Blockbuster year in sight for IPO street
A decade-high number of filings for initial public offerings (IPOs) in 2025 has brought India close to the highest-ever fundraising year, data analyzed by Mint showed.
Sustained domestic institutional flows have encouraged issuers across sectors to tap public markets for growth capital and investor exits.
About 242 companies have filed draft red herring prospectuses with the Securities and Exchange Board of India (Sebi) so far in 2025, aiming to raise nearly ₹3.47 trillion, compared with 157 filings for ₹2.79 trillion in 2024.
The 91 IPOs so far in 2025 have cumulatively raised ₹1.52 trillion, slightly behind the ₹1.59 trillion raised in all of 2024. Expected listings like Wakefit, Fractal Analytics, and Meesho may help 2025 surpass all previous years.
However, a decline in market valuations or investor appetite could cause issuers to hold back IPO plans, potentially preventing 2025 from surpassing 2024.
“With over ₹1.5 lakh crore raised… the surge in fundraising this year has been driven by larger issue sizes, broader sector participation, and a significant rise in domestic investor activity.”
A global consultancy noted:
“India’s leadership in IPO volume… underscores the vibrancy of its domestic market. The rise in average deal size reflects investor optimism in fintech, manufacturing, and renewables.”
Large IPOs in the past two years have demonstrated deep domestic liquidity, encouraging more companies to list.
Public markets are also more receptive to differentiated, innovation-led business models.
Top IPO candidates in 2024–25 include Hyundai India, Swiggy, LG Electronics India, Tata Capital, and Bajaj Housing Finance.
Several prominent firms—Meesho, InCred Holdings, Gaja Capital, Boat, Sedemac Mechatronics, Orkla India, Urban Company, WeWork India, Lenskart, Groww, PhysicsWallah, Pine Labs, and Fractal Analytics—filed DRHPs in 2025.
Valuations in public markets remain attractive, pushing MNC subsidiaries, PE-owned firms, and even family-owned businesses to consider IPOs.
This momentum has been supported by GST cuts, India–US trade optimism, positive macro data, and strong Q2 corporate earnings.
Apoorve Goyal, MD at Prosus Group, noted that high-quality issuances such as LG Electronics, Tata Capital, and HDB Financial Services have paved the way for new-age companies to list.
Prosus has seen listings for Bluestone and Urban Company, with Meesho expected soon, boosting momentum.
Issuers are now more IPO-ready than in previous boom cycles, with improvements in profitability, governance, and disclosure quality, according to Sood.
Much of the demand this year was led by domestic investors, while global investors focused on the US, China, and Japan amid AI-led opportunities.
Goyal added that a portion of global capital may return to India in 2026 if pricing and macro conditions remain favorable.
Market momentum will depend largely on how 2025-listed companies perform.
“The sustainability of this buoyancy will depend on macro stability, global capital flows, and delivery on growth promises,”
At least 30 companies, including Milky Mist Dairy Food, Curefoods India, Shiprocket, Shadowfax Technologies, and Gaja Capital, have secured SEBI approval in the last six months—setting up a strong IPO calendar for 2026.
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