Ahead Of Hyundai India's IPO, Here Are Top 5 Biggest IPOs On Dalal Street So Far

Hyundai Motor's Indian subsidiary has recently filed draft papers for its much-anticipated initial public offering, aiming to make a significant mark on Dalal Street. As per reports, Hyundai aims to raise approximately $2.5-$3 billion, with a potential valuation of up to $30 billion. As India’s largest IPO to date, Hyundai's move signals a pivotal moment for the automotive industry and the broader capital markets in the country.

Here's a detailed look at the top five IPOs that have set the benchmark on Dalal Street so far:

In recent years, India's capital markets have witnessed a surge in initial public offerings. Among these, several landmark IPOs have left an indelible mark on Dalal Street. The top five IPOs on Dalal Street till now are Life Insurance Corporation of India, which raised $2.45 billion, followed by Paytm, which raised $2.19 billion, Coal India, $1.82 billion, General Insurance Corp of India, $1.35 billion, and SBI Cards and Payment Services, $1.24 billion.

The crown jewel of India's IPO history, LIC's monumental offering in February 2022, raised approximately $2.45 billion, solidifying its position as the largest IPO in the country's market. The state-owned insurer offered 22.14 crore shares through a book-built issue, with a price band of Rs 902 to Rs 949 per share. The IPO garnered widespread investor interest. LIC IPO bidding started on May 4 and ended on May 9, 2022. The allotment was finalised on May 12. The shares got listed on Bombay Stock Exchange, National Stock Exchange on May 17. At the time of writing this report, LIC shares were trading at Rs 1,071 on NSE.

Paytm, once India’s leading digital payments and financial services platform, made headlines with its IPO in July 2021, raising $2.19 billion. The offering included a combination of fresh issue and an offer for sale, amounting to Rs 18,300 crore. With a price band of Rs 2,080 to Rs 2,150 per share, the Paytm IPO bidding started on November 8, 2021 and ended on November 10. Allotment for the IPO was finalised on November 15. The shares got listed on BSE and NSE on November 18. But, in 2023, RBI came down heavily on Paytm for flouting various regulatory guidelines and, ever since, the stock has seen a steep decline. The shares were trading at Rs 430 a piece, at the time of writing this report.

In August 2010, Coal India, the state-run mining giant, showcased the diversity of India’s IPO market by raising $1.82 billion. The IPO, valued at Rs 15,199 crore, emphasised the significance of the resources sector in India’s economic framework. Coal India’s IPO was met with substantial investor interest. Bidding started on October 18 and ended on October 21, 2010. The shares got listed on BSE and NSE on November 4. The price band was set at Rs 225-Rs 245 per share. At the time of writing this report, the scrip was trading at Rs 488 a piece.

General Insurance Corporation of India, a state-run reinsurer, successfully raised $1.35 billion through its IPO in August 2017. The IPO, valued at Rs 11,175.84 crore, comprised a fresh issue of 1.72 crore shares and an offer for sale of 10.75 crore shares. Bidding for the IPO took place from October 11 to October 13, 2017, with final allotment concluded on October 18, 2017. The shares were listed on both BSE and NSE on October 25, 2017, within a price band of Rs 855 to Rs 912 per share. General Insurance Corporation of India's share, at the time of writing this report, was trading at Rs 388.70 a piece.

SBI Cards and Payment Services, backed by the State Bank of India, raised $1.24 billion through its 2020 IPO. Bidding for the SBI Cards IPO took place from March 2 to March 5, 2020, with final allotment completed on March 11, 2020. The shares were listed on BSE and NSE on March 16, 2020, at a price band of Rs 750 to Rs 755 per share. Retail investors were required to apply for a minimum of 19 shares, amounting to a minimum investment of Rs 14,345. At the time of writing this report the scrip was trading at Rs 724.05.

Hyundai Motor’s Indian subsidiary has submitted draft papers for its IPO, potentially marking India’s largest public offering yet. The South Korean automotive giant aims to sell up to a 17.5% stake in its Indian unit, with expectations to raise between $2.5 billion to $3 billion. The IPO, if successful, would not only surpass the aforementioned top IPOs on Dalal Street, but also reinvigorate the automotive sector’s participation in India’s capital markets after two decades.

The draft prospectus, filed with SEBI, outlines Hyundai’s plans to offer approximately 14.2 crore equity shares, contributing to a total of 81.22 crore shares. While the exact pricing and valuation details remain undisclosed, media reports suggest Hyundai’s IPO could value the company up to $30 billion, positioning it as one of India’s largest IPOs to date. Hyundai’s IPO is expected to enhance its brand visibility and provide liquidity for its operations in India, aligning with the country’s growth trajectory in the automotive and manufacturing sectors.