India’s Initial Public Offering (IPO) market is poised for a sharp resurgence in July 2025, with a total of ₹20,546 crore (US$ 2.4 billion) in equity issuances expected during the month—the highest monthly tally since December 2024, according to investment bankers and data from IBEF.

This IPO revival reflects a combination of revived market sentiment, steady macroeconomic indicators, and an easing of geopolitical and monetary uncertainties, which had weighed on investor appetite in prior quarters.

Surge in July IPO Activity

The renewed momentum in July follows a strong performance in June, during which companies collectively raised ₹17,122 crore (US$ 2 billion), spearheaded by the blockbuster listing of HDB Financial Services.

July’s anticipated offerings include major players such as:

• Credila Financial Services – ₹5,000 crore (US$ 584 million)

• National Securities Depository Ltd. (NSDL) – ₹3,424 crore (US$ 400 million)

• Aditya Infotech

• M&B Engineering

This uptick in activity underscores increased participation from institutional investors and a gradual return of high-net-worth (HNI) and retail investors to public markets.

India Maintains Global IPO Leadership

India has continued to assert itself as a dominant player in the global IPO landscape in 2025. As of July 1:

• Total funds raised through IPOs in 2025 stand at ₹50,171 crore (US$ 5.86 billion)

• This accounts for 12% of total global IPO proceeds

• India ranks second globally in IPO fundraising this year

In 2024, India had achieved a record-setting ₹1,75,501 crore (US$ 20.5 billion) in IPO fundraising, indicating strong capital formation through public equity markets.

The resurgence in 2025, particularly in the second half, is being attributed to a cooling of inflation, stabilised interest rates, and buoyant secondary markets—with both Nifty 50 and Sensex hovering just 3% below their all-time peaks.

Mega IPOs in the Pipeline

India’s primary market pipeline continues to expand, with several large-cap and mid-cap issuances planned in the coming months.

Key IPOs in the pipeline include:

• LG Electronics India – ₹15,410 crore (US$ 1.8 billion)

• JSW Cement – ₹4,024 crore (US$ 470 million)

• SMPP (defence manufacturing firm) – ₹4,024 crore (US$ 470 million)

According to PRIME Database, as of July 2025:

• A total of 143 IPOs, collectively worth ₹2,22,586 crore (US$ 26 billion), are currently in the pipeline

• 73 IPOs have already received regulatory approval from SEBI

• The remainder are under active review or awaiting final greenlights

This data suggests that India’s IPO market is gearing up for one of its most active second halves on record, assuming market conditions remain favourable.

Confidence Returns Across Stakeholder Classes

Investment bankers and market analysts are attributing the recent IPO rebound to a mix of domestic and global confidence boosters:

• Improving liquidity due to sustained FPI and DII inflows

• Stabilised volatility indices (VIX) reflecting investor calm

• Strong corporate earnings in Q1 FY26

• Absence of major geopolitical shocks, which had previously disrupted market sentiments

These factors are encouraging companies to bring their IPOs to market, particularly those who had earlier deferred listings amid uncertainty.

Selective Participation from Retail and HNIs

While the momentum is undoubtedly positive, retail and HNI investors are expected to remain selective, choosing offerings with strong fundamentals, sectoral tailwinds, or reasonable valuations.

Fund managers caution that:

• Oversubscribed IPOs may still see muted post-listing performance without strong demand support

• Valuation premiums must be justified by robust growth narratives and profitability metrics

• Sectors like fintech, consumer tech, and clean energy are attracting disproportionate interest, while others may face subdued demand

This means that while overall IPO participation is increasing, investors are adopting a quality-over-quantity approach, prioritising risk-adjusted returns.

Sectoral Spread of Upcoming IPOs

The current pipeline includes a diverse mix of sectors, including:

• Financial Services – NBFCs, insurers, digital lenders

• Infrastructure and Engineering – Construction tech, EPC firms

• Consumer Tech – e-commerce platforms, edtech, healthtech

• Green Energy and Sustainability – Solar firms, electric mobility

• Defence and Aerospace – Military equipment manufacturers

This sectoral diversity indicates the depth of India’s capital market evolution, and the growing acceptance of IPOs as a viable route to raise growth capital across industries.

Technology and Compliance Support IPO Growth

The digitisation of IPO application processes, combined with regulatory reforms such as:

• T+3 listing timelines

• Introduction of pre-filled forms for UPI-based applications

• Anchor investor rules and

• Enhanced disclosure norms

have streamlined the IPO lifecycle, reducing execution risk and building trust among investors.

SEBI’s new norms on profitability track record disclosures and valuation transparency are also helping to weed out sub-par issues from the primary markets.

Foreign Participation Remains Strong

India continues to draw attention from foreign portfolio investors (FPIs) seeking exposure to:

• High-growth Indian midcaps

• Consumer and fintech plays

• Export-driven manufacturing companies

The IPO route offers FPIs access to new-age, pre-profit startups and emerging leaders in frontier sectors where secondary market exposure may be limited.

This makes India a key destination for global equity capital, even as the US, Europe, and parts of East Asia witness subdued primary market activity.

Outlook for the Remainder of 2025

With markets stabilising and monetary policy clarity improving, the rest of FY26 is expected to witness:

• Continued IPO momentum

• Broader sectoral representation

• Increased institutional participation

• Recovery in retail and HNI appetite

Barring unexpected macro disruptions, India could be on track to match or even exceed 2024’s record IPO fundraising, solidifying its place as a global IPO powerhouse.

Conclusion

India’s IPO market is entering a new phase of revival in July 2025, buoyed by ₹20,546 crore in expected offerings, improved confidence, and a strong pipeline featuring over ₹2.22 lakh crore in planned listings.

With stabilised secondary markets, returning investor appetite, and a maturing regulatory ecosystem, India continues to set the pace as the world’s second-largest IPO market, offering an attractive gateway for companies and investors alike.

The Upcoming IPOs in this week and coming weeks are Smarten Power Systems, Glen Industries, Travel Food Services, Anthem Biosciences, Chemkart India, Meta Infotech, Happy Square Outsourcing Services, Cryogenic OGS.

The Current active IPO are Crizac, Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions.

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