India's primary market is witnessing a remarkable surge in activity, with nearly two dozen companies preparing to launch their initial public offerings (IPOs) in the coming weeks. This robust pipeline, which includes high-profile names like ICICI Prudential AMC, social commerce giant Meesho, and renewable energy player Juniper Green Energy, is expected to collectively raise close to Rs 40,000 crore, according to merchant bankers.
A Diverse and Active IPO Pipeline
The upcoming slate is diverse, featuring firms from various sectors and market capitalisations. Alongside the major names, the roster includes AI-focused Fractal Analytics, home solutions brand Wakefit Innovations, security firm Innovatiview India, and hospital chain Park Medi World. This strong activity reflects a dual confidence: from issuers ready to tap public markets and from investors eager to back businesses with solid growth narratives.
Analysts point to growing retail participation and steady domestic inflows as key drivers sustaining this fundraising momentum. The data underscores the trend: 96 companies have already debuted on Indian exchanges this year, mobilising a total of Rs 1.6 lakh crore. Notably, over 40 of these listings were completed in just the last three months.
Record-Breaking Year on the Horizon
Market experts believe this momentum could set a new benchmark. Thomas Stephen, Head – Preferred at Anand Rathi Share and Stock Brokers, projected that with several IPOs scheduled for December, the total fundraising for 2025 could touch Rs 2 lakh crore, setting a fresh record for India's primary markets.
"This is remarkable given the global volatility and a muted secondary market," Stephen said. He added that strong domestic liquidity has supported valuations, and mutual funds are now increasing their allocations to pre-IPO deals more meaningfully. The strong domestic consumption story, aided by policy measures, is encouraging many consumer-oriented businesses to consider listings.
Major Offerings and Fund Utilisation
The capital raised through these IPOs is earmarked for expansion, capital expenditure, debt repayment, and other corporate objectives. Some of the key upcoming issues include:
- ICICI Prudential AMC: Plans to raise Rs 10,000 crore via an offer for sale (OFS) in the second half of December.
- Meesho: Targeting Rs 5,421 crore, with its IPO opening on December 3. The issue comprises a fresh issue of Rs 4,250 crore and an OFS.
- Other significant offerings include Aequs (Rs 922 crore), Clean Max Enviro Energy (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore), and Juniper Green Energy (Rs 3,000 crore).
The list extends to companies like Manipal Payment, Kanodia Cement, Corona Remedies, and Amagi Media Labs, planning to enter the market between December and January.
Investor Caution Advised Amid the Frenzy
While the activity is bullish, experts advise prudent evaluation. Shantanu Awasthi, Co-founder & CEO of Mavenark, noted that companies now recognise the need for public capital to fuel sustained growth. However, he cautioned investors: "Investors should remain mindful of valuations and the underlying business narratives before investing."
The year's major listings so far have been led by Tata Capital (Rs 15,512 crore), LG Electronics (Rs 11,607 crore), Lenskart (Rs 7,278 crore), and Groww's parent Billionbrains Garage Ventures (Rs 6,632 crore). As the pipeline fills up, India's IPO market is poised for a historic close to the financial year.
