India’s equity markets may have delivered more volatility than cheer in 2025, but the primary market is proving to be the year’s biggest success story. After an already scorching run in 2024, the IPO wave has remained strong through the first nine months of this year, raising over Rs 1 lakh crore — and is poised to reach its peak in the final quarter.
Next week marks the crescendo, with three high-profile issues worth nearly Rs 30,000 crore competing for investor attention. Tata Capital’s Rs 15,500 crore IPO — a mix of fresh equity and Offer for Sale (OFS) — is set to become 2025’s largest listing, surpassing HDB Financial Services’ Rs 12,500 crore issue. LG Electronics India, with its Rs 11,607 crore issue, is slated to be the third largest IPO of the year. Adding to the rush, WeWork India’s Rs 3,000 crore issue closes the same week, creating one of the busiest stretches in India’s capital markets.
Momentum picked up sharply in the July–September quarter, with as many as 50 mainboard IPOs. However, despite the record pipeline, investor caution is rising: as of last week, 35 of the 60 listings in 2025 were trading below their issue price. Market veteran Nilesh Shah, MD of Kotak Mahindra AMC, cautioned retail investors against “quick money addiction” and the misplaced belief that IPOs always deliver listing gains.
Beyond the upcoming blockbusters, the pipeline remains buzzing. Big names such as ICICI Prudential AMC, Pine Labs, Groww, Hero Fincorp, Physicswallah, and two Canara Bank-backed issues are waiting in the wings. If executed, 2025 could go down as the biggest year for IPO fundraising in Indian history, cementing the primary market’s role as the true growth driver amidst equity market volatility. |
