Seven of India’s 11 Mega IPOs Trade Below Issue Price, NSE Among Recent Laggards

Some of India’s biggest initial public offerings have struggled to reward investors after making their stock market debuts, with seven of the 11 large IPOs launched since 2021 now trading below their issue prices. 

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Each of these 11 companies raised more than ₹9,500 crore through its public offering. Among the seven currently below their IPO price is the National Stock Exchange of India (NSE), which raised ₹22,563 crore earlier in September. 

Together, the seven companies raised ₹1.05 trillion through their IPOs. The value of those holdings has since fallen 15.3% to ₹88,979 crore. 

Swiggy has recorded the steepest decline among the companies covered, with its shares trading 35% below the issue price. One 97 Communications, the parent company of Paytm, is down 22%. 

NTPC Green Energy, HDB Financial Services, Life Insurance Corporation of India and the recently listed SBI Fund Management are also below their respective issue prices, with declines ranging between 10% and 17%. 

The performance has been different for the four large IPOs that remain above their offer prices. 

Tata Capital is trading 1.5% above its issue price of ₹326 per share, while Hyundai Motor India is up 7%. LG Electronics India has gained 53% from its issue price, while ICICI Prudential Asset Management Company has risen 50%. 

NSE, meanwhile, slipped below its IPO price following its September 24 debut on the BSE. The stock closed at ₹1,769.30 on Tuesday, compared with its issue price of ₹1,785. 

The exchange’s shares have fallen 6% from their listing-day high of ₹1,878. The stock touched ₹1,761 on September 28. 

NSE’s ₹22,563-crore offering was the second-largest IPO in India. Hyundai Motor India remains the biggest, having raised ₹27,859 crore through its public issue in October 2024, according to PRIME Database figures cited in the report. 

The numbers show a wide gap in the post-listing performance of India’s largest public issues. While LG Electronics India and ICICI Prudential Asset Management Company have delivered gains of around 50% or more from their offer prices, a majority of the mega IPOs since 2021 are currently trading below the levels at which investors originally bought into them.