Four Issues Worth ₹26,000 Cr to Test Investor Appetite

The unicorn IPO frenzy shows no signs of slowing. After a flurry of listings—Lenskart, Groww, Pine Labs, and Physics Wallah—in early November, e-commerce player Meesho, renewable energy firm CleanMax Enviro, and AI startup Fractal are preparing to announce their issues in the first half of December. Meesho and CleanMax Enviro have already secured approval from the Securities and Exchange Board of India (Sebi) to raise ₹6,000 crore and ₹5,200 crore, respectively. The approvals are valid for a year, and both IPOs are expected to be announced in the first week of next month.

These will follow Milky Mist Dairy Foods’ ₹2,035-crore IPO, which includes a fresh issue of up to ₹1,785 crore and an offer for sale (OFS) of up to ₹250 crore. Two other large issues—ICICI Prudential Asset Management’s ₹10,000-crore offering and AI unicorn Fractal’s ₹4,900-crore IPO—are also expected in the first half of December, subject to Sebi clearance. ICICI Prudential filed its draft red herring prospectus (DRHP) in July, while Fractal submitted its draft in mid-August. Together, these four IPOs—Meesho, CleanMax, ICICI Prudential, and Fractal—could raise about ₹26,100 crore.

The upcoming wave follows successful unicorn listings from eyewear major Lenskart, brokerage Groww, fintech Pine Labs, and edtech platform Physics Wallah.

SoftBank-backed Meesho had filed its DRHP confidentially and received SEBI’s nod in mid-October after trimming the issue size to ₹6,000 crore. Kotak Mahindra Capital, JP Morgan, Morgan Stanley, and Citigroup are among its advisors.
“Meesho operates a low-AOV, value-focused model comparable to peers like PDD and Shopee in China and Southeast Asia and continues to widen access for millions of value-conscious consumers,” said BofA Global Research. “Meesho is focused on providing everyday low prices for consumers, enabling them to find products without having to rely on promotions,” it said.

Brookfield-backed CleanMax Enviro, which derives around 80% of its revenue from existing clients, is also on a strong footing. The company generates renewable power, provides energy services, and offers carbon credit solutions. JP Morgan India, BNP Paribas, HSBC Securities, and Nomura are among its eight advisors. CleanMax filed its DRHP in mid-August and received SEBI approval in late October. Brookfield Global Transition Fund (BGTF), co-promoter with founder Kuldeep Jain, will participate in the OFS.

Fractal’s IPO will provide exit opportunities to major private equity investors such as TPG and Apax. Goldman Sachs and Morgan Stanley are advising the AI analytics firm, which counts Google and Wells Fargo among its global clients.

The largest of the four, ICICI Prudential’s proposed ₹10,000-crore issue, has drawn keen investor attention after the highly profitable listing of Canara Robeco MF. Interest is further buoyed by SEBI’s revised fee norms for the mutual fund industry and SBI Mutual Fund’s planned IPO in H1 2026. Citigroup, Morgan Stanley, Goldman Sachs, and ICICI Securities are advising on the issue.

LISTING FEVER

• Meesho & Clean Max Enviro got Sebi’s nod to raise ₹6,000 cr and ₹5,200 cr, respectively

• Milky Mist Dairy Foods will come up with ₹2,035 cr

• ICICI Prudential Asset Management will come up with ₹10,000 cr offering

Explore More Insights

For deeper insights on India’s IPO markets, deal cycles, and investor behaviour, explore leadership views from
Ranjit Jha (CEO)—a trusted voice in capital market strategy and wealth intelligence.

To understand how Rurash Financials empowers investors through IPO analysis, unlisted opportunities, and structured equity strategies, visit the official website.