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Hyundai Motor India, LIC, Paytm and more: How India’s largest IPOs are faring
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4 min read | Updated on June 18, 2025, 15:45 IST
SUMMARY
India’s IPO market is gradually gaining momentum after a muted start to the year. Some of the largest listings in recent years, such as Hyundai Motor India and LIC, have delivered stable financials, while others like Paytm and Ola Electric are still incurring losses.
Many of the largest IPOs have delivered negative returns since listing. | Image: Shutterstock
After a relatively quiet start, India’s IPO market has regained pace. Over 30 companies have been listed in the last two months alone, and 67 others await SEBI clearance to raise more than ₹1 lakh crore. Estimates suggest that FY26 could see over ₹2 lakh crore raised through IPOs.
However, data from some of the largest IPOs shows that strong demand at the time of listing has not always translated into sustained investor interest. Many large IPOs are currently trading below their issue prices, reflecting concerns around profitability, regulatory clarity, and business execution.
How India’s largest IPOs are faring
| Name | CMP (INR) | Issue Size (INR Crore) | YTD (%) |
|---|---|---|---|
| Bajaj Housing Finance | 121 | 6560 | -5.36% |
| Eternal | 247 | 9375 | 11.38% |
| Hexaware Technologies | 832 | 8750 | 11.61% |
| Hyundai Motor India | 1946 | 27870 | 8.09% |
| Life Insurance Corp. | 947 | 21008 | 5.74% |
| NTPC Green Energy | 107 | 10000 | -16.04% |
| Ola Electric Mobility | 47 | 6146 | -46.17% |
| One 97 (Paytm) | 865 | 18300 | -14.26% |
| Swiggy | 356 | 11327 | -34.63% |
| Vishal Mega Mart | 127 | 8000 | 19.59% |
Key developments related to largest IPOs by issue size
| Company | Recent Updates |
|---|---|
| Hyundai Motor India | Started PV engine production at Talegaon plant; targeting export-led growth |
| LIC | Remains a large-cap anchor in insurance; Proposed entry into the health insurance space; Invested INR 80,000 crore in corporate bonds in FY25 |
| Paytm | Reapplied for aggregator license; SEBI nod received for research analyst arm; Vijay Shekhar Sharma has forgone all 2.1 crore ESOPs |
| Swiggy | Facing competition and continued losses; Gains in core food delivery are offset by high costs from expanding into quick commerce and other infrastructure-heavy verticals |
| NTPC Green Energy | Witnessing continued renewable energy project wins |
| Eternal (formerly Zomato) | Focussing on food + quick commerce strategy; Witnessing increased competition; Cutting back on discounts |
| Hexaware Technologies | Carlyle is seeking a $1.2 billion loan to refinance the acquisition. The Company is facing challenges in one of its top three accounts. It reduced the BPO workforce by 500 in AI-triggered hiring shift; New partnership with Fixie.ai |
| Vishal Mega Mart | Promoters reduced stake |
| Bajaj Housing Finance | Expanding Book; Stable Asset Quality; Strong profitability; Interest rate environment and government policies to influence movement |
| Ola Electric Mobility | Subsidy cuts, cost reduction, restructuring the distribution network and fresh fundraising |
Key insights
- Several large IPOs have underperformed
- Legacy stability vs growth-stage challenges
- Sector and regulatory context matters
Several players have encountered regulatory or policy-related uncertainties post-listing. While the Reserve Bank of India ordered the payments bank subsidiary of Paytm to stop accepting fresh deposits, NTPC Green and Ola Electric operate in sectors where evolving regulations and execution risks continue to influence investor sentiment.
While large IPOs attract attention due to their scale and brand appeal, their performance in the secondary market continues to vary significantly. FY25 data reinforces the need for disciplined evaluation of fundamentals, rather than relying solely on hype or issue size.
As India’s IPO pipeline grows, especially in BFSI and manufacturing, investors should focus on financial health, governance, and sector outlooks. The upcoming year could offer several opportunities, but a selective approach remains essential.
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