Top 10 Mainline IPOs in India You Should Know About

India's equity markets have witnessed a surge in Mainline IPOs over the last few years, attracting retail investors, institutional buyers, and high-net-worth individuals alike. These IPOs—listed on major stock exchanges like NSE and BSE—often feature larger, well-established companies and come with the potential for robust listing gains and long-term value creation.

Whether you're a beginner or a seasoned investor, staying informed about the top-performing mainline IPOs in India is essential. This blog highlights the Top 10 Mainline IPOs in India you should know about, especially if you're looking for insights before participating in any upcoming mainline IPOs in 2025.

🔍 What is a Mainline IPO?

A Mainline IPO refers to an initial public offering of a company listed on India's major stock exchanges—National Stock Exchange (NSE) or Bombay Stock Exchange (BSE). These IPOs are typically from larger companies with significant brand recognition, established operations, and strong financials.

Investing in mainline IPOs offers:

• Access to well-known companies
• Liquidity due to larger trading volumes
• Regulatory oversight by SEBI
• Lower market lot sizes compared to SME IPOs

📈 Top 10 Mainline IPOs in India (2019–2024)

1. Zomato Limited (2021)

• Issue Price: ₹76
• Listing Price: ₹115
• Peak Price: ₹169
• As one of India's first major tech IPOs, Zomato marked the beginning of a digital IPO wave. Despite mixed performance post-listing, it remains one of the most talked-about IPOs in India.

1. Nykaa (FSN E-Commerce Ventures) – 2021

• Issue Price: ₹1,125
• Listing Price: ₹2,001
• Returns: 77% on listing day
• Nykaa’s strong brand presence and profitable operations made it a favorite among retail investors.

1. LIC – Life Insurance Corporation of India (2022)

• Issue Size: ₹21,000 Cr (India’s largest IPO)
• Despite muted listing, LIC’s IPO saw overwhelming participation due to its iconic brand and sovereign backing.

1. IRCTC – Indian Railway Catering and Tourism Corporation (2019)

• Issue Price: ₹320
• Listing Price: ₹644
• Returns: Over 100% on listing day
• A PSU that turned into a retail favorite due to monopoly, digital operations, and strong profit growth.

1. SBI Cards and Payment Services (2020)

• Issue Price: ₹755
• Listing Price: ₹658 (impacted by COVID-19 crash)
• Recovery: Quickly bounced back to trade above ₹1,000 in 2021
• India’s second-largest credit card issuer, backed by SBI, saw massive investor interest.

1. Happiest Minds Technologies (2020)

• Issue Price: ₹166
• Listing Price: ₹351
• Returns: Over 100% on listing
• A digital IT services company that resonated well with the new-age investor.

1. Tatva Chintan Pharma Chem (2021)

• Issue Price: ₹1,083
• Listing Price: ₹2,111
• Returns: Nearly 100%
• A specialty chemicals company with strong export demand.

1. Clean Science and Technology (2021)

• Issue Price: ₹900
• Listing Price: ₹1,784
• Returns: 98%
• Known for high ROCE and niche chemical products.

1. Route Mobile (2020)

• Issue Price: ₹350
• Listing Price: ₹717
• A cloud communication platform that saw massive interest during the work-from-home phase.

1. Policybazaar (PB Fintech) – 2021

• Issue Price: ₹980
• Listing Price: ₹1,150
• Though it corrected post-listing, it remains a long-term bet on digital insurance in India.

📅 Upcoming Mainline IPOs in 2025 to Watch

If you’re tracking the upcoming mainline IPOs in 2025, here are a few expected names:

• Ola Electric IPO
• Swiggy IPO
• OYO Rooms IPO
• Mobikwik
• Go Digit Insurance

These IPOs are likely to generate significant interest and could see high IPO GMP (Grey Market Premium) prior to listing.

💡 Tips to Invest Wisely in Mainline IPOs

1. Read the Red Herring Prospectus (RHP) for business insights.
2. Track IPO GMP Today to understand market sentiment.
3. Compare PE ratios, EPS, and industry valuation multiples.
4. Watch subscription status, especially QIB & HNI categories.
5. Look beyond listing gains for long-term business potential.

✅ Conclusion

Over the past five years, India's IPO market has delivered exceptional opportunities for wealth creation through both tech-driven and traditional companies. The top 10 mainline IPOs in India listed above reflect the evolving landscape—from PSU giants to digital-first startups.

As we move into 2025, the IPO pipeline looks robust, and informed investors can benefit by closely tracking upcoming mainline IPOs, IPO GMP, and company fundamentals. Whether you seek listing gains or long-term portfolio additions, the mainline IPO space offers something for everyone.

🙋 Frequently Asked Questions (FAQs)

• What is the difference between a Mainline IPO and an SME IPO?

A Mainline IPO is issued by a larger company listed on NSE/BSE with higher liquidity and lower minimum investment. An SME IPO is issued on BSE SME or NSE Emerge by small and medium enterprises with higher application amounts.

• How can I apply for Mainline IPOs in India?

You can apply via ASBA-enabled bank accounts or trading platforms like Zerodha, Groww, and Upstox using UPI-based applications. 

• What is IPO GMP and why is it important?

IPO GMP (Grey Market Premium) is the price at which IPO shares are traded unofficially before listing. It indicates market sentiment but should not be the sole basis for investment decisions.

• Where can I track upcoming mainline IPOs and their performance?

You can visit trusted platforms like upcomingipowatch.in to get details about upcoming IPOs, GMP, price bands, listing dates, and subscription status.