India’s primary market has seen several big-ticket IPOs struggle to deliver strong listing gains, leaving investors cautious about whether large offerings can translate into immediate market rewards.
With Jio Platforms’ much-awaited IPO set to open tomorrow, in what could be the country’s biggest-ever initial public offering (IPO), the key question is whether the Reliance Industries-backed digital business can buck the trend and deliver a strong debut.
So far, eight of the 13 IPOs with issue sizes exceeding ₹10,000 crore, including the recently listed NSE, have made relatively modest stock market debuts. The National Stock Exchange of India listed at a premium of just 0.84% over its issue price.
The ₹27,858 crore IPO of Hyundai Motor India witnessed a muted listing in October 2024, with the shares debuting at ₹1,934 apiece against the issue price of ₹1,960.
The listing of Life Insurance Corporation of India (LIC), the country’s largest life insurer, was also disappointing for investors. In May 2022, LIC made a weak debut on the exchanges, with its shares listing at ₹867.20, an 8.62% discount to the issue price of ₹949.