India’s Biggest Auto IPOs: How Mobility Became A Major Dalal Street Theme
- Team Autopunditz
- 1 day ago
- 5 min read
India’s automotive sector has always been one of the country’s most important manufacturing pillars. But between 2021 and 2026, the sector also became a major public-market story.
From legacy carmakers and electric two-wheeler startups to precision component manufacturers and emission-control specialists, the Indian mobility ecosystem has seen several large companies tap the IPO market. Together, the seven biggest auto-related IPOs during this period raised nearly ₹49,600 crore, underlining the depth of investor interest in India’s auto and mobility value chain.
Hyundai Motor India: The Biggest Auto IPO In India
The largest name on the list is Hyundai Motor India. Its ₹27,870 crore IPO in October 2024 was not just the biggest auto IPO in India, but also the largest IPO in Indian capital-market history.
Hyundai’s public listing marked a major milestone for India’s passenger vehicle industry. The company is India’s second-largest carmaker by volume and has built a strong presence across hatchbacks, sedans, SUVs and premium models.
The IPO was entirely an offer for sale by the parent company, meaning Hyundai Motor India did not receive fresh capital from the issue. Still, the listing gave Indian investors access to one of the country’s most established car brands.
Investor response was mixed. Institutional investors showed strong interest, while retail participation remained relatively measured. This indicated that while investors respected Hyundai’s scale and profitability, valuation sensitivity remained important.
Ola Electric: EV Disruption Goes Public
Ola Electric’s IPO was another landmark moment. With an issue size of around ₹6,146 crore, it became India’s first major electric vehicle manufacturer to list on the stock exchanges.
Ola’s IPO symbolised investor appetite for India’s EV transition. The company had already built strong visibility in the electric scooter market and was positioning itself around in-house battery technology, vertical integration and future electric mobility platforms.
However, Ola Electric also represented the riskier side of the EV story. Unlike legacy automakers, EV startups are still navigating high capital expenditure, pricing pressure, subsidy dependency, technology investments and profitability challenges. The listing showed that investors were willing to back India’s electric mobility theme, but post-listing performance also reminded the market that EV scale and EV profitability are two very different stories.
Sona BLW: The Auto-Component EV Play
Sona BLW Precision Forgings, also known as Sona Comstar, came to the market in June 2021 with an IPO size of ₹5,550 crore.
This IPO was important because it gave investors exposure to a high-quality auto-component manufacturer with global customers and strong electric vehicle relevance. Sona BLW supplies critical drivetrain and precision components, making it a key beneficiary of rising electrification across global vehicle platforms.
Unlike pure EV startups, Sona BLW represented a more balanced way to participate in the EV opportunity. It had a proven manufacturing base, global relationships and exposure to both conventional and electrified vehicle technologies.
Tenneco Clean Air India: Emission Control Finds Investor Demand
Tenneco Clean Air India entered the public market in November 2025 with a ₹3,600 crore IPO. The issue saw strong investor demand and listed at a healthy premium.
The company operates in emission-control and clean-air technologies, a segment that remains highly relevant even as the industry gradually electrifies. India’s tighter emission norms, growing commercial vehicle volumes and need for advanced after-treatment systems make this a structurally important area.
Tenneco’s IPO also showed that public-market appetite was not limited to electric vehicles. Investors were equally interested in profitable, scaled and technology-led component businesses serving existing internal-combustion and hybrid vehicle ecosystems.
Ather Energy: Premium EV Scooter Brand Enters The Market
Ather Energy’s IPO in 2025 was another major EV listing. The corrected issue size was around ₹2,981 crore.
Ather is one of India’s best-known premium electric scooter brands, with a strong reputation for product engineering, connected technology and urban EV adoption. Its public listing gave investors another opportunity to participate in India’s electric two-wheeler transition.
However, like Ola Electric, Ather also came with the challenges of a young EV company. The electric two-wheeler industry is competitive, capital-intensive and heavily dependent on scale, battery cost management and distribution expansion. Ather’s listing therefore became a test case for whether premium EV positioning can translate into long-term public-market value creation.
Belrise Industries: Auto Ancillary Scale Story
Belrise Industries launched its ₹2,150 crore IPO in May 2025. The company is an auto-component manufacturer with exposure to sheet metal parts, polymer components, suspension systems and other automotive applications.
Unlike some OFS-led issues, Belrise’s IPO was a fresh issue, with proceeds aimed at strengthening the company’s balance sheet and supporting growth. The listing highlighted another important theme in India’s auto sector: the rise of large domestic component manufacturers. As OEMs localise supply chains and demand more complex systems from vendors, scaled auto ancillary companies are becoming increasingly important.
Sansera Engineering: Precision Manufacturing Comes To The Fore
Sansera Engineering’s ₹1,283 crore IPO in September 2021 was one of the earlier big auto-related listings in this cycle.
The Bengaluru-based company manufactures precision forged and machined components for automotive and non-automotive sectors. It supplies to two-wheelers, passenger vehicles, commercial vehicles, off-road vehicles and aerospace applications.
Sansera’s IPO represented the “India as a global manufacturing supplier” theme. Its strong subscription showed that investors were willing to back precision manufacturing businesses with diversified customers, export potential and high engineering content.
What These IPOs Reveal About India’s Mobility Market
These seven IPOs together tell a larger story about India’s auto industry.
The first phase was led by component manufacturers such as Sona BLW and Sansera Engineering. These companies represented engineering capability, export potential and the growing role of India in global automotive supply chains.
The second phase was led by electric mobility names such as Ola Electric and Ather Energy. These IPOs reflected investor interest in the EV transition, battery technology, connected mobility and new-age vehicle platforms.
The third phase saw scaled and profitable businesses such as Hyundai Motor India, Tenneco Clean Air India and Belrise Industries draw investor attention. This showed that the market was not only chasing disruption, but also rewarding scale, profitability, cash flows and strong industry positioning.
Auto Punditz Take
India’s auto IPO story is no longer just about vehicle manufacturers. It is about the full mobility ecosystem — OEMs, EV startups, component suppliers, precision manufacturers, emission-control specialists and future mobility platforms.
The combined fundraise of nearly ₹49,600 crore from the seven biggest auto IPOs between 2021 and 2026 shows that mobility has become one of the most compelling themes on Dalal Street.
However, the market is also becoming more selective. Legacy automakers are judged on growth and valuation. EV startups are judged on the path to profitability. Component makers are judged on margins, customer diversification and technology relevance. The next phase of auto IPOs in India will likely be shaped by three themes: electrification, localisation and profitability.
For investors, the biggest question is no longer which company can raise the largest IPO. The real question is which mobility company can create durable long-term value after listing.