India gears up for record December IPOs totaling ₹30,000cr
What's the story
India's primary market is gearing up for a record-breaking December, with eight companies planning to launch initial public offerings (IPOs) worth over ₹30,000 crore. If successful, this will surpass December 2024's record of ₹25,438 crore raised through 15 IPOs. The e-commerce platform Meesho will lead the pack with an issue size of around ₹6,000 crore.
Upcoming launches
Meesho's IPO and other significant offerings
Meesho filed draft papers confidentially in July. The company plans to launch its IPO in early December. Other major offerings include Clean Max Enviro Energy Solutions with an issue size of about ₹5,200 crore and Fractal Analytics targeting around ₹5,000 crore. Milky Mist Dairy Food is also preparing a ₹2,000 crore issue, while Skyways Air Services, Corona Remedies, and Aequs Ltd are planning IPOs sized at ₹600 crore, ₹800 crore, and ₹720 crore, respectively.
Regulatory approval
ICICI Prudential Asset Management's IPO plans
ICICI Prudential Asset Management Co. is also close to getting regulatory approval. Its parent company Prudential Plc is mulling raising up to $300 million through a stake sale ahead of the listing. The year-end rush comes despite subdued secondary market conditions, with 96 companies raising over ₹1.53 lakh crore so far this year in India's primary market.
Market analysis
Mixed performance of IPOs in the primary market
The listing performance of these IPOs has been mixed. Out of 96 companies that listed this year, 32 debuted below issue price while 31 posted modest gains of 1-10%. Only four stocks delivered listing pops exceeding 50%. This December pipeline reflects strong domestic liquidity and an issuer appetite to complete fundraising before the upcoming Budget cycle for FY26.