India is on the brink of a record-breaking year for IPO fundraising. With filings at their highest in a decade, 2025 could surpass all previous annual totals. This surge reflects strong market confidence and robust institutional support.
Sustained domestic flows have encouraged diverse issuers to seek growth capital. Companies across various sectors are leveraging public markets for expansion and investor exits. The environment is ripe for significant capital raising activities.
Data from Prime Database reveals 242 companies filed draft papers in 2025. They aim to raise nearly ₹3.47 trillion, a sharp increase from 2024’s 157 filings seeking ₹2.79 trillion. This jump highlights growing market enthusiasm.
So far, 91 IPOs have raised ₹1.52 trillion up to mid-November. This figure is close to the ₹1.59 trillion raised throughout all of 2024. More big names are expected to join the list soon.
Wakefit, Fractal Analytics, and Meesho are among those planning IPOs before year-end. Their entries could push 2025 to an all-time high in capital raised. The final weeks will be crucial.
Market volatility remains a risk. Any shift in valuations or stock appetite might lead issuers to delay plans. This could affect the total funds raised by year’s end.
Gaurav Sood of Avendus Capital noted the surge stems from larger issue sizes and diversified sectors. Increased domestic investor participation has been key. The market has absorbed these changes successfully.
India led in IPO volume during the first three quarters of 2025. Strong valuation multiples and investor optimism in fintech and renewables drove this trend. The average deal size has grown noticeably.
Recent large IPOs show deep domestic liquidity. This has inspired more companies to go public. The pipeline includes firms from automakers to fintech platforms.
Hyundai India, Swiggy, and LG Electronics India are notable entrants. Non-banking lenders like Tata Capital have also joined the fray. Their diversity enriches the market landscape.
Valuations in public markets are attractive, says Pranav Haldea. This draws multinational subsidiaries and private equity firms to list. Family-owned businesses are considering IPOs for wealth creation.
Factors like GST cuts and positive macro data boosted secondary markets. This enthusiasm spills over into primary markets, fueling more IPO activity. The ripple effect is clear.
Apoorve Goyal highlighted pro-growth policies and strong corporate earnings. These elements bolster investor sentiment. High-quality issuances have paved the way for new-economy firms.
Urban Company and Lenskart are tapping markets, following LG Electronics’ lead. Prosus has seen listings in its portfolio, with Meesho upcoming. Consumer internet offerings gain momentum.
Issuers today are more prepared in profitability and governance. This readiness has increased DRHP filings, according to Sood. The quality shift is significant.
Domestic investors led this year’s demand, while foreigners focused on developed markets. Goyal expects some capital may flow to India next year if conditions stay favorable. Pricing attractiveness will be key.
The sustainability of this boom hinges on macro stability and global trends. Newly listed companies must deliver on growth promises. Their performance will shape future investor confidence.
Tech services, manufacturing, and health-tech firms are preparing for 2026 listings. At least 30 companies have regulatory approval, ensuring a strong pipeline ahead. The momentum looks set to continue.