India’s primary market is in the spotlight today as ICICI Prudential AMC’s mega Rs 10,000 crore issue makes a debut. In terms of size, not only is it among the top 5 primary issues this year, but it also features prominently in the list of the top 10 IPOs in the last two decades. In terms of the offerings from the ICICI Group, too, this is one of the largest.
Here is a look at the top 10 IPOs in India where the issue size exceeds Rs 10,000 crore-
Hyundai Motor India
Hyundai Motor India’s Rs 27,858.75 crore IPO, offered from October 15 to 17, 2024, stands as the largest among these five. The company set a price band of Rs 1,865 to Rs 1,960, and when the stock listed on October 22, 2024, it opened at Rs 1,931 on the BSE and Rs 1,934 on the NSE, both slightly below the issue price. The company had structured the offer entirely as a sale by existing shareholders, and the size alone drew intense scrutiny from domestic and global desks.
Life Insurance Corporation of India (LIC)
LIC’s Rs 21,008-crore IPO, held from May 4 to 9, 2022, became India’s largest public issue at the time and carried a price band of Rs 902 to Rs 949, along with category-specific discounts of Rs 45 for retail buyers and Rs 60 for policyholders. On listing day, May 17, 2022, the shares opened at Rs 872 on the NSE and Rs 867.20 on the BSE, both below the final issue price of Rs 949 set for the general category. Policyholder interest had reached 1.99 times during the subscription window, but weak global cues weighed on sentiment at the opening tick. The listing remains one of the most studied market events of the past few years because it showed how even a nationwide institution with a long history of retail trust can face pressure when it enters open trading in an unsettled environment. To put things in perspective, at the time of IPO launch, LIC owned around 60% of the market share in India for the insurance market.
Paytm
Paytm’s Rs 18,300-crore IPO, offered from November 8 to 10, 2021, came to the market with immense visibility after years of rapid expansion in digital payments. The price band was set at Rs 2,080 to Rs 2,150, and the offer closed with a subscription of 1.89 times. The stock listed on November 18, 2021, opening at about Rs 1,950 to Rs 1,955 on the NSE and BSE and closing near Rs 1,560 to Rs 1,564 as selling pressure increased through the day. The gap between the issue price and the first day’s close became a major talking point in market coverage at the time, as analysts reassessed assumptions around valuation strength for companies built on high-growth digital models. Four years later, the listing is still mentioned whenever early trading outcomes of large technology issues are examined.
Tata Capital
Tata Capital raised Rs 15,511.87 crore through its IPO, which ran from October 6 to 8, 2025, combining a fresh issue of 21 crore shares worth Rs 6,846 crore and an offer for sale of 26.58 crore shares worth Rs 8,665.87 crore. The company set a price band of Rs 310 to Rs 326, with the final issue priced at Rs 326. Retail applicants required a lot of 46 shares, amounting to Rs 14,996 at the upper band. Allotments were completed on October 9, and the stock was listed on October 13 on both exchanges. Kotak Mahindra Capital led the book, while MUFG Intime handled registrar duties. With a pre-IPO market cap of Rs 1,38,382.73 crore, the listing drew steady interest.
Coal India
Coal India’s Rs 15,000-crore IPO, run from October 18 to 21, 2010, remains one of the most powerful public-sector listings the Indian market has seen. The company set a price band of Rs 225 to Rs 245 and fixed the issue price at Rs 245, supported by demand that pushed subscription to roughly 14–15 times the offer size. When trading began on November 4, 2010, the stock opened at Rs 287 on the NSE, a 17.1% rise over the issue price, and held firm through the session as bids continued to build. The debut captured the strength of investor interest in the company’s position in the coal segment, and fifteen years later, it still stands as one of the most widely cited examples of a dominant state-owned entity drawing extraordinary appetite on listing day.
HDB Financial Services (HDB Financial)
HDB Financial Services completed a Rs 12,500-crore IPO between June 25 and 27, 2025, issuing 3.38 crore fresh shares worth Rs 2,500 crore and offering 13.51 crore shares worth Rs 10,000 crore for sale. The offer carried a single price of Rs 740 per share, with a retail lot of 20 shares. The allotment was finalised on June 30, and trading began on July 2 on the BSE and NSE. BNP Paribas led the issue, and MUFG Intime served as registrar. The pre-IPO valuation stood at Rs 61,253.30 crore.
LG Electronics India
LG Electronics India raised Rs 11,607.01 crore through an offer for sale of 10.18 crore shares in an IPO that opened on October 7 and closed on October 9, 2025. The company priced the issue at Rs 1,140 per share, with a retail lot of 13 shares, and offered employees a discount of Rs 108 while reserving 2,10,728 shares for them. The allotment was finalised on October 10, and the stock was listed on October 14. Morgan Stanley India managed the book, while Kfin Technologies acted as registrar. With a pre-IPO market cap of Rs 77,380.05 crore.
Reliance Power
Reliance Power launched the Rs 11,544-crore IPO from January 15 to 18, 2008. The issue comprised of 26 crore fresh shares priced at Rs 450 each. Retail investors applied in lots of 15 shares, requiring Rs 6,075 at the offer price, with institutional and non-institutional categories assigned significantly larger lot blocks. Axis Capital handled the book, and Kfin Technologies served as registrar. The shares were listed on February 11, 2008, during a volatile period in global and domestic markets.
ICICI Prudential AMC
ICICI Prudential AMC opened its Rs 10,602.65-crore IPO today, December 12, 2025, launching a five-day offer that will close on December 16. The issue is a full offer for sale of 4.90 crore shares, priced in a band of Rs 2,061 to Rs 2,165, with a retail lot of six shares, and is backed by Citigroup Global Markets as book runner and Kfin as registrar. Allotment is slated for December 17, and the stock is scheduled to list on December 19. With a pre-IPO market capitalisation of Rs 1,07,006.97 crore, the offer has drawn attention from institutional desks that typically track year-end flows, even though actual trading behaviour will only be known once the stock lists next week.
