- Tata Capital raised Rs 15,511 crore in India's biggest IPO of 2025, but had a tepid listing
- HDB Financial Services raised Rs 12,500 crore but shares fell 13% post-listing
- NSDL raised Rs 4,010 crore and shares are up 26% since debut in August
Tata Capital's listing on Monday marks the end of India's biggest IPO in 2025, with the company raising as much as Rs 15,511 crore. In a week where listing of two big IPOs in Tata Capital and LG Electronics are in focus, it is perhaps a good idea to look back at some of the biggest IPOs of the year and see how they have performed pre and post-listing.
How Biggest IPOs Have Performed In 2025
Discounting LG Electronics and Tata Capital, the biggest issue in primary markets this year was HDB Financial Services, which raised Rs 12,500 crore in early July 2 and was subscribed 17 times.
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However, after listing at a premium of around 13%, HDB Financial Services shares have given below par returns, falling 13% and trading near all-time lows of Rs 731.
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After HDB, the second biggest IPO was Hexaware Technologies, which raised Rs 8,750 crore with a final subscription of 2.79 times.
The stock got listed in February with a premium of 5%. However, the stock has since fallen more than 7%.
The next stock in focus is NSDL Ltd., which raised Rs 4,010 crore wifinal subscription of 41 times.
The stock got listed in August with a premium of 10%. And in a break from trend, the stock is up more than 26% since listing, making it the best performing counter among the biggest IPOs in 2025.
The remaining two IPOs in focus are JSW Cement and Schloss Bangalore as they raised Rs 3,600 and Rs 3,500 respectively and were subscribed 8.22 and 4.72 times.
JSW Cement listed at a premium of 4.4% and since then, the stock has tumbled more than 5%. Schloss Bangalore, too, hasn't performed all too well.
The company, which operates the Leela Hotels chain, saw its shares list at a 7% discount, and since then, the stock has given a little over 3%.
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