By Reuters
Oct 9 (Reuters) – Hyundai Motor’s Indian unit will launch its $3 billion initial public offering next week, set to be the country’s largest-ever IPO by issue size, in a red-hot stock market.
Around 260 companies have raised more than $9 billion so far in 2024, already surpassing the $7.42 billion raised throughout last year, LSEG data shows.
Here are the five largest India IPOs of all time before Hyundai Motor India:
* LIFE INSURANCE CORPORATION OF INDIA
LIC’s 210.08 billion rupee ($2.50 billion) IPO in 2022, which the government launched to help meet a broader state asset divestment target, was oversubscribed 2.95 times.
The IPO faced delays, and the government raised a third of its original target. Its stock tumbled in its trading debut.
* PAYTM
Paytm, formally known as One97 Communications, filed for a 183 billion rupee IPO in 2021 but did not see blow-out demand as it netted bids 1.89 times the shares on offer. Its stock too plummeted on its listing day as investors questioned its losses and its valuation.
* COAL INDIA
Coal India (COAL.NS), opens new tab, one of three public-sector companies on this list, had sought 154.75 billion rupees in its IPO in 2010. Its shares were oversubscribed more than 15 times.
The miner’s shares jumped 40% on listing.
* RELIANCE POWER
Anil Ambani-led Reliance Power (RPOL.NS), opens new tab filed to go public in 2008, aiming to raise 115.18 billion rupees. It was fully subscribed after bids opened.
It fell on its debut, and Anil Ambani has since become embroiled in a bout of legal and financial troubles.
* GENERAL INSURANCE CORPORATION OF INDIA
The second state-run insurer on the list, GIC (GENA.NS), opens new tab filed for an IPO to raise 113.73 billion rupees in 2017 and its shares were oversubscribed on the last day of the offer.
It slumped on its first day of trading as concerns about valuations marred some insurance company IPOs at the time.
($1 = 83.9200 Indian rupees)
Reporting by Varun Hebbalalu and Dimpal Gulwani in Bengaluru; Editing by Jan Harvey
