Hyundai Motor India Tops Dalal Street With Rs 27,858 Crore Issue as NSE Prepares Rs 22,562 Crore Mega IPO

The landscape of India's primary markets has transformed over recent years, scaling unprecedented heights in issue sizes and drawing both global institutional capital and record domestic retail participation. A visual ranking of the country's largest initial public offerings (IPOs) highlights how multi-billion-dollar listings have become a reality on Dalal Street, led by multinational corporations, public sector giants, financial behemoths, and market infrastructure institutions.

At the apex of India's largest public issues stands Hyundai Motor India Ltd., which raised ₹27,858.75 crore in October 2024, securing the title of the biggest IPO in Indian capital market history. The issue, structured entirely as an Offer for Sale (OFS) by its South Korean parent company, surpassed earlier state and private sector records, cementing India's place as a premier destination for global corporations to unlock value.

Hot on its heels is the National Stock Exchange of India (NSE), which is poised to become the second-largest public issue ever brought to the Indian bourses with an estimated OFS size of ₹22,562 crore. The listing of the country's premier exchange has long been one of the most anticipated events for the domestic investment community, driven by the exchange's dominant share in cash equities and derivatives trading.

The Top Five Issues by Deal Value

• Hyundai Motor India (₹27,858 Crore): Floated at a price band topping out at ₹1,960 per share, the automaker's listing broke previous domestic fundraising records, representing the first auto OEM listing in India in over two decades.
• NSE (₹22,562 Crore, IPO-Bound): Slated to surpass the state insurer, the market infrastructure operator's public offering enables marquee domestic and foreign shareholders to monetize their holdings via a massive secondary offer.
• Life Insurance Corporation of India (₹20,557 Crore): State-owned insurance behemoth LIC brought the market's first ₹20,000-crore-plus IPO in May 2022 when the government divested a 3.5% stake.
• Paytm / One97 Communications (₹18,300 Crore): The fintech pioneer's November 2021 market debut was the largest new-age tech issue, combining ₹8,300 crore in fresh capital with a ₹10,000 crore secondary sale.
• Tata Capital (₹15,511 Crore): The premier non-banking financial company (NBFC) arm of the Tata Group raised capital through a major hybrid issue, marking one of the largest financial sector listings in Dalal Street history.

The Structural Engine: Expanding Domestic Participation

A notable indicator highlighted alongside these mega-issues is the rapid broadening of India's investor base. The National Stock Exchange boasts over 13.2 crore registered client codes, a figure that exceeds the entire population of Japan.

This domestic retail and high-net-worth investor expansion, complemented by systematic investment plan (SIP) inflows channeling billions of rupees monthly into domestic mutual funds, has fundamentally altered Dalal Street's absorption capacity. While mega-issues historically relied almost entirely on foreign institutional investors (FIIs), Indian capital markets now command sufficient domestic liquidity to anchor public issues upwards of $2 billion to $3 billion.

Performance Realities for Dalal Street Investors

While monumental issue sizes signal a robust primary market, post-listing performance among India's mega-IPOs has delivered mixed results, offering key lessons for retail and institutional investors alike.

Massive OFS issues—where capital flows directly to selling promoters rather than into company balance sheets for capital expenditure—have historically faced valuation pressure on listing. Both LIC and Paytm faced listing-day discounts and extended post-listing drawdowns before stabilizing. Conversely, issues backed by proven earnings visibility, strong return on equity (RoE), and conservative pricing continue to command sustained secondary market premiums.

As more mega-cap institutions prepare their draft red herring prospectuses under the oversight of the Securities and Exchange Board of India (SEBI), the depth and resilience of India's capital markets will remain on center stage.

Tags: Hyundai Motor India National Stock Exchange LIC Paytm Tata Capital SEBI