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Top 10 largest IPOs in Indian stock market history by issue size

Here are the top 10 largest IPOs in India ever, based on their issue size. See which companies raised the most and why it matters for investors

By Forbes India

Published: Aug 5, 2025 05:14:43 PM IST

Updated: Aug 5, 2025 05:31:29 PM IST

Initial Public Offerings (IPOs) have always caught the attention of investors. Whether it’s a popular conglomerate going public or an emerging modern tech firm, large public issues often act as market sentiment indicators and investment milestones.

But what exactly is an IPO? It’s when a private company raises capital by offering its shares to the public for the first time. Knowing which companies raised the most through IPOs, based on the issue size, tells us a lot about investors’ appetite, industry confidence, the company's growth potential, and market trends.

In this article, we’ll discuss the top 10 largest IPOs in India’s stock market history by their issue size. This data will help you understand where the biggest capital moves have occurred and who initiated them.

List of the 10 largest IPOs in India ever

Based on the data, here are the top 10 largest IPOs in India:

Ranking	Largest IPOs in India	Issue size (in ₹ crore)
1	Hyundai Motor India Ltd.	27,858.75
2	Life Insurance Corporation of India	20,557.23
3	One 97 Communications Ltd.	18,300.00
4	Coal India Ltd.	15,199.44
5	HDB Financial Services Ltd.	12,500.00
6	Swiggy Ltd.	11,327.43
7	General Insurance Corporation of India	11,256.83
8	SBI Cards and Payment Services Ltd.	10,340.79
9	Reliance Power Ltd.	10,123.20
10	NTPC Green Energy Ltd.	10,000.00

Hyundai Motor India Ltd.

Listing date: October 22, 2024
Sector: Automotive

Founded in 1996, Hyundai Motor India is one of the major names in the automotive sector. Its 2024 IPO became the largest in Indian stock market history. Post-listing, the company focused primarily on R&D investments and the supply chains of electric vehicles, creating over 2.5 lakh jobs. The company also actively focuses on CSR initiatives through the Hyundai Motor India Foundation (2006) and the ‘Samarth by Hyundai’ campaign (2023).

Listing date: May 17, 2022
Sector: Financial services

LIC - ranking second - is India’s largest life insurance provider with a wide presence across the nation. Its IPO issue size was over ₹20,500 crore, making it one of the top 10 largest IPOs in India. Its vast fund base, multiple product offerings, and diverse portfolio continue to play a major role in India’s stock market and financial ecosystem.

One97 Communications Ltd.

Listing date: November 18, 2021
Sector: Financial services

Known widely for operating Paytm, One97 Communications launched one of the largest IPOs in India, raising ₹18,300 crore. It drew major attention due to Paytm’s widespread reach across consumers and merchants. With a strong digital footprint and growing user base, it ranks third in the top 10 IPOs list.

Coal India Ltd.

Listing date: November 04, 2010
Sector: Energy and mining

Coal India made headlines in 2010, with an issue size of over ₹15,000 crore, ranking it among the top 10 largest IPOs in India. As the world’s biggest coal producer and a major public sector employer, its entry attracted major attention in the stock market. Today, it operates 85 mining areas and is one of the leading CSR spenders in the public sector.

HDB Financial Services Ltd.

Listing date: July 02, 2025
Sector: Non-Banking Financial Company (NBFC)

Backed by the HDFC Group, HDB Financial Services’ IPO was the largest ever by an NBFC and the fifth overall in India. The company offers business and vehicle loans, and insurance products across rural and urban India. Proceeds from the issue will boost its Tier-I capital base and support future growth plans.

Swiggy Ltd.

Listing date: November 13, 2024
Sector: Quick commerce

Swiggy (2014) has grown into one of India’s leading quick commerce companies. Its business includes food and grocery delivery via Instamart, event bookings through Scenes, and logistics with Genie. The company’s ₹11,327 crore issue size ranks among the top 10 largest IPOs in India, and attracts both institutional and retail investors in the stock market.

General Insurance Corporation of India

Listing date: Oct 25, 2017
Sector: Financial services

General Insurance Corporation (GIC) is India’s leading reinsurance provider and was founded in 1972. With an issue size of over ₹11,200+ crore, its IPO is among the top 10 largest IPOs ever seen in India’s capital markets. The IPO aimed to strengthen the company’s capital base, maintain solvency levels, and include an offer for sale.

SBI Cards and Payment Services Ltd.

Listing date: March 16, 2020
Sector: Financial services

SBI Cards and Payment Services, the second-largest credit card issuer, went public in 2020 and ranked as one of the top 10 largest IPOs. The issue size of ₹10,340 crore drew attention thanks to its wide credit card portfolio and SBI branding. The fresh issue helped to boost the company’s capital for future growth, while the offer for sale allowed early shareholders to exit.

Reliance Power Ltd.

Listing date: February 11, 2008
Sector: Energy and utility

Reliance Power develops and operates power projects across India. In 2008, the IPO was among the most talked-about listings of its time, in which investors received three bonus shares for every five held. The company has nearly 6,000 MW of operational capacity. Its pipeline includes three coal-based plants, one gas-based project, and 12 hydroelectric projects in Arunachal Pradesh, Himachal Pradesh, and Uttarakhand.

NTPC Green Energy Ltd.

Listing date: November 27, 2024
Sector: Renewable energy

NTPC Green Energy’s IPO was focused on raising funds to support its subsidiary NTPC Renewable Energy and overall corporate needs. It’s currently focusing on energy storage, solar, wind, green hydrogen, and hybrid energy projects. With over 6.8 GW capacity and 36 projects under execution, NTPC is now a strong public sector player in India’s clean energy sector.

Frequently asked questions (FAQs)

How do we earn from an IPO?

You can earn profit from an IPO by selling your shares at a higher price after listing or holding them long-term to earn dividends.

What is the IPO grey market?

The IPO grey market is an unregulated marketplace for trading shares before their official listing on exchanges. It provides insight into the expected listing price, but it is also unofficial and risky.

What are the potential risks of IPO investments?

High volatility, overvaluation, hype, poor performance of the shares, and lack of liquidity are common risks associated with IPOs in India. The limited company's history also adds to the uncertainty.