Markets
India's Biggest IPOs of the Last Decade: What Happened After Listing Day
The largest IPO of each two-year window since 2017 — GIC Re, SBI Cards, LIC, Hyundai Motor India and Tata Capital — tracked against its IPO price on listing day, at six months, one, three and five years, and today, using NSE closing prices.
NSE closing prices against the IPO price, dividends excluded. Sources are at the end of this note.
Jio Platforms is taking IPO bids this week, and the phrase doing the rounds again is “biggest ever”. I wanted to look at the part of that story nobody puts in the headline: what happened, after the listing, to the people who got shares in the biggest IPOs before it.
So I took the largest IPO in each two-year window since 2017 and pulled its NSE closing price on listing day, at six months, one year, three years and five years, and on 21 October 2026. Every number below is measured against the price investors paid in the IPO. Where a milestone has not arrived yet, it says so. Nothing is estimated.
The five are GIC Re (2017–18), SBI Cards (2019–20), LIC (2021–22), Hyundai Motor India (2023–24) and Tata Capital (2025–26). Between them they raised ₹85,551 crore.
Each IPO, from listing day to today
Share price as a percentage of the IPO price · month-end NSE closes
Above the dashed line, the share was worth more than investors paid. Below it, less.
Each line runs from listing day to 21 October 2026, so its length is the share’s actual age: nine years for GIC Re, one for Tata Capital. The dots mark the exact six-month, one-, three- and five-year anniversaries used in the table below. GIC Re and LIC are drawn on a bonus-adjusted basis throughout, so their 1:1 bonus issues do not show up as a price crash. Tap or hover over a line to see the price at that point.
The scorecard
Return against the IPO price · NSE closing price · ₹ per share
Listing day, the four anniversaries, and today
| IPO | IPO price | Listing day | 6 months | 1 year | 3 years | 5 years | Today |
|---|---|---|---|---|---|---|---|
| GIC Re2017–19 · ₹11,257 Cr | ₹912listed 25 Oct 2017 | −4.1%₹874.3025 Oct 2017 | −21.7%₹714.4025 Apr 2018 | −30.7%₹315.95B25 Oct 2018 | −73.4%₹121.50B23 Oct 2020 | −73.6%₹120.40B25 Oct 2022 | −27.7%₹329.85B21 Oct 2026 |
| SBI Cards2019–21 · ₹10,355 Cr | ₹755listed 16 Mar 2020 | −9.7%₹681.4016 Mar 2020 | +12.8%₹851.5516 Sep 2020 | +35.4%₹1,022.1016 Mar 2021 | −3.6%₹727.7016 Mar 2023 | +9.9%₹829.8513 Mar 2025 | −26.1%₹557.9521 Oct 2026 |
| LIC2021–23 · ₹20,557 Cr | ₹949listed 17 May 2022 | −7.8%₹875.2517 May 2022 | −32.2%₹643.8517 Nov 2022 | −39.9%₹570.0017 May 2023 | −9.7%₹857.0016 May 2025 | Due 17 May 2027 | −17.4%₹392.05B21 Oct 2026 |
| Hyundai Motor India2023–25 · ₹27,870 Cr | ₹1,960listed 22 Oct 2024 | −7.2%₹1,819.6022 Oct 2024 | −13.1%₹1,703.7022 Apr 2025 | +19.5%₹2,343.0021 Oct 2025 | Due Oct 2027 | Due Oct 2029 | −0.8%₹1,943.9021 Oct 2026 |
| Tata Capital2025–26 · ₹15,512 Cr | ₹326listed 13 Oct 2025 | +1.4%₹330.5013 Oct 2025 | −1.3%₹321.6513 Apr 2026 | +0.5%₹327.6513 Oct 2026 | Due Oct 2028 | Due Oct 2030 | −4.3%₹311.9521 Oct 2026 |
The coloured figure is the gain or loss against the IPO price; under it, the NSE closing price and its date. Each anniversary uses the last close on or before that date, so a weekend or market holiday moves it a day or two earlier. “Today” is the close of 21 October 2026. B marks a price after a 1:1 bonus issue (GIC Re from 12 July 2018, LIC from 29 May 2026). A bonus doubles the shares and halves the quoted price, so the return on those dates is worked out on twice the quoted price.
What the record shows
- Size did not buy a good first day. GIC Re, SBI Cards, LIC and Hyundai Motor India all closed listing day below their IPO price. Tata Capital closed 1.4% above it.
- The first year went both ways. One year in, SBI Cards was up 35.4% and Hyundai Motor India 19.5%. LIC was down 39.9% and GIC Re 30.7%.
- The weak starters stayed weak for years. GIC Re was 73.4% below its IPO price at three years and 73.6% below at five. It has since recovered to 27.7% below.
- Today all five sit below their IPO price, from Hyundai Motor India at 0.8% below to GIC Re at 27.7% below.
This is a record of what happened to five shares, not a forecast. It says nothing about any IPO that has not listed yet.
This note records past share prices of listed companies. It is not a recommendation to buy, sell, hold or apply for any share or IPO. Past performance is not indicative of future returns. Please consider your own goals, risk appetite and time horizon, or speak with a qualified professional, before investing.
Sources and method
- “Biggest” means total issue size in ₹ crore. The windows are 2017–18, 2019–20, 2021–22, 2023–24 and 2025–26.
- Prices from late 2021 onwards are NSE Bhavcopy closing prices. Earlier prices come from Yahoo Finance’s NSE price history, which matched the Bhavcopy on every overlapping date checked. Month-end closes for the chart are from the same Yahoo Finance histories: SBI Cards, LIC, Hyundai Motor India, Tata Capital.
- Issue sizes and prices: GIC Re and LIC (Chittorgarh); SBI Cards (Samco); Hyundai Motor India (Zerodha); Tata Capital (Outlook Business).
- Bonus issues: GIC Re 1:1, ex-date 12 July 2018 (Business Standard); LIC 1:1, ex-date 29 May 2026 (NSE corporate actions).
- Returns exclude dividends and are not annualised. Naming these companies is for the record only and is not a view on any of them.
Prices as of the NSE close on 21 October 2026.
Questions this raises
Which was India's biggest IPO in each two-year window since 2017?
2017–18: GIC Re (₹11,257 crore, October 2017). 2019–20: SBI Cards (₹10,355 crore, March 2020). 2021–22: LIC (₹20,557 crore, May 2022). 2023–24: Hyundai Motor India (₹27,870 crore, October 2024). 2025–26: Tata Capital (₹15,512 crore, October 2025), the largest to have completed listing in that window.
Did India's biggest IPOs give listing-day gains?
Mostly not. Of these five, GIC Re, SBI Cards, LIC and Hyundai Motor India closed listing day on the NSE below their IPO price. Only Tata Capital closed above it, by 1.4%.
How has LIC's share price done against its IPO price?
Against the ₹949 IPO price, LIC closed 7.8% lower on listing day, 32.2% lower at six months, 39.9% lower at one year and 9.7% lower at three years. On 21 October 2026 it was 17.4% below, after adjusting for its 1:1 bonus issue of May 2026. The five-year mark falls in May 2027.
Which of these IPOs did best and which did worst?
SBI Cards had the best milestone, 35.4% above its IPO price one year after listing, and was still 9.9% above at five years. GIC Re had the worst, 73.6% below its IPO price at five years. On 21 October 2026 all five were below their IPO price, from Hyundai Motor India (0.8% below) to GIC Re (27.7% below).
Why are GIC Re and LIC returns bonus-adjusted?
Both issued one free bonus share for every share held — GIC Re in July 2018 and LIC in May 2026. A bonus halves the quoted share price without changing what a holding is worth, so returns after those dates are worked out on twice the quoted price to compare like for like with the IPO price.
This note records historical NSE share prices of listed companies for general information. It is not investment advice and does not recommend buying, selling or applying for any share or IPO. RHB Wealth Pro is a distributor of financial products and is not a SEBI-registered investment adviser.
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