India’s IPO Boom: 162 Companies Set to Raise ₹2.4 Lakh Crore in 2025

India's primary market is poised for a significant H2’FY25, with ~ 162 companies planning to raise a record ₹2.4 lakh crore through public offerings. This fundraising surge is unprecedented in the capital market, occurring as stock markets stabilize and geopolitical tensions ease. 

India’s IPO market is witnessing remarkable activity in mid-2025, with a record number of companies preparing to raise substantial funds. By the end of June 2025, 71 companies had already received approval from the Securities and Exchange Board of India (SEBI) to launch IPOs, aiming to collectively raise around ₹1.14 lakh crore. Additionally, 90 companies have filed their Draft Red Herring Prospectus (DRHP) with SEBI as of July 2, 2025, seeking to raise a total of ₹1.17 lakh crore and awaiting regulatory approval.

 Overview of India's IPO Market in 2024 and Early 2025

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India's IPO market demonstrated remarkable resilience and growth in 2024 and early 2025, positioning itself as a global leader. In 2024, India achieved the top global position in IPO volume for the first time, listing nearly twice as many IPOs as the US and two-and-a-half times more than Europe. A total of 327 companies went public, raising $19.9 billion, which represented a 36% y-o-y increase in volume and a 150% increase in proceeds. The National Stock Exchange (NSE) also claimed the top spot globally for funds raised in 2024, surpassing NASDAQ. This period was marked by strong economic fundamentals, stable stock markets, low inflation, and increasing retail investor participation.

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Despite a record-breaking 2024, the beginning of 2025 noticed a more cautious sentiment within the IPO marketplace. In Q1 2025, IPO interest in India dropped by 20% as compared with last year Q1 2024, with 62 IPOs raising $2.8 billion, a lower from 82 IPOs in Q1 2024. This decline was influenced by multiple factors including global macroeconomic uncertainties, together with the U.S. prevalent tensions and geopolitical centric spherical concerns. However, India, despite the fact the notion has been created and that value only led India to be ranked fourth globally in IPO proceeds for the period of  Q1 2025, contributed 10% to the entire global capital raised. By the end of January 2024, India had passed country wise parameter led Hong Kong to turn out to be the world's fourth in number largest stock market.

The Big Players and What Lies Ahead

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The pipeline for the second half of 2025 is bursting with potential, featuring several large and highly anticipated IPOs that are set to contribute significantly to this record-breaking fundraising spree. These listings cut across diverse sectors, showcasing the breadth and dynamism of the Indian economy.

Groww is officially in the IPO queue, having filed its DRHP in May 2025 and targeting a valuation between $700 million and $1 billion, with fresh equity expected to raise up to ₹6,000 crore. Meanwhile, LG Electronics India continues to plan a large-scale ₹15,000 crore (~$1-1.5 bn) IPO even if its launch has been delayed due to market volatility, reports indicate its listing may resume later in 2025 once conditions stabilize .

In the renewable energy space, Vikram Solar filed its DRHP in September 2024, aiming to raise ₹1,500 crore to finance cell capacity expansion. Backed by a robust >8 GW order book and plans to scale manufacturing to 6 GW by FY26, it typifies capital-efficient growth poised for public markets .

Other marquee listings in progress include Reliance Jio—India’s largest-ever potential IPO valued at over ₹40,000 crore—and Tata Capital, planning a ₹15,000 crore listing with a mix of primary and secondary shares.

Beyond these, Meesho, the social-commerce startup, and Tata Capital, the NBFC arm of Tata Group, are among the high-profile entities preparing to file DRHPs or receive SEBI approvals in the coming quarters . These offerings will add scale and institutional depth to the market.

OYO – Finally aiming to go public after multiple delays, albeit at a lower valuation than its 2021 peak. NSE (National Stock Exchange) – One of the most anticipated IPOs, with an estimated size of over ₹10,000 crore.

Other high-profile names planning IPOs include Ola Consumer, PhonePe, Urban Company, and Zepto —each targeting public listings by late 2025 or early 2026, with strong financials and investor pull.

Meanwhile, impact/health sector firms like WeWork India and NephroPlus have received SEBI nods for IPO activity; WeWork India will launch an Offer‑For‑Sale, while NephroPlus aims for a ₹2,000 crore public raise via a DRHP filing by July 2025. Indira IVF, preparing its entry via the confidential DRHP route, moves forward backed by EQT, reflecting growing investor confidence in high‑growth healthcare themes.

This evolving landscape of 162 expected IPOs aggregating ₹2.4 lakh crore is notable for sectoral breadth—covering fintech, energy, telecom, healthcare, mobility, and digital platforms. It underscores a shift from speculative listings to fundamentally strong companies built for scale, profitability, and transparent governance. Institutional investors particularly QIBs are demanding robust metrics like EBITDA margins, return ratios, and board transparency, indicating a maturing and discerning market .

Has IPO Pricing Run Too Hot?

After a record-breaking year in 2024, India’s IPO markets are poised for another blockbuster in 2025. According to data from various merchant bankers and DRHP filings, 162 companies are expected to raise a staggering ₹2.4 lakh crore from public offerings this year—nearly doubling the ₹1.6 lakh crore mobilized in 2023. This surge reflects India's growing stature as a global capital market hotspot, outpacing traditional heavyweights like the U.S. and Europe in IPO activity.

But behind the euphoria, a question is emerging among investors and analysts alike: Are Indian IPOs getting too hot to handle? As valuations continue to soar and listing gains become increasingly unpredictable, 2025 may test the resilience of both issuers and retail investors.

Valuations: Frothy or Justified?

While valuations have been steep, many IPOs continue to attract strong attention. A notable example is Hyundai Motor India’s IPO in October 2024—the largest in Indian history. Institutional appetite helped it raise $3.3 billion, valuing the subsidiary at $19 billion, compared with a mere 3.7–5× forward P/E for its Korean parent and ~22–26× P/E in India. While institutional investors like BlackRock and Fidelity heavily subscribed, retail interest remained lukewarm, with only ~50% subscription on the retail portion—suggesting skepticism over rich pricing.

Such valuation premiums with wide discrepancies between Indian subsidiaries and global peers have reignited questions: Are Indian IPOs overvalued—or are they priced for long-term growth expectations?

Overall, Capital raised through IPOs in the first half of 2025 stood at ₹51,150 crore across 119 listings, compared to ₹37,682 crore from 157 IPOs during the same period in 2024. Despite 63% fewer IPOs in early 2025 versus 2024, average deal size doubled—from ₹905 crore to ₹1,870 crore, driven by blockbuster issues from Hexaware, Ather Energy.

Outlook for the Rest of 2025

With ₹2.4 lakh crore expected to be raised across 162 IPOs, the rest of 2025 looks promising but cautiously optimistic. Key factors to watch:

• Market sentiment ahead of U.S. elections

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• India’s Q2 GDP print and inflation numbers

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• Global liquidity and interest rate trends

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• Performance of mega IPOs like NSE 

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If market conditions remain stable, 2025 could go down as India’s most successful IPO year ever—both in terms of volume and value. However, investors need to look beyond just issue price and hype.

Final Take

India’s IPO boom signals a maturing capital market—robust, diverse, and globally competitive. However, with valuations at a premium, diligence is critical. Discounting market hype in favor of strong earnings, transparent corporate governance, and long-term outlook will distinguish winners from also-rans. The next wave of offerings will be a litmus test—not just for issuers, but for investor discipline and market maturity.