Factbox: As NSE lists, a look at debut performance of India's largest IPOs

Tata Capital

24/09/2026 06:11

By Vivek Kumar M and Bharath Rajeswaran
Sept 24 (Reuters) - National Stock Exchange of India NSEI.BO shares rose as much as 5% on their trading debut on Thursday, after a $2.3 billion IPO, the country's second-biggest.
The stock listed on the BSE at 1,800 Indian rupees ($18.77), a premium of less than 1% to its IPO price.
Here's a look at the debut market performance of companies after large IPOs of more than $1 billion. 
     
HYUNDAI MOTOR INDIA
Hyundai Motor India's HYUN.NS shares fell more than 7% on their 2024 debut after the country's largest-ever IPO drew muted response from retail investors. 
Concerns over a rich valuation and an industry slowdown weighed on sentiment. Its South Korean parent 005380.KS raised 278.7 billion rupees ($2.91 billion) by selling a 17.5% stake in a pure offer-for-sale, where existing investors sell their stakes.
As of last close, Hyundai Motor India has gained about 7% over IPO price.
         
LIFE INSURANCE CORPORATION OF INDIA
Life Insurance Corp of India LIFI.NS, India's biggest insurance company, slid nearly 8% in its 2022 debut, despite strong demand for what was then the country's largest IPO.
The government raised about 205 billion rupees by selling a 3.5% stake in the state-owned insurer, well below its initial target of up to $12 billion.
LIC traded at 407.5 rupees, reflecting an adjusted price level following a 1:1 bonus issue in May.
     
PAYTM
Digital-payments firm Paytm PAYT.NS suffered one of India's worst large-cap market debuts in 2021, plunging more than 27% after its $2.5 billion IPO. 
It intensified concerns over aggressive valuations, particularly among loss-making technology companies.
Paytm is down 17.5% since its debut.
TATA CAPITAL
Tata Capital TATC.NS gained a modest 1.4% on its debut in October 2025, as a crowded issuance calendar and limited valuation discount to listed peers curbed investor enthusiasm. 
Its $1.75 billion IPO coincided with LG Electronics India's LGEL.NS $1.3 billion offering, which drew nearly $50 billion in bids.
Tata Capital is up 7.4% since listing.
     
COAL INDIA
State-run Coal India COAL.NS, the world's biggest coal miner, surged 40% on its listing day in November 2010, as investors snapped up a stock that is a proxy for surging growth and energy demand in India.
The largest IPO from the government at that time set the stage for the public listing of other state-owned entities.
Coal India has gained 73.3% since its market debut.
     
($1 = 95.8875 Indian rupees)

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Harikrishnan Nair)
((VivekKumar.M@thomsonreuters.com;))