Which company's 2021 IPO was the largest public listing in India at the time?

One97 Communications had India's largest public listing at the time through its 2021 IPO.

One97 Communications is the parent company of Paytm, an Indian digital-payments and financial-services platform. Its initial public offering took place in November 2021 and raised about 18,300 crore Indian rupees, making it the country's largest IPO at that point.

The listing connected a major technology platform with public-market investors, but the shares fell sharply after trading began. That contrast illustrates why IPO size and market capitalization are different measurements: the amount raised at launch does not guarantee a lasting valuation after the market sets a price.

Paytm's business grew from mobile payments into services such as merchant payments, financial distribution, and commerce. The legal corporate name, One97 Communications, is therefore the precise answer when asking which company conducted the IPO, while Paytm is the better-known brand.