As the Securities and Exchange Board of India (SEBI) has given its green signal to two of the largest and much-awaited mega initial public offerings (IPOs) of Jio Platforms and the National Stock Exchange (NSE), investors have begun discussing how such mega issues have performed for investors.

NSE had filed its draft red herring prospectus with the regulator on June 17, reviving a process that had been held up since 2016 amid regulatory scrutiny and legacy issues. The proposed NSE issue could be worth around ₹30,000 crore, according to estimates, putting it among India’s largest public issues.

Jio Platforms could be even larger. The telecom, digital and technology arm of Reliance Industries is estimated to be targeting an IPO of around $4 billion, or roughly ₹37,800 crore, potentially making it the largest IPO in India. The issue could come by the end of October or early November. According to its DRHP, Jio Platforms plans to issue up to 270 million fresh equity shares, representing around 2.9% of its post-IPO equity capital.

If the estimated issue sizes materialise, both offerings would rank among the biggest IPOs India has seen. Jio could overtake the proposed NSE issue, while both would surpass Hyundai Motor India’s ₹27,858.75-crore IPO, currently the largest completed IPO in the country.

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How have India’s biggest IPOs performed on listing?

The history of India’s largest IPOs shows that a large issue size does not necessarily translate into a strong listing.

Among the five largest IPOs in the table, Coal India delivered the strongest listing performance. Its shares listed at ₹291 against an issue price of ₹245, translating into an 18.78% listing gain.

Hyundai Motor India, despite having the largest completed IPO in the country so far, made a weak debut. Its shares listed at ₹1,934 against an issue price of ₹1,960, a 1.33% listing loss.

Tata Capital also made a marginally positive debut, listing at ₹330 against its ₹326 issue price, a 1.23% gain.

The two other large IPOs in the table—LIC and One97 Communications—both listed below their issue prices. LIC listed at ₹867.20 against ₹949, an 8.62% loss, while One97 Communications listed at ₹1,950 against ₹2,150, a 9.30% decline.

The mixed record of past mega IPOs means investors looking at Jio Platforms and NSE may need to pay close attention to pricing and institutional demand.

Deepak Jasani, independent market expert, said pricing would be a key factor in determining how the two IPOs perform after listing.

"The two IPOs we are talking about are very large IPOs, and a lot will depend on the pricing—how much they are willing to leave on the table for investors. That will determine how the listing happens and how the stocks trade post listing," Jasani said.

He also highlighted the importance of institutional allocation.

"The proportion reserved for institutional investors will also be important. If the appetite of the institutional investors is satisfied by the allotment that they get in the IPO, then the post-listing performance may be subdued," he said.

Jasani said the current IPO market environment is different from the period when some of the earlier large IPOs delivered disappointing listings.

"There may be a difference between those IPOs and the current IPOs. The two current IPOs are relatively new IPOs in the sense, and the current IPO market sentiments are better than what they were at the time of those five IPOs," he said.

Also read: Jio Platforms gears up for IPO marketing next week, eyes November listing

What happened after listing?

The post-listing performance of these mega-IPOs has also varied sharply. Coal India is currently at ₹415.35, 69.53% above its issue price, while Hyundai Motor India is 12.50% above its issue price.

LIC is currently at ₹415.35. However, its current price needs to be viewed in the context of a 1:1 bonus issue in May 2026, following which the share price was adjusted. On the adjusted basis, the stock is 56.23% below its IPO issue price.

One97 Communications (Paytm) is down 22.81% from its issue price, while Tata Capital is 15.05% above its issue price.

The contrast is striking: among these five mega-IPOs, listing-day performance has ranged from a 9.30% loss to an 18.78% gain, while their subsequent performance has been even more divergent.

Sunny Agrawal, Head of Fundamental Equity Research at SBICAPS Securities, said investors should approach large IPOs with a long-term perspective rather than focusing only on listing-day gains.

"When the IPO size is large, obviously, the kind of supply post listing is also expected to be large. Usually, a large issue usually tends to price to perfection," Agrawal said.

"Therefore, investors who are looking for a kind of long-term investment horizon, those investors should approach such IPOs predominantly. Ultimately, the approach in large IPOs has to be long term rather than only expecting a huge listing gain," he said.

Agrawal also said larger IPOs may have less post-listing buying support from institutional investors because their requirements are often fulfilled during the IPO itself.

"The issue size is also large, and predominantly large institutions' requirements, even that gets fulfilled either in the anchor book or QIB book," he said.

"As compared to quality businesses where issue size is small, usually the institutions like QIBs, they try to mop up their requirement through a post-listing to the secondary market. And that is something which is supportive for a smaller issue size IPO," Agrawal said, while adding that

"In larger issue size, that is something which is missing in terms of post-listing support or buying from a QIB or a large institution. And hence, that is the reason that we see that post listing usually large IPOs don't tend to significantly deliver a healthy return," he said.

Also read: NSE IPO set to deliver massive gains of Rs 7,200 crore to state-run insurance firms

What this means for Jio and NSE

The upcoming Jio Platforms and NSE IPOs will enter the market with the weight of being among India’s largest-ever public issues.

But the experience of previous mega-IPOs shows that issue size alone does not determine how a stock performs once it lists.

For investors, the key question will therefore be how Jio Platforms and NSE are valued at the time of their offerings—and whether that valuation leaves enough room for gains after listing.

Jasani said investors should not expect returns similar to those seen across some IPOs over the past two months.

"At the same time, one should not expect returns similar to what IPOs are getting in the last two months. So, the gains will be modest at the beginning and for that, I think a lot will depend on how the institutional appetite unravels and how the results of these companies come out," he said.

Jasani added that pricing and institutional allocation remain key factors for investors.

"So, the pricing and the allocation to the institutional investors are as of now the important factors that investors should look at."

Agrawal, meanwhile, said investors should focus on the long-term potential of the businesses rather than expecting a sharp listing-day gain.

"Ultimately, the approach in large IPOs has to be long term rather than only expecting a huge listing gain," Agrawal said.

He added that large businesses could deliver stronger returns over a longer period if they generate healthy earnings growth.

"However, in a longer-term time frame, since the businesses are either respective leaders in their segment, they tend to deliver a healthy earning growth. And that is something which gets reflected in the stock prices also."