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NSE’s modest listing puts spotlight on muted gains from big IPOs

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The relatively modest stock market debut of the National Stock Exchange (NSE) has put the spotlight on the listing performance of India’s biggest IPOs, as several of the recent ones have struggled to deliver the kind of listing pop often associated with a buoyant primary market. NSE gained 2% on the listing day, while many of the other large issues in recent years either listed at a discount or managed only modest gains.
ET Bureau

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Hyundai Motor India, which raised ₹27,870 crore in October 2024 in India’s largest IPO by issue size, fell 7.1% on listing day. LIC, which raised ₹20,557 crore in May 2022, dropped 7.7% on debut, while One97 Communications, the operator of Paytm, tumbled 27.2%. Tata Capital, which raised ₹15,512 crore in October 2025, managed a gain of 1.3% on listing day.
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The record has been mixed after up to one year of listing, though there have been exceptions. LG Electronics India surged 48.2% on its debut and is currently about 48% above its issue price. ICICI Prudential Asset Management, which listed in December 2025, is about 47% above its offer price.

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