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India’s IPO league table: How the largest listings opened

By TheFinanceBase Team 4 min read

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India’s largest recent IPOs have produced sharply different opening-day results. In the current five-issue league table ranked by money raised, only the National Stock Exchange of India (NSE) and Tata Capital opened above their offer prices on the BSE. Hyundai Motor India, Life Insurance Corporation of India (LIC) and One97 Communications (Paytm) opened below, with Paytm recording the steepest opening discount at 9.07%.

The current top five by issue size

Financial Express ranks these five issues by amount raised and uses each stock’s BSE opening price so the comparison is consistent. “Opening return” is calculated from the offer price to the first traded BSE price, not from the eventual closing price.

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Rank IPO Issue size Issue price BSE opening Opening return
1 Hyundai Motor India ₹27,870.16 crore ₹1,960 ₹1,931 -1.47%
2 National Stock Exchange of India (NSE) ₹22,561.57 crore ₹1,785 ₹1,800 +0.84%
3 Life Insurance Corporation of India (LIC) ₹20,557.23 crore ₹949 ₹867.20 -8.62%
4 One97 Communications (Paytm) ₹18,300 crore ₹2,150 ₹1,955 -9.07%
5 Tata Capital ₹15,511.87 crore ₹326 ₹330 +1.23%

Hyundai Motor India remains the largest issue in this group, but its shares began trading ₹29 below the ₹1,960 offer price. NSE’s opening was ₹15 higher, while Tata Capital opened ₹4 above its offer. LIC and Paytm suffered much larger gaps: ₹81.80 and ₹195 below issue price respectively.

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NSE: a small premium on a large offer

NSE raised ₹22,561.57 crore, making it the second-largest issue in the table. Its BSE opening at ₹1,800 represented a 0.84% premium to the ₹1,785 offer price. The issue was entirely an offer for sale, meaning existing shareholders sold shares rather than the company issuing new equity. Financial Express reported subscription of 5.71 times.

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Tata Capital: the strongest opener in the five

Tata Capital had the best opening return among these five IPOs. Its ₹330 BSE opening was 1.23% above the ₹326 offer price. That opening premium is separate from its listing-day closing performance, which Fortune India reported as a 1.35% gain.

Paytm: weakest opening and a weaker close

Paytm opened at ₹1,955 against a ₹2,150 offer, a 9.07% discount and the weakest opening in the five-issue comparison. Its first-day BSE close was ₹1,564.15, or 27.25% below the offer price. The distinction matters: a stock can open below issue price and then recover, or fall further during the session. Paytm did the latter. Reuters’ November 18, 2021 report described the debut as one of the worst performances by a large Indian IPO.

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Why opening return and listing-day return are different

The opening return measures the first price at which trading begins. The listing-day close return measures where the stock finishes that day. They answer different questions and should not be combined in one ranking.

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  • Opening return: (opening price − offer price) ÷ offer price.
  • Listing-day close return: (closing price − offer price) ÷ offer price.

For example, NSE later traded as high as ₹1,878, but that intraday high is not its opening price. Conversely, Paytm’s ₹1,955 opening does not describe the full first-day loss; the ₹1,564.15 close shows how much the price deteriorated after trading began. Financial Express says the opening price is the relevant figure for an official listing-gain calculation because it is the price at which BSE trading starts.

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What the broader ten-issue roundup shows

Fortune India’s September 23, 2026 roundup illustrates the wider range of large-issue debuts. These figures are listing-day close returns over the offer price, not BSE opening returns, so they are not directly interchangeable with the first table.

IPO Listing-day close return
LG Electronics India +48.19%
Coal India +39.73%
Swiggy +16.91%
HDB Financial Services +13.64%
Tata Capital +1.35%
General Insurance Corporation of India (GIC) -4.56%
LIC -7.75%
Hyundai Motor India -7.12%
Paytm -27.25%

The roundup names ten of the largest issues, including NSE, but does not state a listing-day close return for NSE in the figures above. The available results still show that issue size alone is not a reliable predictor of a premium: LG Electronics India and Coal India posted strong first-day closes, while the much larger Hyundai, LIC and Paytm offerings finished below their offer prices.

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Historical large-IPO listing closes

A Reuters factbox published on November 18, 2021, using Prime Database and Refinitiv Eikon, records the following large Indian IPOs. Issue amounts are shown in U.S. dollars as reported by Reuters; returns are listing-day closing returns.

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IPO Listing date Issue size IPO price Listing close Close return
One97 Communications (Paytm) November 18, 2021 $2.46 billion ₹2,150 ₹1,560.80 -27.4%
Coal India November 4, 2010 $2.05 billion ₹245 ₹342.55 +39.8%
General Insurance Corporation of India October 25, 2017 $1.52 billion ₹912 ₹437.15 -52.1%
SBI Cards & Payment Services March 16, 2020 $1.39 billion ₹755 ₹681.40 -9.7%
Reliance Power February 11, 2008 $1.36 billion ₹450 ₹232.69 -48.3%
New India Assurance November 13, 2017 $1.29 billion ₹800 ₹363.55 -54.6%
Zomato July 23, 2021 $1.26 billion ₹76 ₹126 +65.8%
DLF July 5, 2007 $1.24 billion ₹525 ₹569.80 +8.5%
HDFC Standard Life (now HDFC Life) November 17, 2017 $1.17 billion ₹290 ₹344.60 +18.8%
SBI Life Insurance October 3, 2017 $1.13 billion ₹700 ₹707.55 +1.1%

Paytm’s Reuters close return is rounded to -27.4%, while the 2026 Financial Express and Fortune figures use -27.25% from ₹2,150 to ₹1,564.15. The small difference reflects the reported closing price and rounding; both describe a severe first-day loss.

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How to read the league table as an investor

  • Check the metric first. Confirm whether a headline refers to the opening print, the day’s high, or the closing price.
  • Keep the exchange consistent. The five-IPO comparison uses BSE openings; an NSE opening may differ slightly.
  • Separate issue size from demand. A large rupee amount does not ensure a premium. Subscription, valuation, market conditions and the mix of fresh shares versus an offer for sale all influence the debut.
  • Treat the first day as one data point. A premium or discount at listing says little by itself about long-term business performance or future returns.

For exchange-level verification, investors can use the official market-data resources curated by SEBI. The central result from the current comparison is straightforward: among India’s five largest issues by amount raised, only NSE and Tata Capital opened above issue price, while Paytm opened the weakest.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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