India's primary market is set to conclude a landmark year with an explosive finale, as a flurry of public offerings scheduled for December signals that the historic IPO boom is far from over. The final month of the year is poised to witness fundraising worth almost Rs 30,000 crore, potentially making it one of the most active periods in a year already defined by record-breaking equity issuances.
December's Mega Listings and Market Momentum
The number of initial public offerings is expected to soar to approximately 25 in December, a significant jump from the 10 IPOs in October and nine in November. This surge is spearheaded by five major listings that are capturing investor attention. The lineup is led by ICICI Prudential Asset Management Company, aiming to raise a colossal Rs 10,000 crore. It is closely followed by the e-commerce platform Meesho (Rs 5,400 crore), Clean Max Enviro Energy Solutions (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore), and Juniper Green Energy (Rs 3,000 crore).
Market experts view this sustained momentum as clear evidence of robust business confidence and a discerning yet optimistic pool of investors. Neha Agarwal, Managing Director and Head of Equity Capital Markets at JM Financial Institutional Securities Ltd, emphasized that the strong pipeline reflects more than just a year-end rush. She pointed to a meaningful convergence of entrepreneurial energy and selective investor appetite, where high-quality companies with strong management and credible business models are being rewarded.
A Second Wave and Robust Market Support
Beyond the large-ticket offers, a second wave of mid-sized IPOs is also ready to tap the capital markets. This cohort includes companies like Wakefit Innovations and Innovatiview (each targeting Rs 1,500 crore), Park Medi World (Rs 1,200 crore), Nephroplus (Rs 1,000 crore), and precision engineering firm Aequs (Rs 1,000 crore). Meesho and Aequs have already confirmed their subscription window for December 3–5, with others awaiting final dates.
The depth of liquidity in domestic markets has been a crucial pillar supporting this IPO surge. Consistent monthly Systematic Investment Plan (SIP) contributions of around Rs 30,000 crore provide a dependable capital base, cushioning against fluctuations in foreign fund flows. Furthermore, domestic institutional investors have shown steady participation for two consecutive years, giving investment bankers confidence that the market can absorb this issuance wave without disruption.
Quality Over Quantity and a Look Ahead
A defining characteristic of the current cycle has been the dominance of Offer for Sale (OFS) deals, where nearly two-thirds of recent IPO funding has come from shareholder exits. Despite this, market stability has been maintained. Gaurav Sood, Managing Director and Head of Equity Capital Markets at Avendus Capital, described this not merely as a year-end sprint but as the culmination of a record year for India's primary markets.
Sood highlighted that the system's liquidity strength has ensured the smooth execution of large, diverse deals across multiple sectors. He noted that the combination of strong domestic flows and proven execution capability is why the market is comfortable with a heavy December calendar, and why promoter confidence and broader IPO momentum are likely to remain elevated into 2026.
The fundraising numbers underscore this optimism. Main-board IPO issuances have already surpassed last year's full-year milestone of Rs 1.5 lakh crore, and December's activity has only just begun, setting the stage for an unprecedented close to a historic year for Indian capital markets.
