Hyundai, LIC, Paytm IPO Performance Ahead of NSE Listing
Ahead of the National Stock Exchange's own market debut, a LiveMint report card details the listing-day performance and subsequent journeys of three major
Investors are watching the National Stock Exchange's (NSE) upcoming market debut. Ahead of the listing on Thursday, September 24, a LiveMint analysis reviews the exchange debut and subsequent performance of three of India's largest recent initial public offerings.
Hyundai Motor India's Volatile Path
Hyundai Motor India's ₹27,858 crore IPO had a muted start in October 2024. Its shares listed at ₹1,934, a discount to the ₹1,960 issue price. The stock traded in a narrow, volatile range for the next six months amid valuation concerns.
A strong uptrend began in April 2025. The stock closed higher in most subsequent months and hit a record high of ₹2,890. This rally pushed its valuation to a premium compared to peers. The sharp run-up proved unsustainable, leading to a significant correction. Broader market weakness and rising crude oil prices added pressure. Despite the pullback, the stock remains above its IPO price. At a recent close of ₹2,095, it trades 8.3% higher than its issue price.
Life Insurance Corporation's Disappointing Debut
The listing of Life Insurance Corporation of India (LIC) disappointed investors in May 2022. Shares debuted at ₹867.20, 8.62% below the ₹949 issue price. The stock ended its first session at ₹875.25, down 7.75%.
The stock struggled for traction for nine months after its weak debut. It then entered an uninterrupted uptrend between April 2023 and August 2024, delivering a multibagger gain of around 100%. This rally marked one of the strongest recoveries among public sector unit stocks at the time. LIC's ₹20,557 crore IPO was subscribed 2.05 times. The company announced a 1:1 bonus issue in May.
Paytm's Sharp Recovery from Lows
One 97 Communications, Paytm's parent, has seen a turbulent journey since its November 2021 listing. The ₹18,300 crore IPO saw shares debut at ₹1,950, a 9.3% discount to the ₹2,150 issue price.
A prolonged correction followed the weak listing. Regulatory issues in 2024 added further pressure, pushing shares to a low around ₹310. The stock has since staged a remarkable recovery. It rebounded sharply, gaining around 220% from its 2024 lows and closing the year with gains of around 60%.
The momentum continued. At a recent price of ₹1,775, the stock has recovered around 472% from its record low. It still remains 17.44% below its IPO price. Following a recent merchant discount rate (MDR) announcement, analysts cited in the report expect the stock could potentially reclaim its IPO price.
| Company | IPO Size (₹ crore) | IPO Price (₹) | Listing Price (₹) | Listing Day Change | Recent Price (₹) | Change vs. IPO |
|---|---|---|---|---|---|---|
| Hyundai Motor India | 27,858 | 1,960 | 1,934 | Discount | 2,095 | +8.3% |
| Life Insurance Corp. (LIC) | 20,557 | 949 | 867.20 | -8.62% | Not Specified | Not Specified |
| Paytm (One 97 Comm.) | 18,300 | 2,150 | 1,950 | -9.3% | 1,775 | -17.44% |
The report, by LiveMint analyst Ksheera Sagar, combines this historical IPO data as a benchmark ahead of the NSE's own market entry.
