India’s IPO landscape could soon witness a historic reshuffle at the top. Telecom giant Jio Platforms has filed its draft red herring prospectus (DRHP) with market regulator SEBI for what is expected to be one of the country’s largest-ever public offerings. The filing came just a day after the National Stock Exchange (NSE) submitted papers for its long-awaited stock market debut, setting the stage for two mega listings.
Speaking at Reliance Industries’ 49th Annual General Meeting (AGM), Chairman Mukesh Ambani described the proposed Jio IPO as the most important “value creation milestone” of the year. He said the listing would unlock significant value for Reliance Industries (RIL) shareholders while providing an attractive investment opportunity to new investors.
Jio Platforms is preparing for a landmark stock market debut that could reshape India’s IPO record books. Bankers estimate the issue could raise as much as $4 billion (around ₹37,000 crore), potentially making it the largest IPO in Indian history. Even at around $3 billion, the offering would likely surpass Hyundai Motor India’s ₹27,859 crore issue, currently the country’s biggest listing.
The proposed Jio IPO will comprise a fresh issue of up to 27 crore shares with no offer-for-sale component. The offering will also mark the first IPO from the Reliance Industries stable since Reliance Petroleum’s listing in 2006. Meanwhile, NSE’s proposed IPO is expected to raise nearly ₹30,000 crore ($3.2 billion), making it another serious contender among India’s biggest public offerings.
Largest IPOs of India
1. Hyundai Motor India IPO — ₹27,859 crore
Hyundai Motor India currently holds the distinction of launching India’s largest IPO. The automobile major’s ₹27,859 crore public issue opened for subscription between October 15 and October 17, 2024, and the shares were listed on October 22, 2024. The issue was structured entirely as a 100% Offer for Sale (OFS), allowing the parent company to monetise part of its stake without issuing new shares.
The IPO was priced in a band of ₹1,865 to ₹1,960 per share. Despite its massive size, the issue attracted healthy investor participation and closed with an overall subscription of 2.37 times, driven largely by strong demand from global institutional investors. The listing marked one of the largest fundraising exercises ever undertaken by a multinational company in India.
2. Life Insurance Corporation of India (LIC) IPO — ₹20,557 crore
The government-backed LIC IPO remains one of the most significant disinvestment exercises in India’s history. The insurer’s public issue was open from May 4 to May 9, 2022, before listing on May 17, 2022. The issue size stood at ₹20,557 crore and was executed entirely through an Offer for Sale, with the government diluting part of its stake. Shares were offered in a price band of ₹902 to ₹949 apiece.
The IPO garnered an overall subscription of 2.95 times, with strong participation from policyholders and employees, who were also offered special discounts. The transaction was closely watched globally as it represented one of the largest government-led stake sales in the country’s capital market history.
3. Paytm IPO — ₹18,300 crore
Digital payments giant Paytm, operated by One97 Communications, launched its highly anticipated IPO in November 2021. The ₹18,300 crore issue opened for subscription from November 8 to November 10 and was listed on November 18, 2021. Unlike several large IPOs that were purely OFS transactions, Paytm’s issue comprised a combination of fresh equity issuance and secondary share sales by existing investors.
The company fixed the price band at ₹2,080 to ₹2,150 per share. The IPO was subscribed 1.89 times, supported by participation from institutional and retail investors. At the time, it was India’s largest-ever IPO and marked a milestone for the country’s rapidly expanding fintech sector.
4. Tata Capital IPO — ₹15,512 crore
Tata Capital entered the public markets with a ₹15,512 crore IPO, making it one of the largest listings in India’s financial services sector. The issue was open for subscription from October 6 to October 8, 2025, and the shares were listed on October 13, 2025. The offering consisted of a mix of fresh issue shares and an Offer for Sale by existing shareholders.
The company fixed a price band of ₹310 to ₹326 per share. Backed by the strong Tata brand and investor interest in financial services companies, the IPO closed with an overall subscription of 1.95 times. The listing further strengthened the Tata Group’s already significant presence in India’s equity markets.
5. Coal India IPO — ₹15,199 crore
Coal India’s IPO remains one of the most successful public offerings ever launched in India. The mining giant’s ₹15,199 crore issue was open for subscription from October 18 to October 21, 2010, before listing on November 4, 2010. The government structured the transaction as a 100% Offer for Sale to reduce its holding in the state-run enterprise.
Shares were offered in a price band of ₹225 to ₹245 apiece. Investor demand was overwhelming, with the IPO receiving subscriptions of 15.28 times. The strong response reflected investor confidence in the company’s dominant position in India’s coal sector and established a benchmark for large government divestment programmes.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
