Top 10 IPOs of India

-by Kanishq Baweja

The following IPOs have been picked up using multiple criteria such as year of issue, amount
raised, total subscription and present trading value. All of thise IPOs caused a furore among
investors at the time of their launch.

1. Reliance Power Ltd

IPO size: Rs 11700 crore
Year of issue: 2008
Anil Dhirubhai Ambani Group promoted Reliance Power Ltds Rs 11,700 crore IPO has set a lot
of a record: it started off with a bang on January 15 with the share sale Indias biggest ever
getting fully subscribed within a minute of opening.
The Reliance Power IPO of 26 crore equity shares is worth $3 billion. Most of the bids came at
Rs 450, the upper end of the price band, making it the countrys largest IPO with predictable
proceeds of Rs 11,700 crore.
The QIB portion was subscribed 17.5 times and high net worth investor (HNIs) segment was
subscribed 6.7 times. The company was offering the equity shares at a price band of Rs 405-450
per share. The bidding for allotment of shares in the IPO was to close on January
Name of the issue
LTP
Issue Price ( )

RELIANCE POWER LIMITED

42.55

Date of Listing

11-Feb-08

Book Running Lead

Manager

BRLM Kotak Mahindra Capital Company Limited, UBS

Securities India Private Limited, ABN AMRO Securities
(India) Private Limited, Deutsche Equities India Private
Limited, Enam Securities Private Limited, ICICI
Securities Limited, JM Financial Consultants Private
Limited and J P Morgan India Private Limited CO BRLM
Macquarie India Advisory Services Private Limited and
SBI Capital Markets Limited

Date of Issue

15-18/ January /2008

No. of members
No. of Bidding
centers

208

450

128

Issue Size (lakh

shares)

2280

Price Range

Rs.405 to Rs.450

Introduced in F&O
alongwith IPO $

Eligible, subject to SEBI approval

Rating agency
Grade assigned

CRISIL
IPO Grade 4/5

2. ONGC
IPO size: Rs 9500 crore
Year of issue: 2004
The IPO was oversubscribed in half an hour of its opening, with estimated proceeds of Rs 9,500
crore. Till the Reliance Power IPO was launched, the ONGC offering was the biggest IPO by any
company ever in the Indian capital markets with 142.59 million shares being sold through the
book building route in a price band of Rs 680-750.
Name of the issue
LTP
Issue Price ( )

Oil & Natural Gas Corporation Limited

225.2

Date of Listing

Offer for sale

Book Running Lead

Manager

Kotak Mahindra Capital Co. Ltd., DSP Merrill Lynch

Ltd., J M Morgan Stanley Pvt. Ltd.

Date of Issue

05/03/2004 to 13/03/2004

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

128

750 and 712.50 for retail investors

62
1425.933

Price Range

Rs.680 to Rs. 750

Introduced in F&O
alongwith IPO $

Not Eligible

Rating agency

Grade assigned

3. DLF
IPO size: Rs 9,188 crore
Year of issue: 2007

DLF Universals IPO hit the markets on June 11, 2007 and closed on June 14. Although
scheduled for June 2006, the IPO ran into rough weather with minority investors create a furor
with chatting allegations against the company. DLF managed to settle this issue and filed a
new brochure with the Sebi. The Sebi approval for the same was received soon after. DLF
Universal priced its IPO amid Rs 500 and Rs 550.
It was previous predictable to price the issue around Rs 600. The issue went up for about Rs
9,188 crore. The IPO was oversubscribed a modest 3.45 times.
Name of the issue
LTP
Issue Price ( )

DLF Limited
130

Date of Listing

5-Jul-07

Book Running Lead

Manager

Kotak Mahindra Capital Company Ltd.; DSP Merrill Lynch

Ltd.;Lehman Brothers Sec. Pvt. Ltd.; Citigroup Global
Markets India Pvt. Ltd.; Deutsche Equities India Pvt. Ltd.;
ICICI Securities PD Ltd.; UBS Securities India Pvt. Ltd.and SBI
Capital Markets Ltd.

Date of Issue

11/06/2007 to 14/06/2007

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

190

525

69
1750

Price Range

Rs.500 to Rs.550

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

4. Cairn India
IPO size: Rs 5,788 crore
Year of issue: 2006
Cairn, the oil and gas exploration company entered the Indian capital market with a public issue
of 328,799,675 equity shares of Rs 10 each at a premium decided through a 100 pct book
building process. The share was issued in a price band of Rs 160Rs
190. The construction and development work for the oil majors Rajasthan oil field was partly
funded by the IPO. The company raised about Rs 5,788 crore through the IPO.

Name of the issue

LTP
Issue Price ( )

Cairn India Limited

148.4

Date of Listing

9-Jan-07

Book Running Lead

Manager

ABN AMRO Securities (India) Private Limited, DSP Merrill

Lynch Limited, JM Morgan Stanley Private Limited & Citigroup
Global Markets India Private Limited

Date of Issue

11/12/2006 to 15/12/2006

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

173

160

59
3287.99675

Price Range

Rs. 160 to Rs. 190

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

5. TCS
IPO size: Rs 5,420 crore
Year of issue: 2004
Indias largest IT company, Tata Consultancy Services Ltd, offered 5.54 crore equity shares of Re
1 each, including a fresh issue of 2.27 crore shares, in its IPO through a book building route. The
Rs 5,000crore IPO opening coincided with the birth centenary of JRD Tata, who was at the helm
of the Tata group for over four decades before Ratan Tata took charge.
The issue also comprised an offer for sale of 3.26 crore shares by Tata Sons Ltd and certain other
shareholders of TCS, and a further green shoe option by Tata Sons for 831,000 shares each. The
company raised about Rs 5,420 crore (Rs 54.20 billion) through the IPO.
Name of the issue
LTP
Issue Price ( )

Tata Consultancy Services Limited

2600

Date of Listing

25-Aug-04

Book Running Lead

Manager

J M Morgan Stanley Pvt. Ltd., DSP Merrill Lynch Ltd.,J P

Morgan India Pvt. Ltd.

Date of Issue

29/07/2004 to 05/08/2004

850

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

178
109
554.526

Price Range

Rs. 775 to Rs. 900

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

6. NTPC
IPO size: Rs 5,368 crore
Year of issue: 2004
The National Thermal Power Corporation offered a public issue of equity shares of Rs 10 each
by offering 865,830,000 equity shares in a price band of Rs 52 to Rs 62. The issue was made
through 100 pct book building process. The offer was made for 10.5 pct of NTPCs enlarged
capital. The issue rose about Rs 5,368 crore at the top end of the price band. Post offer, the
governments stake in NTPC reduced to
89.5%, the issue opened on October 7, 2004 and closed on October 14.
Name of the issue
LTP
Issue Price ( )

National Thermal Power Corporation Limited

121.15

Date of Listing

5-Nov-04

Book Running Lead

Manager

ICICI Securities Ltd., Enam Financial Consultants Pvt. Ltd.,

Kotak Mahindra Capital Company Ltd.

Date of Issue

07/10/2004 to 14/10/2004

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

170

62

54
8658.3

Price Range

Rs. 52 to Rs. 62

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

7. Reliance Petroleum
IPO size: Rs 2,700 crore
Year of issue: 2006
Reliance Petroleum opened for bidding on April 13, 2006. The price band was fixed at Rs 57 to
Rs 62 and the bidding closed on April 20, 2006. This was the second time in the market for the
petrol chemical major, after 1993 when it first came out with an IPO.
The company offered 45 crore equity shares for subscription. Retail investors could bid for up to
1,600 shares at the upper end of the price band and they needed to pay only Rs 16 per share at
the time of bidding. The balance amount was to be payable on allotment.
The company raised Rs 2,700 crore through the IPO.
Name of the issue
LTP

Reliance Petroleum Limited

Issue Price ( )

60

Date of Listing

11-May-06

Book Running Lead

Manager

JM Morgan Stanley Pvt. Ltd., DSP Merrill Lynch Ltd., ENAM

Financial Consultants Private Ltd., Citigroup Global Capital
Markets India Pvt. Ltd., ICICI Securities Ltd., Deutsche
Equities India Pvt. Ltd., HSBC Securities & Capital Markets
(India) Pvt. Ltd., UBS Securities India Pvt. Ltd., SBI Capital
Markets Ltd.

Date of Issue

13/04/2006 to 20/04/2006

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

178

73
4500

Price Range

Rs.57 to Rs.62

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

8. Idea Cellular
IPO size: Rs 2,443 crore
Year of issue: 2007

The company fixed the price band between Rs 65 and Rs 75 per Rs 10share.
The premium was decided through a 100 pct book building process. The issue opened for
subscription on February 12, 2007 and closed on February 15, 2007. The company raised Rs
2,443 crore (Rs 24.43 billion) through the IPO.
Name of the issue
LTP
Issue Price ( )

Idea Cellular Limited

142.7

Date of Listing

9-Mar-07

Book Running Lead

Manager

JM Morgan Stanley Pvt. Ltd., DSP Merill Lynch Ltd. Senior CoBRLM : Citigroup Global Markets India Private Limited, UBS
Securities India Private Limited

Date of Issue

12/02/2007 to 15/02/2007

No. of members
No. of Bidding
centers

147

Issue Size (lakh

shares)

(.) Equity Shares aggregating Rs. 2125.00 Crs. (Excluding

Green Shoe Option of Rs. 318.75 Crs.)

Price Range

Rs. 65 to Rs. 75

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

75

46

9. Reliance Petroleum
IPO size: Rs 2,172 crore
Year of issue: 1993
The company raised Rs 2,172 crore (Rs 21.72 billion) through the IPO. The original RPL, which
was subsequently merged with Reliance Industries in 2002, floated the IPO in September 1993
with a stated plan of commissioning its 9 million tonne capacity refinery by the second quarter of
1996. At the time, it was the largest IPO to hit the Indian capital markets and had taken investors
by a storm.

10. Jet Airways

IPO size: Rs 1,899 crore
Year of issue: 2005

The IPO by Jet Airways met with overwhelming response on the very first day February 18,
2005. The issue was fully subscribed within five minutes of opening and was oversubscribed 4.4
times. The issue received a total 7.5 crore bids for the 1.72 crore shares on offer at a price band
of Rs 9501,125.
The QIB category was oversubscribed almost eight times. Of the total shares, 60 pct had been
reserved for this category of buyers, while 90 pct of the bids came in at Rs 1,125 per share, the
top end of the price band. The company raised Rs 1,899 crore through the IPO.
Name of the issue
LTP
Issue Price ( )

Jet Airways (India) Limited

320.7

Date of Listing

14-Mar-05

Book Running Lead

Manager

Deutsche Equities India Pvt. Ltd., HSBC Securities and Capital

Markets (India) Private Ltd., UBS Securities India Pvt.Ltd.,
Citigroup Global Markets India Pvt. Ltd., DSP Merrill Lynch
Ltd., Kotak Mahindra Capital Company Ltd.

Date of Issue

18/02/2005 to 24/02/2005

No. of members
No. of Bidding
centers
Issue Size (lakh
shares)

149

1100

62
172.66801

Price Range

Rs. 950 to Rs. 1125

Introduced in F&O
alongwith IPO $

Introduced

Rating agency

Grade assigned

List of Primary Dealers in Government Securities Market

(As on July 13, 2015)

STANDALONE PRIMARY DEALERS

1.

Morgan Stanley India Primary Dealer Pvt. Ltd.

2.

ICICI Securities Primary Dealership Limited

3.

Nomura Fixed Income Securities Pvt. Ltd.

4.

PNB Gilts Ltd.

5.

SBI DFHI Ltd

6.

STCI Primary Dealer Limited

7.

Goldman Sachs (India) Capital Markets Pvt. Ltd.

BANK PRIMARY DEALERS

1.

Bank of America

2.

Bank Of Baroda

3.

Canara Bank

4.

Citibank N.A

5.

Corporation Bank

6.

HDFC Bank Ltd.

7.

Hongkong and Shanghai Banking Corpn. Ltd.(HSBC)

8.

J P Morgan Chase Bank N.A, Mumbai Branch

9.

Kotak Mahindra Bank Ltd.

10. Standard Chartered Bank

11. Axis Bank Ltd.
12. IDBI Bank Limited
13. Deutsche Bank AG

14. Yes Bank Limited