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
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%.
