Blitz Bureau
NEW DELHI: India’s primary market is poised for a record finish as a heavy December IPO calendar is expected to push total fundraising in 2025 beyond ₹2 lakh crore, marking the strongest year in the country’s listing history.
According to investment bankers, 28 companies are preparing to launch their public issues in December, targeting close to ₹48,000 crore. This follows an already robust run in which 93 mainboard IPOs have raised ₹1,54,133 crore so far this year, nearly matching 2023’s tally of ₹1,59,784 crore — with the largest issues still to come.
If the December pipeline materialises as planned, analysts estimate that 2025 IPO mobilisation could surpass all previous annual records, signalling strong investor appetite and broad-based sectoral traction.
The final month of the year features a mix of large financial, technology, consumer and renewable-energy offerings, several of which have drawn significant institutional interest.
Major IPOs in December
• ICICI Prudential AMC is expected to lead the month with a ₹10,000-crore offer-for-sale by ICICI Bank and Prudential Plc. The issue has appointed 18 book-running lead managers, including eight foreign investment banks.
• Meesho, the e-commerce unicorn backed by SoftBank and Meta, is eyeing ₹6,000–6,600 crore, including a ₹4,250-crore fresh issue and a large OFS of around 17.57 crore shares.
• Clean Max Enviro Solutions, a key player in India’s renewable-energy ecosystem, is targeting ₹5,200 crore.
• Credila Financial, the education-focused NBFC, plans to raise ₹5,000 crore.
• Fractal Analytics, one of India’s leading AI and data-science companies, is set for a ₹4,900-crore IPO that will include a fresh issue of ₹1,279 crore and an OFS by Apax and TPG.
• Other notable issues include Milky Mist Dairy Food (₹2,035 crore), Curefoods India (₹800 crore), Park Medi World (₹1,260 crore) and a listing by Arcil, one of the country’s largest asset-reconstruction firms.
Market participants expect December alone to contribute ₹30,000–40,000 crore, depending on the timing of approvals and market sentiment during the book-building window.
What’s driving the surge
Rise in domestic liquidity: The sustained influx of domestic savings has played a key role in strengthening India’s IPO market:
• Monthly mutual fund SIP flows continue to exceed ₹20,000 crore.
• The number of demat accounts has expanded to nearly 15 crore.
• Retail and HNI subscriptions in IPOs have increased sharply across sectors.
Foreign investors return to markets: Despite periodic selling in secondary markets, foreign portfolio investors (FPIs) have shown renewed interest in Indian IPOs:
• FPIs have invested over $8 billion in primary issuances in 2025.
• Global funds have shown strong interest in AI, fintech, renewable energy and consumer-tech issuers.
Improved quality of issuers: A healthier pipeline of profitable or near-profitable digital companies has improved institutional sentiment. Recent listings of Lenskart, Groww, Pine Labs and PhysicsWallah demonstrated strong debut performance, boosting investor confidence ahead of December’s offerings.
Sebi’s strong pipeline for 2026: More than 170 draft offer documents, representing potential mobilisation of ₹2–2.5 lakh crore, are under Sebi review. The upcoming pipeline spans renewables, pharmaceuticals, logistics, manufacturing and government-led disinvestments, including BCCL and CMPDI.
Investor sentiment firm: Market strategists note that sentiment in India’s primary market is significantly stronger than in most global markets, supported by a robust macroeconomic backdrop:
• GDP growth remains above 7%.
• Corporate earnings growth is broad-based.
• The rupee has shown relative stability.
• Mutual funds and insurance companies continue to deploy sizeable domestic capital.
A recent Goldman Sachs report highlights that Indian companies tapping capital markets are benefiting from a “swelling and increasingly confident domestic investor base.”
Defining year for capital formation
With December’s high-profile issues set to open in a tight window, 2025 is on track to become the largest IPO year in India’s history, both in terms of aggregate capital raised and diversity of issuers.
India is expected to maintain its position as one of the top three IPO markets globally, supported by strong domestic participation, rising institutional depth and a steady lineup of large-scale public offerings.
If the December issues proceed as scheduled, analysts expect India’s capital markets to close the year with a fundraising record that will set a new benchmark for the decade.
