All-Time Biggest IPOs in India 2025

The IPO market in India has registered shattering growth in the past years with some of the publicly issued blocks defining the equity climate. The mad rush to get listed on exchanges by way of public offerings is huge in size, whether it is the tried and tested government owned giants such as LIC and Coal India or the newer tech unicorns such as Paytm, Zomato and Swiggy.

In this IPO Ji blog we present to you all the time great IPOs in India with important dates, the size of the issue, listing gains/ losses and their overall effects on the market. Be you an investor, monitoring hefty IPOs, or a market aficionado searching the most significant public offerings in India, this authoritative book will provide you with the solution to your questions.

What is the Biggest IPO in India?

As of 2025, the Hyundai Motor India IPO is the biggest IPO in India, raising a massive ₹27,858.75 crore. It surpassed the Life Insurance Corporation (LIC) IPO and Paytm IPO, which were previously the largest.

Top 12 Biggest IPOs in India by Issue Size

1. Hyundai Motor India IPO – ₹27,858.75 Crore

• Issue Dates: 15–17 October 2024
• Price Band: ₹1,865–₹1,960 (₹186 employee discount)
• Listing Date: 22 October 2024
• Listing Price: ₹1,934 (↓1.33%)
• Closing Price: ₹1,819.60 (↓7.16%) Despite strong QIB interest, Hyundai’s IPO saw a muted listing. Still, it's India's largest IPO of all time by size.

2. LIC IPO – ₹20,557.23 Crore

• Issue Dates: 4–9 May 2022
• Price Band: ₹902–₹949 (₹45 retail discount)
• Listing Date: 17 May 2022
• Listing Price: ₹872 (↓8.11%) LIC IPO was the most anticipated IPO in India, but post-listing performance disappointed investors with a 26% drop in just six weeks.

3. Paytm IPO – ₹18,300 Crore

• Issue Dates: 8–10 November 2021
• Price Band: ₹2,080–₹2,150
• Listing Price: ₹1,950 (↓9.30%)
• Closing Price: ₹1,560 (↓27.44%) Once the biggest startup IPO in India, the Paytm IPO turned sour with sharp declines. It remains one of the most debated tech IPOs.

4. Coal India IPO – ₹15,200 Crore

• Issue Dates: 18–21 October 2010
• Listing Price: ₹291 (↑25%)
• Closing Price: ₹342.55 (↑47.17%) Coal India held the title of biggest IPO in India for 11 years, delivering solid listing gains and long-term returns to investors.

5. HDB Financial Services IPO

• Issue Dates: 25-27 Jun 2025
• Listing Price: 700-740
• Listed at 835 at 12.84% premium

6. Reliance Power IPO – ₹11,700 Crore

• Issue Dates: 15–18 January 2008
• Listing Price: ₹530 (↑17.77%)
• Closing Price: ₹372.3 (↓17.27%) Anil Ambani’s Reliance Power IPO is one of the most remembered IPOs. Despite high expectations, the post-listing crash shocked investors.

7. Swiggy IPO – ₹11,327.43 Crore

• Issue Dates: 6–8 November 2024
• Listing Price: ₹420 (↑7.69%)
• Closing Price: ₹456 (↑16.92%) Swiggy’s IPO marked India’s top tech IPO in 2024. Despite modest grey market signals, it delivered strong listing day returns.

8. General Insurance Corporation (GIC) IPO – ₹11,256.83 Crore

• Issue Dates: 11–13 October 2017
• Listing Price: ₹850 (↓1.96%)
• Closing Price: ₹874.3 (↑0.84%) India’s only reinsurer had a quiet debut, but remains among the top government IPOs in India by size.

9. SBI Cards & Payment Services IPO – ₹10,340.79 Crore

• Issue Dates: 2–5 March 2020
• Listing Price: ₹661 (↓12.45%) Covid-led market panic impacted this IPO's debut, though it had robust demand during subscription.

10. ONGC IPO – ₹10,534 Crore

• Issue Dates: 20–23 September 2011
• ONGC was the first Indian IPO to cross ₹10,000 crore, and it rewarded investors with strong dividends and capital appreciation.

11. NTPC Green Energy IPO – ₹10,000 Crore

• Issue Dates: 19–22 November 2024
• Listing Date: 27 November 2024
• Listed at 111.5 at premium of 3.24%↑

12. New India Assurance IPO – ₹9,585.82 Crore

• Issue Dates: 1–3 November 2017
• Listing Price: ₹750 (↓2.59%)

13. Zomato IPO – ₹9,375 Crore

• Issue Dates: 14–16 July 2021
• Listing Price: ₹116 (↑52.63%) Zomato IPO was India’s biggest startup IPO success, giving investors 65% returns on listing day.

Vodafone Idea FPO – ₹18,000 Crore

Though not an IPO, the Vodafone Idea Follow-on Public Offer (FPO) in April 2024 became India’s biggest FPO, receiving strong institutional support.

Upcoming Mega IPOs in India to Watch

1. NSE IPO (Expected in 2025) – Likely issue size: ₹10,000 crore
2. Tata Capital IPO – Estimated at ₹15,000 crore

Stay tuned with IPO Ji for the latest updates on these upcoming largest IPOs in India.

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FAQs on India’s Largest IPOs

Q1. Which is the biggest IPO in India by issue size? Hyundai Motor India IPO with ₹27,858.75 crore.

Q2. What was the largest startup IPO in India? Paytm (₹18,300 crore) followed by Zomato (₹9,375 crore) and Swiggy (₹11,327.43 crore).

Q3. Which IPO gave the best listing gains? Zomato IPO with a 65.79% gain on listing day.

Q4. Which government IPOs raised the most funds? LIC (₹20,557 crore), Coal India (₹15,200 crore), and ONGC (₹10,534 crore).

Q5. Is Vodafone Idea the biggest FPO in India? Yes, Vodafone Idea’s FPO in April 2024 raised ₹18,000 crore – the largest FPO so far.