India's 5 biggest IPOs in the last decade

The ₹21,000-crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) is slated to be the biggest IPO in the history of the Indian stock market. The LIC IPO will open for subscription on May 4, 2022 at a price band of ₹902-949. At its current size, LIC IPO pegs the market capitalisation of the state-run insurer at over ₹6 lakh crore.

The government will sell a 3.5% stake or 22.13 crore shares in LIC through the IPO, lower than the 5% stake sale planned earlier. Despite the reduced size, the LIC IPO would still be India’s biggest IPO to date.

  • Here is a list of 5 biggest IPOs in the last decade:

    Paytm IPO

    Digital payments firm Paytm currently enjoys the title of the ‘biggest IPO’ in the Indian market. The ₹18,300-crore IPO of One97 Communications Ltd, the parent company of Paytm, hit the primary markets on November 8, 2021.

    The price band for the public issue was set at ₹2,080-2,150 per share. The issue closed on November 10, 2021, and the shares were listed on bourses on November 18, 2021. The stock listed with a discount of 9% at ₹1,955 as against its issue price of ₹2,150.

    Paytm IPO witnessed 1.89 times subscription led by qualified institutional buyer (QIBs) and retail investor. As of May 3, 2022, Paytm shares are at ₹ 601.55 apiece on the BSE with a market cap of ₹39,014.57 crore.

  • General Insurance Corporation of India IPO

    The ₹11,176-crore worth IPO opened for public subscription from October 11 to October 13, 2017. The issue was sold in ₹855-912 price band and received 1.38 times subscription, mainly due to QIB buying while other investor categories were undersubscribed.

    The stock listed at a discount of 7% at ₹850 against its issue price of 912. General Insurance Corporation of India (GIC Re) is the largest reinsurance company in the Indian market. As of May 3, 2022, the stock price is at ₹133.70 apiece on the BSE and commands a market capitalisation of ₹23,456.33 crore.

  • The New India Assurance Company IPO

    The ₹9,600-crore IPO of New India Assurance Company hit the street in November 2017. The IPO was sold during November 1- 3, 2017, at a price band of ₹770 to ₹800 per share. The company had offered a discount of ₹30 per share to retail investors and employees.

    The IPO was subscribed 1.20 times led by QIBs. The stock got listed at ₹749 apiece, a discount of 6% to the issue price of ₹800. As of May 3, 2022, the share quoted ₹116.60 apiece on the BSE and had a market cap of ₹19,215.68 crore.

  • Zomato

    Zomato, an online food service platform, was one of the first new-age tech companies to get listed on the bourses. The ₹9,375-crore Zomato IPO witnessed strong interest from retail investors. The IPO opened during July 14-16, 2021, at a price band of ₹72 to ₹76 per share.

    Zomato IPO was subscribed 38.25 times overall. The stock got listed on the exchanges with a premium of 51% at ₹115 against its issue price of ₹76. However, given the overall weakness in the market, Zomato shares lost much of its value. As of May 3, 2022, they are trading below the IPO price at ₹69.45 apiece on the BSE, commanding a market cap of ₹54,670.57 crore.

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