Initial Public Offerings (IPOs) in India often draw immense interest from retail and institutional investors alike. With the opportunity to participate in the growth stories of some of the country’s largest companies, IPOs have become a key entry point for investors looking to maximize returns. Over the years, a few IPOs have made history by attracting massive numbers of applicants, reflecting the high confidence and expectations from both retail and institutional investors. This article highlights the IPOs in India that received the highest number of applicants, offering insights into what made these public offerings so popular.

1. Bajaj Housing Finance: 89.1 Lakhs Applications

Bajaj Housing Finance tops the list with a record-breaking 89.1 lakh applications. The Bajaj Group’s strong brand presence and a well-diversified portfolio in the financial services sector played a significant role in the overwhelming response to this IPO. Additionally, the affordable housing finance industry has been on a growth trajectory, and Bajaj Housing Finance’s robust fundamentals, growth potential, and attractive valuation at the time of the IPO further boosted investor confidence. Retail investors, in particular, saw this as a great opportunity to gain exposure to the booming housing finance sector.

2. Tata Technologies: 73.6 Lakhs Applications

Tata Technologies’ IPO was another highly anticipated public offering, attracting 73.6 lakh applications. A subsidiary of the globally renowned Tata Group, the company operates in the engineering and technology services sector, catering to major industries like automotive and aerospace. With Tata Technologies being part of a brand synonymous with trust, innovation, and consistent growth, it’s no surprise that the IPO was heavily oversubscribed. The strategic positioning of the company in high-growth sectors further heightened investor interest, especially amid growing demand for technology-driven solutions across industries.

3. Life Insurance Corporation of India (LIC): 73.4 Lakhs Applications

LIC’s IPO was one of the most anticipated in Indian financial history. With 73.4 lakh applications, the public offering became a milestone for India’s insurance sector. Being the largest life insurance company in the country, LIC holds a dominant market share and has been a household name for decades. The IPO garnered immense attention from both retail and institutional investors due to the government’s backing, its strong financial performance, and its extensive policyholder base. Investors viewed this as a rare opportunity to own a stake in a company that plays such a pivotal role in the country’s financial ecosystem.

4. Reliance Power: 48.0 Lakhs Applications

Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, launched its IPO at a time when the power sector was seen as a critical component of India’s infrastructure growth. The company attracted 48 lakh applications, making it one of the most subscribed IPOs in the country’s history. The IPO generated significant buzz due to its affiliation with the Reliance brand and the ambitious projects lined up for the company in the power generation sector. However, despite the overwhelming initial interest, Reliance Power’s post-IPO performance was a cautionary tale for investors, as it struggled to meet expectations.

5. Motisons Jewellers Ltd: 47.5 Lakhs Applications

Motisons Jewellers Ltd, a well-established name in the Indian jewelry market, attracted 47.5 lakh applications for its IPO. The company’s strong brand presence, especially in the northern regions of India, coupled with the growing demand for gold and diamond jewelry, contributed to the high subscription numbers. Jewelry as an investment avenue continues to hold cultural significance in India, making Motisons Jewellers an attractive bet for many retail investors. The company’s financial health, combined with its plans for expansion, made this IPO a compelling proposition.

6. Inox India: 43.8 Lakhs Applications

Inox India, a player in the industrial gas and cryogenics industry, garnered 43.8 lakh applications for its IPO. The company’s leadership in a niche but essential industry, combined with its steady financial growth, attracted significant investor interest. The growing demand for industrial gases in sectors like healthcare, manufacturing, and food processing further fueled the enthusiasm around this public offering. Inox India’s IPO highlighted the potential of investing in companies operating in less glamorous yet indispensable industries.

7. BLS E-Services: 39.6 Lakhs Applications

BLS E-Services’ IPO attracted 39.6 lakh applications, making it one of the top contenders in terms of retail interest. The company, which specializes in providing e-governance services, particularly in the areas of visa and consular outsourcing, has carved out a unique space for itself. As governments worldwide digitize services, BLS E-Services was seen as a promising investment opportunity, with its growing global presence and consistent revenue streams. Investors were keen to capitalize on the digital transformation of governance, a trend that’s likely to continue for years.

8. Glenmark Life Sciences: 39.5 Lakhs Applications

The pharmaceutical sector has always been a strong performer in India, and Glenmark Life Sciences’ IPO was no exception, drawing 39.5 lakh applications. As a subsidiary of Glenmark Pharmaceuticals, the company focuses on developing and manufacturing active pharmaceutical ingredients (APIs), which are the backbone of drug production. Given the growing global demand for APIs, Glenmark Life Sciences’ IPO offered investors an opportunity to participate in a sector poised for long-term growth. The company’s strong pipeline, international presence, and growth prospects in the healthcare sector were key factors that attracted both retail and institutional interest.

9. SBI Card: 39.0 Lakhs Applications

SBI Card, a subsidiary of India’s largest public sector bank, saw 39 lakh applications for its IPO. The credit card industry in India is rapidly expanding, and SBI Card’s position as the second-largest credit card issuer in the country made this IPO extremely appealing to investors. As digital payments gained traction and consumer credit became more accessible, SBI Card’s future growth potential looked promising. The brand recognition associated with the State Bank of India further bolstered investor confidence in the IPO.

10. Premier Energies: 38.5 Lakhs Applications

Premier Energies, a player in the renewable energy sector, attracted 38.5 lakh applications, driven by the increasing focus on clean energy solutions. With governments and corporations globally striving to reduce carbon footprints, Premier Energies’ solar energy projects presented a lucrative investment opportunity for those looking to ride the wave of the renewable energy revolution. The company’s strong growth trajectory and ambitious expansion plans made this IPO particularly attractive to investors who believe in the future of sustainable energy.

What New IPO Might Break These Records?

Given the dynamic nature of the Indian market and the continuous growth of sectors such as technology, finance, and renewable energy, several upcoming IPOs hold the potential to break existing records in terms of the number of applicants. Companies operating in high-demand industries, especially those with strong brand recognition and financial health, are likely to attract significant attention.

1. Jio Platforms: Reliance Industries has been planning to list its digital services arm, Jio Platforms, which could easily surpass the application records set by the likes of Bajaj Housing Finance and Tata Technologies. As the largest telecom provider in India with a massive subscriber base and a diversified portfolio of digital services, Jio’s IPO would likely receive overwhelming interest from both retail and institutional investors. The combination of brand power, rapid growth in the digital space, and potential for expansion into new services positions Jio Platforms as a strong contender for breaking IPO application records.

2. Flipkart: Another potential IPO that could make waves is that of Flipkart, one of India’s largest e-commerce platforms. The company has revolutionized online shopping in the country and has a massive customer base. An IPO by Flipkart would likely see high demand, especially given its dominance in the e-commerce space and backing by global giants like Walmart.

In conclusion, the Indian IPO landscape continues to evolve, with companies from diverse sectors seeking to go public. As seen from the record-breaking IPOs of the past, companies with strong brand value, financial stability, and high growth potential tend to attract the most significant number of applications. Whether the next big IPO will come from the tech, e-commerce, or renewable energy sectors, one thing is certain—investor enthusiasm for IPOs in India shows no signs of slowing down.

Kritesh (Tweet here) is the Founder & CEO of Trade Brains & FinGrad. He is an NSE Certified Equity Fundamental Analyst with +7 Years of Experience in Share Market Investing. Kritesh frequently writes about Share Market Investing and IPOs and publishes his personal insights on the market.