As NSE lists, a look at debut performances of India’s largest IPOs

On their trading debut, National Stock Exchange of India shares surged by up to 5%, following a substantial $2.3 billion IPO, marking the country's second-largest. The stock opened at 1,800 Indian rupees, a minor premium over its IPO price of less than 1%. This analysis examines the initial market performance of companies from large IPOs exceeding $1 billion.

Hyundai Motor India's shares experienced a decline of over 7% during its 2024 debut, despite being the country's largest-ever IPO. Retail investor interest remained subdued due to concerns about a high valuation and industry slowdown. Its South Korean parent company raised ₹278.7 billion ($2.91 billion) by selling a 17.5% stake through a pure offer-for-sale, where existing shareholders sold their holdings. As of the latest close, Hyundai Motor India's shares have appreciated approximately 7% from the IPO price.

Life Insurance Corp of India, India's premier insurance provider, witnessed a decline of nearly 8% in its 2022 IPO debut, despite robust demand. The government managed to raise approximately ₹205 billion ($2.14 billion) by selling a 3.5% stake, significantly below its initial target of up to $12 billion. The Life Insurance Corporation traded at ₹407.5, adjusting for a 1:1 bonus issue held in May.

Digital payments company Paytm suffered one of India's most significant large-cap market debuts in 2021, plummeting more than 27% following a $2.5 billion IPO. This performance raised concerns about aggressive valuations, especially among loss-making technology firms. Tata Capital gained a modest 1.4% on its debut in October 2025, as a congested issuance schedule and limited valuation discount to peers dampened investor enthusiasm.

The company's $1.75 billion IPO coincided with LG Electronics India's $1.3 billion offering, which attracted nearly ₹50 billion in bids. State-owned Coal India, the world's largest coal miner, soared 40% on its listing day in November 2010, as investors flocked to a stock that serves as a barometer for surging growth and energy demand in India.

As the government's largest IPO at the time, it paved the way for the public listing of other state-owned entities. Coal India has gained 73.3% since its market debut.