India’s IPO market is buzzing with action and this time, HDB Financial Services has taken centre stage. Backed by HDFC Bank, HDB is launching a massive Rs 12,500 crore offer on June 25. This will be the largest IPO ever by a non-banking financial company (NBFC) in India. The issue closes on June 27, with anchor bidding scheduled for June 24. The tentative listing is set for July 2, on both the BSE and NSE.
But how does it compare to the biggest IPOs we have seen over the past two decades? From Hyundai Motor to LIC, here is a detailed look at the five largest IPOs that shook Dalal Street.
India’s Biggest IPOs: A look at the mega stars across 20 years
As HDB Financial prepares to debut, it joins the ranks of India’s largest IPOs over the past two decades. Some of these offerings were seen as transformative for their sectors, while others became cautionary tales. The top 5 biggest IPOs in 20 years are-
Hyundai Motor India (2024)
Hyundai Motor India made history in July 2024 by launching India’s largest ever IPO, raising Rs 27,870 crore. The issue opened on July 18 and closed on July 22, with listing on July 29.
Its price band was set at Rs 875 to Rs 945, and the company’s post-issue valuation was approximately Rs 3.2 lakh crore.
Despite global headwinds, Hyundai saw demand from Qualified Institutional Buyers (QIBs) and foreign investors. The stock performance of the company so far in 2025 saw a surge of nearly 10%.
LIC (2022)
The Life Insurance Corporation of India (LIC) IPO in May 2022 was the largest public sector listing to date, raising Rs 21,008 crore. The issue was open from May 4 to May 9, with shares listed on May 17.
Despite extensive marketing and a price band of Rs 902 to Rs 949, LIC listed at a discount.
The company’s share price has risen by 4% so far in 2025.
Paytm (2021)
In November 2021, Paytm (One97 Communications) raised Rs 18,300 crore in India’s biggest tech startup IPO. The issue opened on November 8 and closed on November 10, with a price band of Rs 2,080 to Rs 2,150.
However, the stock fell 27% on listing day (November 18), becoming one of the worst debut performances in the Indian IPO landscape.
In 2025, Paytm shares have declined by 12% so far.
Coal India (2010)
Among public sector undertakings, Coal India’s IPO in October 2010 stood out for its performance. The company raised Rs 15,199 crore, pricing its shares at Rs 225 to Rs 245.
The IPO opened on October 18 and closed on October 21, listing on November 4. The stock debuted with a 39% gain.
The company’s share performance in 2025 has seen a marginal uptick of 0.31% so far.
Reliance Power (2008)
Reliance Power, led by Anil Ambani, launched its IPO in January 2008, raising Rs 11,563 crore. The issue was open from January 15 to 18, with a price band of Rs 405 to Rs 450. Despite record subscriptions, the stock listed on February 11 and fell nearly 17% on debut.
As of now, the company’s share price has surged by 43% so far in 2025.