Top 10 Largest IPOs in Indian Stock Market History
With a proposed ₹30,000 crore issue, NSE could become India's biggest IPO ever. Here's a look at the largest public offerings, from Hyundai Motor India and LIC to Paytm, Swiggy, and Tata Capital.
NSE's proposed ₹30,000 crore IPO could become the largest public offering in Indian stock market history. Here's a look at the biggest IPOs by issue size, including Hyundai Motor India, LIC, Paytm, Tata Capital, Coal India, and other major listings.
India's IPO market may soon have a new record holder.
National Stock Exchange (NSE) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO estimated at around ₹30,000 crore. If the issue goes ahead at the proposed size, it will surpass Hyundai Motor India's ₹27,858.75 crore offering and become the largest IPO ever seen in the Indian stock market.
Overview of India's Top 10 Largest IPOs in Stock Market History
Below is a look at some of the largest IPOs ever launched in the Indian stock market.
1. NSE IPO
NSE's proposed IPO is more than just another public issue. The exchange has been trying to list for nearly a decade. Its first IPO plans were put on hold after the co-location case in 2016, but after resolving regulatory hurdles, NSE is moving towards a stock market debut.
The issue is expected to be entirely an Offer for Sale, which means existing shareholders will dilute their stake while the exchange itself will not receive fresh funds. If listed, NSE will overtake Hyundai Motor India and set a new IPO record.
List of India's 10 Largest IPOs by Issue Size
If listed at the proposed size of ₹30,000 crore, NSE IPO will overtake Hyundai Motor India to become the largest IPO in Indian stock market history. Here are the top 10 larget ipo in India
|
Rank |
IPO |
Issue Size (₹ Crore) |
Year |
|
1 |
NSE* |
30,000.00 |
2026 |
|
2 |
Hyundai Motor India |
27,858.75 |
2024 |
|
3 |
LIC |
20,557.23 |
2022 |
|
4 |
Paytm |
18,300.00 |
2021 |
|
5 |
Tata Capital |
15,511.40 |
2025 |
|
6 |
Coal India |
15,199.44 |
2010 |
|
7 |
HDB Financial Services |
12,500.00 |
2025 |
|
8 |
LG Electronics India |
11,607.00 |
2025 |
|
9 |
Swiggy |
11,327.43 |
2024 |
|
10 |
GIC Re |
11,256.83 |
2017 |
|
11 |
ICICI Prudential AMC |
10,602.65 |
2025 |
*Expected
2. Hyundai Motor India: Current Record Holder
Before NSE arrived on the scene, Hyundai Motor India held the title of India's biggest IPO. The company raised ₹27,858.75 crore in 2024 through a complete Offer for Sale by its South Korean parent.
The issue attracted strong participation from institutional investors and reflected the growing importance of India's passenger vehicle market.
3. LIC: The IPO That Brought Millions To The Market
When LIC launched its IPO in 2022, it was one of the most talked-about public issues in India. The government raised ₹20,557.23 crore by selling a stake in the country's largest life insurer.
For many retail investors, LIC was their first IPO application, making it one of the most widely discussed public issues in Indian market history.
4. Paytm: India's Largest Startup IPO
Paytm's ₹18,300 crore IPO marked a turning point for India's startup ecosystem. At the time, it was the country's biggest startup listing and showcased how internet businesses were beginning to access public markets.
Although the stock struggled after listing, the IPO remains one of the biggest milestones for India's technology sector.
5. Tata Capital
Tata Capital entered the list of India's largest IPOs with an issue size of ₹15,511.87 crore. The offering attracted investor interest, helped by the Tata Group's brand value and the company's presence across lending, housing finance, wealth management, and investment services.
6. Coal India
Coal India launched its ₹15,199.44 crore IPO in 2010, making it one of the most successful public offerings in India. The issue was part of the government's disinvestment programme and saw participation from both domestic and foreign investors. For several years, Coal India held the title of India's largest IPO before larger offerings began to emerge.
7. HDB Financial Services
HDB Financial Services, backed by HDFC Bank, raised ₹12,500 crore through its IPO. The company is among India's leading NBFCs and operates across retail lending, enterprise finance, and asset-backed loans.
8. LG Electronics India
LG Electronics India raised ₹11,607 crore through its IPO in 2025. The issue reflected investor confidence in India's growing consumer electronics market. As of June 19, 2026, LG Electronics' share price is trading at ₹1,587, above its issue price of ₹1,140, though still below its listing-day high.
9. Swiggy
Swiggy's ₹11,327.4 crore IPO was one of the largest listings by a technology-driven consumer company. The food delivery platform tapped the market as it expanded its presence in food delivery, quick commerce, and logistics. As of June 19, 2026, Swiggy shares were trading at ₹253, nearly 57% below their lifetime high of ₹597.
10. General Insurance Corp of India
GIC Re raised ₹11,256.8 crore through its IPO in 2017. The issue was part of the government's broader divestment programme and remains one of the largest insurance-sector listings in India. Over the last five years, from June 18, 2021, to June 18, 2026, GIC Re's share price has gained around 79%.
11. ICICI Prudential Asset Management
ICICI Prudential Asset Management raised ₹10,602.65 crore through its IPO in December 2025, making it one of the largest asset management company listings in India. The IPO allowed investors to participate in India's expanding mutual fund industry. The stock was offered at an issue price of ₹2,165 and is trading at ₹3,341.40 as of June 19, 2026.
Final Words
NSE's proposed IPO could soon rewrite India's IPO record books. But beyond the rankings, the list of India's biggest public offerings tells a larger story, the evolution of India's economy and capital markets.
From Coal India and LIC to Paytm, Swiggy, Hyundai Motor India, and now NSE, each IPO reflects a different phase in the country's growth journey. And as Reliance Jio is expected to enter the market in the coming years, the list may continue to change.