India has a new champion in the IPO record books. Jio Platforms, the digital and telecom arm of Reliance Industries, has raised ₹30,188 crore, making it the largest IPO in India’s history. In the same year, the National Stock Exchange of India (NSE) also made its long-awaited market debut and landed at No. 3 on the list of the biggest IPOs in India.
Here’s the full ranking of the top 10 biggest IPOs of all time, based on total issue value, what each deal looked like, and what the new list says about India’s primary market in 2026.
Jio Platforms Breaks Hyundai’s Record
Jio Platforms’ ₹30,188 crore issue (about $3.19 billion) overtook Hyundai Motor India’s ₹27,870 crore IPO to become the country’s largest public offering. The margin is roughly ₹2,300 crore.
The IPO ran from October 21 to 23, 2026, in a price band of ₹1,065 to ₹1,119, with a lot size of 12 shares. The entire issue was a fresh issue, so the proceeds go to the company.
Institutional demand was huge. The ₹8,110 crore anchor portion was subscribed over 30 times, drawing bids worth around ₹2,500 crore in the highest-ever anchor demand for an Indian IPO. Abu Dhabi Investment Authority, BlackRock and Fidelity were among the investors allocated shares.
The listing
Jio Platforms debuted on the stock exchanges on October 28, 2026. It listed at ₹1,358, a premium of about 21.36% over the issue price. One report puts its closing market capitalisation at roughly ₹13.07 lakh crore.
A small note on numbers: you’ll see both ₹30,188 crore and ₹30,213 crore quoted for the Jio issue. The difference comes from how the issue is counted. This article uses ₹30,188 crore, the figure in the chart that inspired this ranking and in the legal adviser’s announcement.
India’s 10 Biggest IPOs of All Time: The Full List
| Rank | Company | Year | IPO Size (₹ crore) |
|---|---|---|---|
| 1 | Jio Platforms | 2026 | 30,188 |
| 2 | Hyundai Motor India | 2024 | 27,859 |
| 3 | NSE | 2026 | 22,563 |
| 4 | LIC | 2022 | 20,557 |
| 5 | Paytm (One97 Communications) | 2021 | 18,300 |
| 6 | Tata Capital | 2025 | 15,512 |
| 7 | Coal India | 2010 | 15,199 |
| 8 | HDB Financial Services | 2025 | 12,500 |
| 9 | LG Electronics India | 2025 | 11,605 |
| 10 | Swiggy | 2024 | 11,327 |
Together, these ten issues raised about ₹1.86 lakh crore. To make the top 10 today, an IPO needs to raise more than ₹11,000 crore.
Sizes can differ by a few crore across sources, since some count the issue at the upper price band and others include employee or reserved portions. Hyundai, for instance, appears as both ₹27,859 crore and ₹27,870 crore, and LIC is often rounded to ₹21,000 crore.
The Story Behind Each Mega IPO
1. Jio Platforms (2026)
Jio Platforms sits above India’s largest mobile network operator and Reliance’s other digital businesses. At the top of the band, it was valued at about $107 billion, which put it among India’s four most valuable listed companies. It is also Reliance’s first public offering in nearly two decades.
2. Hyundai Motor India (2024)
Hyundai held the record for almost two years. Its shares slipped about 1.5% on debut, as retail investors reacted coolly to a lofty valuation amid an auto industry slowdown. It remains the largest IPO by an automaker in India and the biggest one before Jio.
3. NSE (2026)
The NSE IPO was an entirely offer-for-sale (OFS) issue of up to 12.64 crore shares, with the final issue price fixed at ₹1,785. Investors placed bids worth nearly ₹90,300 crore against an issue of about ₹22,562 crore. The shares listed on BSE on September 24, 2026 at ₹1,800, a 0.8% premium, and the issue was subscribed 5.71 times.
Because it was a pure OFS, NSE itself received none of the money, since existing shareholders sold part of their holdings. The exchange’s long wait to go public is finally over.
4. LIC (2022)
The state-owned insurer’s issue was a landmark for government disinvestment. LIC slid nearly 9% on debut amid market volatility and concerns about market share losses to rivals.
5. Paytm (2021)
Paytm’s ₹18,300 crore issue set a record at the time. It listed at a 9% discount and closed 27% below its offer price on day one, making it one of India’s worst major debuts.
6. Tata Capital (2025)
Tata Capital, India’s third-largest non-bank lender, listed slightly above its issue price at a $15.78 billion valuation, in what Reuters described as a muted debut. It was the Tata Group’s first IPO in two years.
7. Coal India (2010)
Coal India is the oldest entry on the list and the only IPO from before 2021 to make the top 10. Its 2010 issue was a defining moment for India’s public sector listings, and it has held its place for 16 years.
8. HDB Financial Services (2025)
The financial services arm of HDFC Bank raised ₹12,500 crore in 2025, adding to the wave of large financial sector listings that year.
9. LG Electronics India (2025)
LG Electronics India debuted at a 50% premium to its issue price of ₹1,140, the best listing for a billion-dollar Indian IPO since Eternal (Zomato) in 2021.
10. Swiggy (2024)
The food and quick-commerce platform raised ₹11,327 crore in 2024. It’s the smallest issue on the list, and it reflects how many new-age tech companies came to market in this cycle.
Note: some trackers count issues slightly differently, and a few lists include older mega issues such as Reliance Power’s 2008 IPO near the bottom of the top 10. The ranking above follows the chart based on total IPO value.
What the New List Tells Us
Most mega IPOs are recent
Seven of the ten biggest IPOs came in just the last three years: two in 2024, three in 2025 and two in 2026. Only Coal India (2010), Paytm (2021) and LIC (2022) are older. That says a lot about how deep India’s equity market has become.
Big, established companies now dominate
The list used to be led by state-owned firms and new-age tech companies. Today, it’s topped by a telecom-and-digital giant, the country’s largest stock exchange, a global automaker’s Indian arm, and group-backed financial companies like Tata Capital and HDB Financial.
Biggest doesn’t always mean best returns
A giant IPO doesn’t guarantee a strong debut. Paytm, LIC and Hyundai all opened weak. LG Electronics India and Jio Platforms did well on day one. The size of the issue tells you little about what happens after listing.
Domestic and global money are both showing up
Sovereign and global funds like ADIA, BlackRock and Fidelity took part in Jio’s anchor book. Strong domestic demand, including from mutual funds and retail investors, has kept the pipeline of large listings moving. biggo
Offer for sale vs fresh issue
The list also shows two ways companies raise money. Jio’s issue was entirely fresh capital for the company. NSE’s was entirely an offer for sale, where existing shareholders cash out and the company gets nothing. Paytm and Tata Capital mixed both. Investors should always check which kind of issue they’re looking at.
IPO Market Outlook for the Rest of 2026
With Jio and NSE both listed within six weeks of each other, 2026 is already one of the busiest years ever for mega IPOs. Analysts will be watching how the shares of both companies behave over the next few weeks, because that tends to shape appetite for other big issues in the pipeline.
Historically, a strong debut from a marquee name boosts confidence for the companies waiting to launch. A weak run can make issuers delay or trim their plans. Either way, the market now has proof that a ₹30,000 crore issue can be absorbed.
This article is for information only and is not investment advice. Check the offer document and consult a registered adviser before investing.
FAQs
What is the biggest IPO in India?
Jio Platforms, at about ₹30,188 crore (some sources say ₹30,213 crore), listed in October 2026.
Which IPO was India’s biggest before Jio?
Hyundai Motor India’s roughly ₹27,859 crore IPO in October 2024.
How big was the NSE IPO?
About ₹22,563 crore, entirely an offer for sale, listed on September 24, 2026.
What was the Jio Platforms listing price?
₹1,358, about 21.36% above the issue price, on October 28, 2026.
Which of the biggest IPOs gave the best listing gains?
Among those covered here, LG Electronics India (about 50% premium) and Jio Platforms (about 21%) led on debut day.
Which mega IPO is the oldest on the list?
Coal India, in 2010.
Is Swiggy’s IPO in the top 10?
Yes. At ₹11,327 crore, it ranks No. 10 on this list.
Add Business Connect magazine to your Google News feed