India’s Billion-Dollar IPOs: The Stunning Performance Track Record Since 2020 Revealed

Massive public offerings rewriting India's financial landscape

Blockbuster Debuts and Market Transformations

Since 2020, India's IPO market has exploded with billion-dollar offerings that have reshaped investor portfolios and corporate fundraising strategies. These landmark public offerings haven't just raised capital—they've fundamentally altered market dynamics and investor expectations.

Performance Metrics That Defy Conventional Wisdom

The numbers tell a compelling story of growth, volatility, and unprecedented market appetite. While traditional analysts scratch their heads at the valuations, these IPOs continue attracting massive investor interest—proving once again that in modern finance, sometimes the craziest bets pay off the biggest.

Market Impact and Future Projections

These offerings haven't just performed—they've set new benchmarks for what's possible in emerging markets. The ripple effects continue spreading through sectors, creating both opportunities and warning signs for cautious investors. Because nothing says 'stable investment' like betting millions on unproven companies going public at peak valuations.

SBI CARDS AND PAYMENT SERVICES (MARCH 2020)

The credit card arm of India's largest lender, State Bank of India, slid about 13% in market debut, as the COVID-19 pandemic worries dampened enthusiasm for one of the country's largest public listings.

ETERNAL, FORMERLY KNOWN AS ZOMATO (JULY 2021)

The food and grocery delivery platform listed at a premium of 51.3% to its issue price, giving the startup a valuation of about $13 billion and setting the stage for other domestic startups waiting in the wings with listing plans of their own.

ONE97 COMMUNICATIONS (NOVEMBER 2021)

The parent of digital payments start-up, Paytm, made one of the worst major Indian stock market debuts as its shares listed at a 9% discount and closed the first day 27% below its offer price due to concerns over profitability and lofty enterprise value.

LIFE INSURANCE CORPORATION OF INDIA (MAY 2022)

Shares of India's biggest insurer slid nearly 9% in market debut amid broader market volatility and concerns over its market share loss to rivals.

HYUNDAI MOTOR INDIA (OCTOBER 2024)

The automaker's shares fell 1.5% on listing after retail investors gave a lukewarm reception to the country's biggest-ever IPO amid concerns about a lofty valuation and an auto industry slowdown.

SWIGGY (NOVEMBER 2024)

The SoftBank-backed food and grocery delivery platform listed at a 5.6% premium and extended gains through the day, signaling growing investor confidence in the segment.

NTPC GREEN ENERGY (NOVEMBER 2024)

The renewable energy firm's shares jumped as much as 14% on their debut, as investors bet on the country's growing clean energy needs and the company's diversified portfolio.

HDB FINANCIAL SERVICES (JULY 2025)

Non-banking financial lending arm of the country's largest private lender HDFC Bank jumped about 13% on listing, notching a valuation of $8.2 billion, as investors bet on long-term growth prospects in the world's most populous country.

TATA CAPITAL (OCTOBER 2025)

India's third-largest non-bank lender made a muted debut, listing slightly higher than its issue price at a $15.78 billion valuation, with investors seemingly not that keen on the Tata Group's first IPO in two years due to a crowded IPO market and lack of valuation discount to listed peers.

Published on October 14, 2025