India's IPO scene is breaking records in 2025
India's primary market is on track to raise ₹1.8-1.9 trillion this year, topping last year's record of ₹1.59 trillion.
By November, ₹1.54 trillion had already been raised from 93 IPOs—with another ₹35,000-40,000 crore expected in December thanks to big names like Meesho and Fractal Analytics jumping in.
Who are the main players?
Meesho is an e-commerce app popular with budget shoppers in smaller cities.
Fractal Analytics builds AI-powered analytics for global clients.
ICICI Prudential Asset Management handles massive mutual fund investments, Clean Max brings renewable energy to businesses, Milky Mist Dairy Foods is big in dairy products, and Hero FinCorp offers loans for individuals and small businesses.
What's coming up next?
Meesho is planning a ₹4,250 crore fresh issue (plus an offer for sale) at a valuation near ₹53,000 crore;
Fractal Analytics has SEBI approval for its own ₹4,900 crore listing;
ICICI Prudential Asset Management plans a huge ₹10,000 crore IPO;
Clean Max will go public with a mix of new shares and sales worth ₹5,200 crore;
Milky Mist Dairy Foods aims for about ₹2,035 crore.
Experts think this momentum could keep rolling into 2026—with as much as $20 billion worth of new listings on the way.