The Indian primary market is gearing up for an explosive finale to 2025, with a flurry of initial public offerings scheduled for December that promise to smash previous fundraising records. Following an already hectic year, the final weeks are expected to feature numerous noteworthy IPOs that could redefine India's capital market landscape.
Record-Breaking Fundraising Momentum
According to industry analysts, the IPO pipeline for December alone ranges between ₹35,000 to ₹40,000 crore, assuming the secondary market maintains its stability. This comes on top of the ₹1.5 lakh crore already raised this year through 93 issues by November 21, 2025. The projected December activity guarantees that 2025 will conclude significantly ahead of 2024's total of nearly ₹1.6 lakh crore, with the full-year total expected to fall between ₹1.8 lakh crore and ₹1.9 lakh crore.
The dramatic reversal in India's IPO fortunes becomes evident when examining recent years. Data from Primedatabase shows India generated ₹59,302 crore through the primary market in 2022 and ₹49,436 crore in 2023. The trend reversed dramatically in 2024 when ₹1.59 lakh crore was collected, marking a threefold increase from the previous year.
Key IPOs in the December Pipeline
Approximately 10 firms that have obtained SEBI approval are preparing to initiate IPOs in the upcoming weeks, according to multiple media reports. The lineup features some of India's most anticipated public offerings across diverse sectors.
Major Offerings to Watch
Meesho, the e-commerce platform operating India's largest social commerce platform by user base with 21.3 crore users, is set to raise ₹6,000 crore. The offering includes ₹4,250 crore as new capital and ₹1,750 crore from existing stakeholders divesting their holdings.
Imagine Marketing (boAt) has announced an IPO valued at ₹1,500 crore, consisting of a ₹500 crore fresh issuance and a ₹1,000 crore offer for sale. Promoters Sameer Ashok Mehta and Aman Gupta are set to sell shares worth ₹75 crore and ₹225 crore respectively.
ICICI Prudential Asset Management Co is preparing a massive ₹10,000 crore initial public offering that will involve UK-based Prudential divesting a 10% ownership stake. This transaction values the asset management company at approximately $11 billion. As of June, the fund management firm oversaw assets worth ₹9.44 lakh crore and generated annual revenue of ₹4,977 crore, with a profit of ₹2,650 crore.
Other Notable Listings
Hero FinCorp's offering includes a new issuance of ₹2,100 crore and an Offer for Sale amounting to ₹1,568 crore from current shareholders. The lender, which focuses on retail and MSME, is anticipated to generate significant interest due to the general increase in financial services listings.
Fractal Analytics, the AI-focused analytics company, will comprise a new issue valued at ₹1,279 crore alongside an offer for sale amounting to ₹3,621 crore. The company intends to utilize the funds for repaying debt at its US subsidiary, expanding its offices in India, and boosting research efforts in generative AI.
CleanMax Enviro will feature a new issue amounting to ₹1,500 crore alongside an offer for sale of ₹3,700 crore from current shareholders, including private equity backers and founder Kuldeep Pratap Jain. The firm offers green energy and decarbonization services to large businesses throughout India and certain international markets.
Sector Diversity and Market Implications
The diversity of companies entering the market reflects India's evolving economic landscape. From renewable energy with Juniper Green Energy's ₹3,000 crore fresh issue to healthcare with Park Medi World's ₹1,260 crore offering, the pipeline demonstrates broad-based confidence in India's growth story.
As of December 31, 2024, Juniper Green is listed among India's top 10 renewable independent power producers based on total capacity. The company's IPO will consist entirely of a fresh issue without any offer-for-sale segment.
The dairy sector is also represented through Milky Mist Dairy Food, whose issue comprises a new issuance of ₹1,785 crore along with an offer for sale of ₹250 crore. The funds will be allocated for settling debts, expanding facilities, and installing retail infrastructure.
This unprecedented IPO activity signals robust investor confidence in Indian companies and underscores the maturity of India's capital markets. The successful execution of these offerings could potentially establish new benchmarks for future fundraising activities in the region.
