India’s IPO market is poised for a major wave of activity in the second half of 2025, with companies across various sectors preparing to tap into strong investor demand. IPOs worth Rs 2.58 lakh crore are currently lined up, including Rs 1.15 lakh crore in offers that have already received SEBI’s approval, and another Rs 1.43 lakh crore awaiting the green light.This follows a robust first half of the year (January-June), during which 26 companies raised Rs 52,200 crore, led by HDB Financial Services’ Rs 12,500 crore issue. Major upcoming IPOs include Tata Capital with an estimated Rs 17,200-crore offer and LG Electronics at Rs 15,000 crore.Fintech firm Groww is also planning a Rs 5,950-crore share sale. Other names in the pipeline include new-age businesses such as Meesho, PhonePe, Lenskart, Boat, WeWork India, Physics Wallah, Shadowfax and more. These companies are likely to float issues ranging from Rs 1,500 crore to Rs 9,000 crore.Additional firms preparing to list include Pine Labs, Urban Company, Wakefit, Shiprocket, Amagi, and TableSpace. According to ET, the strong pipeline stems from growing confidence among issuers that investor appetite remains resilient. In calendar year 2024, Indian markets saw 90 IPOs collectively raise Rs 1.60 lakh crore. The second half alone brought in Rs 1.30 lakh crore via 56 public offerings, compared to Rs 29,607 crore raised in the first six months from 34 IPOs.A significant chunk of the demand is being driven by mutual funds, which have emerged as major participants in IPOs. “The growth in fundraising through IPOs has been on the back of growing investor participation, both retail and institutional,” said Bhavesh Shah, MD and head of investment banking at Equirus Capital.He also highlighted the growing influence of mutual funds, which are deploying funds into IPOs due to rich valuations in the secondary market.According to data cited by ET, equity mutual fund assets rose 22% in the year ending June 30, going from Rs 26.82 lakh crore to Rs 32.69 lakh crore. Systematic investment plans (SIPs) are adding about Rs 27,000 crore each month to equity-oriented schemes. Many of the upcoming IPOs are also being triggered by private equity exits. “IPOs are picking up as many PE funds are nearing the end of their life cycle and need exits,” said Mihir Vora, chief investment officer at Trust Mutual Fund.With a healthy pipeline and consistent investor interest, the Indian primary market appears well-positioned to sustain its momentum through the rest of 2025.
