Overview

• Shares opened at Rs 330 on both the NSE and BSE, about 1–1.2% above the Rs 326 issue price, signaling a muted debut.
• The Rs 15,511.87 crore fully book-built offering combined a Rs 6,846 crore fresh issue with an Rs 8,665.87 crore offer-for-sale, making it 2025’s largest Indian IPO.
• Overall subscription was about 1.95–1.96 times, led by qualified institutional buyers at 3.42 times, with non-institutional at 1.98 times and retail at 1.10 times.
• Grey market indicators slipped to near zero ahead of listing, pointing to flat expectations that matched the modest opening print.
• Anchor investors committed about Rs 4,642 crore before the book, with LIC taking the largest slice and major domestic and global asset managers also participating.