MUMBAI: Indian billionaire Mukesh Ambani’s Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said ‌would raise about $3.8 billion, making it the country’s biggest-ever stock offering.

Another IPO that is in the pipeline – by the National Stock Exchange of India – is likely to be worth about $3.3 billion.

Here are the five largest Indian IPOs to date:

Hyundai Motor India

Hyundai, the world’s third-largest automaker and India’s fourth-biggest passenger vehicle maker, raised ⁠278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India’s biggest-ever IPO.

The manufacturer’s South Korean parent sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is ‌expected to use a similar approach, with the company’s major investors set to dilute their stakes.

Life Insurance Corporation Of India

The government pocketed roughly 205 billion rupees ($2.17 billion) from ‌selling a 3.5% stake in India’s largest insurer and biggest ‌domestic financial investor, a far cry from its initial target of up ‌to $12 billion.

The shares slid nearly 8% ‌on their debut.

Paytm

Paytm, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share ‌issue and an offer for sale. Ant Group reduced its stake ⁠to 23% from 28% and SoftBank’s Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at ⁠the time.

Tata Capital

The Tata ⁠Group’s financial services arm raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a ⁠fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.

LG Electronics India

South Korean parent LG Electronics offloaded a 15% stake in its Indian unit, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale ‌issue, netting 116 billion rupees in October 2025.

The IPO was oversubscribed 54 times – the most heavily subscribed major Indian IPO since Reliance Power’s listing in 2008 – attracting bids worth about 4.4 trillion rupees.

LG’s shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent. ($1 = 94.3800 Indian rupees)