India’s capital markets are displaying a remarkable resilience despite global challenges, drawing investors and companies alike into an encouraging cycle of public listings. Even as global equity markets face volatility from geopolitical flare-ups, inflation concerns and economic uncertainty in major economies, India’s IPO pipeline remains robust and ambitious.
A comeback poised to break records
According to a Bloomberg report citing the Jefferies Financial Group, Indian companies could raise as much as $18 billion (Rs 1.54 lakh crore approximately) through IPOs in the second half of 2025, following a relatively quiet start to the year.
Jibi Jacob, who leads equity capital markets at Jefferies India, said that over 50 IPOs were expected to come to market before the year ended. This surge is being supported by a strong domestic stock market and increased risk appetite following successful high-profile listings.
Among the standout listings in the second half is Tata Capital Ltd., which is reportedly targeting a $2 billion IPO. Other major names in the pipeline include ICICI Prudential Asset Management, Meesho Ltd., Groww Invest Tech, Lenskart Solutions and LG Electronics India indicating a healthy spread across finance, consumer tech and industrials, the Bloomberg report said.
While the first six months of 2025 saw a modest $5.3 billion raised across 24 deals — a drop from the 91 IPOs in 2024 — the tone has shifted. This cautious start, attributed largely to global macroeconomic uncertainties, appears to have been a pause rather than a reversal.
A broad and deep pipeline
The Economic Times, in a report, noted that India’s IPO engine is not just active but exceptionally well-stocked. According to Axis Capital, 71 companies have already received approvals from the Securities and Exchange Board of India (Sebi), with another 77 awaiting clearances. Additionally, 80 more firms have begun the confidential pre-filing process — a testament to the broad corporate appetite for public capital.
The sheer volume of IPO-ready companies reflects a growing maturity in India’s corporate financing ecosystem. Analysts at Axis Capital have commented in the business daily that the stage is well set for a blockbuster second half, supported by favourable market sentiment, strong equity performance, and high levels of regulatory readiness.
Flagship offerings signal market confidence
Tata Capital, the non-banking finance arm of the Tata Group, is among the most anticipated IPOs in the upcoming wave. With a Reserve Bank of India mandate requiring the listing by September 2025, the company is likely to raise Rs 17,200 crore. It has already undertaken strategic consolidation by merging Tata Motors Finance into its operations, receiving approval from the National Company Law Tribunal (NCLT) earlier this year.
Another high-profile offering in the pipeline is from LG Electronics India, a subsidiary of the South Korean conglomerate. The company, which received Sebi approval in March, plans to divest a 15 per cent stake, potentially raising Rs 15,000 crore. If launched, this would mark the second Korean listing in India after Hyundai’s.
Also in the queue is the National Securities Depository Ltd (NSDL), which is preparing a Rs 3,421 crore offer-for-sale, with shareholders such as IDBI Bank and NSE expected to pare their stakes. Other big names with regulatory clearance include JSW Cement (Rs 4,000 crore), Hero FinCorp (Rs 3,668 crore), Bluestone Jewellery, Vikram Solar and Greaves Electric Mobility — each targeting multi-crore fundraising initiatives, The Economic Times report said.
Foreign risks, local resilience
Despite global macroeconomic uncertainty, including rising trade tensions, conflict along India’s borders this year and shifts in US monetary policy, Indian equity markets have proven remarkably resilient. The NSE Nifty 50 Index is nearing its all-time highs, buoyed by continued foreign inflows and supportive policy from the Reserve Bank of India.
Speaking to Bloomberg, HSBC India’s co-head of investment banking, Ranvir Davda suggested that even though global events may occasionally constrain IPO launch windows, companies with strong governance and differentiated models continue to attract significant interest. These firms are leveraging India’s growing investor base and sectoral dynamism to navigate global turbulence with confidence.
Retail and institutional investors driving demand
One of the most notable trends in recent years has been the emergence of a powerful domestic investor base. Vishal Kampani, vice chairman and MD at JM Financial, pointed out to Bloomberg that the balance of pricing power in IPOs has shifted from foreign investors to local participants. Kampani believes this transformation signals the deepening of India’s capital markets and highlights an increasingly confident local investor community.
Kampani also emphasised that India’s IPO momentum could add $2–3 trillion in market value over the next decade. His firm was among the lead managers in the recent $1.5 billion IPO of HDB Financial Services — the largest share sale in India this year, which made a successful debut and further boosted investor sentiment.
A cross-sector rally
The diversity of IPO candidates also reflects the strength of India’s economy. The EY Q1 2025 IPO Trends Report noted a healthy mix of offerings from industrials, real estate, healthcare and construction. The largest IPO in Q1 — Hexaware Technologies’ $1 billion offering — underlined the continued appetite for technology-driven plays.
EY India’s Prashant Singhal remarked that the surge in IPO proceeds and a record-breaking pace in mergers and acquisitions indicate a maturing financial ecosystem. He pointed to robust domestic and international participation in both public and private capital markets, signalling strategic alignment across investment fronts.
Moreover, M&A activity is also accelerating. Bloomberg data showed deal volumes involving Indian firms reached $31 billion, an 18 per cent increase over last year. Landmark transactions included Capgemini’s $3.3 billion purchase of WNS Holdings and Torrent Pharmaceuticals’ $1.4 billion deal for JB Chemicals.
Retail participation is at an all-time high
The first half of 2025 has already shown solid traction among retail investors. According to The Economic Times, 70 per cent of IPOs in H1 2025 listed at a premium. Only five debuted below issue price and most were still trading above their listing levels by July 2. This performance has injected fresh confidence among individual investors, who are playing an increasingly vital role in IPO allocations and post-listing liquidity.
Axis Capital also highlighted that the collective market capitalisation of the 286 companies listed between July 2020 and June 2025 rose by 3.45 per cent in June alone — an indicator of overall strength and stability in India’s public markets.
2025: A defining year for Indian capital markets so far
India’s IPO story in 2025 appears to be one of divergence, not from global fundamentals, but from the global sense of caution that has gripped other equity markets. With an extensive pipeline, strong investor participation and regulatory momentum, the country is not merely withstanding global shocks but thriving despite them.
Adarsh Ranka of EY India described India’s IPO performance as a “beacon of resilience and growth.” He believes the market is being propelled by solid fundamentals, supportive policy frameworks and a vibrant economic environment. With that foundation, 2025 could well be the year that defines India’s position as a global IPO powerhouse.
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