National Stock Exchange (NSE), India’s largest stock exchange, will open its initial public offering next week.
The offer-for-sale, which does not include any fresh capital being raised, will value NSE at close to $46 billion, which would make it the country’s third-largest IPO.
Billionaire Mukesh Ambani’s Reliance Jio Platforms IPO, likely later this year, is expected to raise about $3.8 billion, making it the country’s biggest-ever stock offering.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai, the world’s third-largest automaker and India’s fourth-biggest passenger vehicle maker, raised ₹27,870 crore ($2.95 billion) in October 2024 in what is currently India’s biggest-ever IPO.
The manufacturer’s South Korean parent sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company’s major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly ₹20,500 crore ($2.17 billion) from selling a 3.5% stake in India’s largest insurer and biggest domestic financial investor, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm, an Indian fintech firm, raised ₹18300 in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank’s Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group’s financial services arm raised ₹15500 crore in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics offloaded a 15% stake in its Indian unit, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting ₹11600 crore in October 2025.
The IPO was oversubscribed 54 times — the most heavily subscribed major Indian IPO since Reliance Power’s listing in 2008 — attracting bids worth about ₹4.4 lakh crore.
LG’s shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.