As Reliance Jio eyes listing, what are India's biggest share offerings?

By Reuters News

MUMBAI, Oct 14 (Reuters) - Jio Platforms, the digital arm of billionaire Mukesh Ambani's Reliance Industries RELI.NS, will open its initial public offering next week, in what is set to be India's biggest-ever public debut, an updated prospectus showed.

The company, whose businesses span telecoms, cloud computing, entertainment and AI services, could raise as much as $3.2 billion, with the sale valuing it at as much as $108.3 billion.

Here are the five largest Indian IPOs to date:


NATIONAL STOCK EXCHANGE

National Stock Exchange NSEI.BO 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.

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.93 billion) in October 2024 in what is currently India's biggest-ever IPO.

The manufacturer's South Korean parent 005380.KS 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 205 billion Indian rupees ($2.16 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, 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 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 TATC.NS 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%.


($1 = 95.1500 Indian rupees)

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