Jio Platforms, the digital arm of billionaire Mukesh Ambani’s Reliance Industries , opened public bidding on Wednesday for its $3.2 billion IPO, India’s biggest and the first from the conglomerate in two decades.
The company, whose businesses span telecoms, cloud computing, entertainment and AI services, is seeking a valuation of as much as $108.3 billion, with shares priced at 1,065 to 1,119 rupees each.
Here are the five largest Indian IPOs to date:
Hyundai motor India
Hyundai, the world's third-largest automaker and India's fourth-largest passenger vehicle maker, raised 278.7 billion rupees ($2.94 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.
National Stock Exchange
{{/usCountry}}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.
National Stock Exchange
{{/usCountry}}National Stock Exchange became one of the world's 10 most valuable publicly traded bourses last month, with a market capitalisation of about $48 billion, after a $2.3 billion market debut. The stock listed at 1,800 rupees on the BSE on September 24, up 0.84% from its issue price of 1,785 rupees.
Life insurance corporation of India
The government pocketed roughly 205 billion rupees ($2.16 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 in May 2022.
Paytm
Paytm, an Indian fintech firm, raised 183 billion rupees ($1.92 billion) 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 cut 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 155 billion rupees ($1.63 billion) 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%.