India’s Billion-Dollar IPOs: A Mixed Bag of Performances Since 2020

LG Electronics India made a striking debut on the stock market, listing at a 50% premium to its issue price of 1,140 rupees per share. This marks the strongest opening for a billion-dollar Indian IPO since Eternal, Zomato's parent company, went public in 2021.

Not all major listings have fared as well. SBI Cards and Payment Services slid 13% during its March 2020 debut as COVID-19 fears overshadowed the credit card arm of India's largest bank. Eternal, however, defied expectations with a 51.3% premium listing, cementing its $13 billion valuation and energizing India's startup ecosystem.

The November 2021 debut of Paytm parent One97 Communications proved disastrous, with shares listing at a 9% discount and closing 27% below offer price amid profitability concerns. Life Insurance Corporation of India followed suit in May 2022, dropping nearly 9% on its first day as market volatility and competitive pressures took their toll.