With the National Stock Exchange (NSE) set to make its much-awaited debut on Dalal Street on Thursday, September 24, investors will be keen to see how the exchange performs on its listing day.
Ahead of the NSE listing, here’s a look back at how three of India’s biggest IPOs—Hyundai Motor India, Life Insurance Corporation of India (LIC), and Paytm—fared on their exchange debuts, from their issue prices and listing-day performance to their journey on the exchanges so far.
Hyundai Motor India: From muted start to record high
The ₹27,858 crore IPO of Hyundai Motor India witnessed a muted listing in October 2024, debuting at ₹1,934 per share against its IPO price of ₹1,960. Following the weak debut, the stock remained volatile and traded in a narrow range over the next six months amid concerns over its relatively high valuation.
However, the stock’s fortunes began to change in April 2025, when buying interest emerged and triggered a strong uptrend. It closed higher in most of the following months and eventually scaled a fresh record high of ₹2,890.
The sustained rally pushed the stock’s valuation to premium levels compared with its peer group. However, the sharp run-up proved unsustainable, leading to a correction that erased a significant portion of the gains accumulated during the rally.
The correction was further exacerbated by weakness in the broader market and a surge in crude oil prices, which continued to weigh on the counter and put pressure on the stock. Despite the pullback, Hyundai Motor India shares remain above their IPO price. At Wednesday’s closing price of ₹2,095, the stock is currently trading 8.3% higher than its IPO price.
LIC: A weak start followed by a gradual recovery
The listing of Life Insurance Corporation of India (LIC), the country’s largest life insurer, was a disappointing affair for investors. On May 2022, LIC made a weak debut on the exchanges, with its shares listing at ₹867.20, 8.62% below the issue price of ₹949. The stock ended its first trading session at ₹875.25, down 7.75% from its IPO price.
The weak debut came as a disappointment to investors, and the stock struggled to gain traction for the next nine months before gradually gaining strength.
LIC shares then entered an uninterrupted uptrend between April 2023 and August 2024, delivering a multibagger gain of around 100% during the period.
The rally marked one of the strongest recovery runs among PSU stocks at the time. The ₹20,557 crore IPO was subscribed 2.05 times. In May, the company announced a 1:1 bonus issue.
Paytm: Turns the corner after a prolonged slump
The journey of the ₹18,300 crore IPO of One 97 Communications, the parent company of Paytm, has been marked by sharp twists and turns since the fintech major’s listing in November 2021. Paytm shares debuted on the exchanges at ₹1,950, a 9.3% discount to the IPO price of ₹2,150 apiece.
The weak listing was followed by a prolonged correction, with regulatory issues in 2024 adding further pressure to the stock. Paytm shares eventually fell to around ₹310, dashing hopes among shareholders who had expected stronger returns from the fintech major.
Nevertheless, the stock has staged a remarkable recovery from those lows. Despite periods of market volatility, Paytm shares rebounded sharply, gaining around 220% from their 2024 lows and closed the year with gains of around 60%.
The winning momentum continued into the following period, and at the current price of ₹1,775, the stock has recovered around 472% from its record low, although it still remains 17.44% below its IPO price. Following the recent MDR announcement, analysts expect the stock could potentially reclaim its IPO price.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
