Do mega IPOs pay off? Just 50% of India’s billion-dollar issues trade above IPO price

Hyundai Motor India made history with the largest IPO ever in the Indian financial market. The Korean-based company raised ₹27,858 crore from investors, offering shares each at 1,960; it debuted in October 2024 with much attention.The stock saw a recovery rally in recent months, but it couldn’t hold on to those gains and slipped back under pressure, trading 7.16% below its issue price at ₹1,819.60.

The Life Insurance Corporation (LIC) followed as the second-largest IPO, with an issue size of ₹20,557.23 crore. However, in terms of returns, LIC has lagged behind its peers. Since its listing in May 2022, the stock has remained volatile on exchanges and currently trades at a 7.8% discount to its issue price of ₹949 per share.

One 97 Communications, the parent company of Paytm, has been the story of caution among these mega listings. Despite generating enormous hype with an ₹18,300 crore issue, regulatory concerns weighed heavily post-listing. The stock tumbled as low as ₹350 in May 2025 from its IPO price of ₹2,150, an 80% plunge. Recent recoveries have eased some pain, but the shares still trade 27.4% below the issue price.

Not all mega IPOs disappointed. Tata Capital, the Tata Group’s NBFC, debuted in October 2025, raising ₹15,511.87 crore. At a current price of ₹330.50, the stock is modestly up 1.38% from its issue price of ₹326.

Coal India, listed way back in 2010, was the fifth-largest IPO with an issue size of ₹15,199 crore. Over its 15-year journey in the secondary market, returns have been modest, with the stock trading just 40% above its issue price of ₹245.

HDB Financial Services, another NBFC, entered the market in June 2025 after raising ₹12,500 crore. Despite being one of the largest issues of 2025, its performance has been lacklustre, as the company share price is only up by 14% from the issue price of ₹740.

LG Electronics India, another Korean-based company, made a solid entry into the Indian market following Hyundai’s entry. The IPO, fully an offer for sale, was subscribed 50 times, and the shares debuted at ₹1,710, a 50% premium over the issue price of ₹1,140.The stock continues to carry the strong listing as it trades 48.24% higher than the issue price of ₹1,689.9, making it one of the standout performers of the year.

Swiggy, the food delivery and quick commerce platform, had a modest 7.7% listing gain from its ₹11,327 crore fundraising. While the stock rallied in the first half of 2025, momentum slowed afterward, and it now trades 17% above its issue price.

Among older listings, General Insurance Corporation of India, which raised ₹11,256 crore in October 2017, trades 4.13% below its issue price of ₹912.

Similarly, SBI Cards & Payment Services, which completed its IPO in March 2020 raising ₹10,340 crore, is down 9.75% from its issue price of ₹755.