
$18B in IPOs coming to India: Here's what to watch
What's the story
India's capital markets are proving their resilience, with a record-breaking initial public offering (IPO) pipeline for the second half of 2025. Despite global economic uncertainties, Indian companies are expected to raise up to $18 billion through IPOs during this period, as reported by Jefferies Financial Group. This comes after a slow start in the first half of the year, when only $5.3 billion was raised across 24 deals.
Market surge
More than 50 IPOs expected this year
Jibi Jacob, head of equity capital markets at Jefferies India, has revealed that over 50 IPOs are likely to hit the market before this year ends. The surge is being driven by a strong domestic stock market and improved risk appetite after successful high-profile listings. Among the major names in the pipeline are Tata Capital Ltd., ICICI Prudential Asset Management, Meesho Ltd., Groww Invest Tech, and Lenskart Solutions.
Corporate appetite
Well-stocked IPO pipeline
India's IPO engine is not just active but also exceptionally well-stocked, according to Axis Capital. The firm has revealed that 71 companies have received approvals from the Securities and Exchange Board of India (SEBI), while another 77 are awaiting clearances. Further, 80 more firms have begun the confidential pre-filing process, showing a broad corporate appetite for public capital and signaling a growing maturity in India's corporate financing ecosystem.
Upcoming listings
Tata Capital, LG India among top upcoming issues
Tata Capital, Tata Group's non-banking finance arm, is among the most awaited IPOs in this wave. The company is likely to raise ₹17,200 crore by listing. LG Electronics India, a subsidiary of the South Korean conglomerate, plans to divest a 15% stake and potentially raise ₹15,000 crore. Other big names with regulatory clearance include JSW Cement (₹4,000 crore), Hero FinCorp (₹3,668 crore), and Bluestone Jewellery.
Market stability
Resilient Indian equity markets
Despite global macroeconomic uncertainty and rising trade tensions, Indian equity markets have proven remarkably resilient. The NSE Nifty 50 Index is nearing its all-time highs, supported by continued foreign inflows and supportive policy from the Reserve Bank of India. HSBC India's co-head of investment banking, Ranvir Davda, said that companies with strong governance and differentiated models continue to attract significant interest despite occasional constraints on IPO launch windows due to global events.
Investor shift
Shift of pricing power from foreign investors to local participants
Vishal Kampani, vice chairman and MD at JM Financial, observed that the balance of pricing power in IPOs has shifted from foreign investors to local participants. This change indicates the deepening of India's capital markets and an increasingly confident local investor community. The diversity of IPO candidates also reflects the strength of India's economy with offerings from industrials, real estate, healthcare, and construction sectors.