As the Securities and Exchange Board of India (SEBI) has given its green signal to two of the largest and much-awaited mega initial public offerings (IPOs) of Jio Platforms and the National Stock Exchange (NSE), investors have begun discussing how such mega issues have performed for investors.
NSE had filed its draft red herring prospectus with the regulator on June 17, reviving a process that had been held up since 2016 amid regulatory scrutiny and legacy issues. The proposed NSE issue could be worth around ₹30,000 crore, according to estimates, putting it among India’s largest public issues.
Jio Platforms could be even larger. The telecom, digital and technology arm of Reliance Industries is estimated to be targeting an IPO of around $4 billion, or roughly ₹37,800 crore, potentially making it the largest IPO in India. The issue could come by the end of October or early November. According to its DRHP, Jio Platforms plans to issue up to 270 million fresh equity shares, representing around 2.9% of its post-IPO equity capital.
If the estimated issue sizes materialise, both offerings would rank among the biggest IPOs India has seen. Jio could overtake the proposed NSE issue, while both would surpass Hyundai Motor India’s ₹27,858.75-crore IPO, currently the largest completed IPO in the country.
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How have India’s biggest IPOs performed on listing?
The history of India’s largest IPOs shows that a large issue size does not necessarily translate into a strong listing.
Among the five largest IPOs in the table, Coal India delivered the strongest listing performance. Its shares listed at ₹291 against an issue price of ₹245, translating into an 18.78% listing gain.
Hyundai Motor India, despite having the largest completed IPO in the country so far, made a weak debut. Its shares listed at ₹1,934 against an issue price of ₹1,960, a 1.33% listing loss.
Tata Capital also made a marginally positive debut, listing at ₹330 against its ₹326 issue price, a 1.23% gain.
The two other large IPOs in the table—LIC and One97 Communications—both listed below their issue prices. LIC listed at ₹867.20 against ₹949, an 8.62% loss, while One97 Communications listed at ₹1,950 against ₹2,150, a 9.30% decline.
The mixed record of past mega IPOs means investors looking at Jio Platforms and NSE may need to pay close attention to pricing and institutional demand.
