 crores. Launched between July 14th and July 16th, 2021, with a price band of Rs. 72 - Rs. 76 per share, the company listed the IPO with over 50% premium. It provided huge gains, especially for retail investors in the initial days. As a result, the valuation of Zomato increased to over Rs. 1,00,000 crores.

10. DLF IPO

DLF launched its IPO on June 11th, 2007, and closed on June 14th, 2007. The IPO value was Rs. 9,187 crores, with a price range of Rs. 500 to Rs. 550 per share. The IPO was subscribed approximately 3.47 times and was the second-largest after ONGC at its launch. While investors benefited from listing gains at the time, the company has since lost significant ground due to a 3-year ban imposed by SEBI.