India’s primary markets have started 2025 on a high note, maintaining robust global relevance despite a challenging macroeconomic environment. According to the latest EY Global IPO Trends report, India accounted for 22% of global IPO activity during the January to March quarter, firmly placing the country among the top global destinations for public listings.

India Raises $2.8 Billion via 62 IPOs in Q1 2025

The first quarter of 2025 saw 62 Indian companies going public, collectively raising $2.8 billion. This strong performance comes despite a 20% decline in IPO activity compared to Q1 2024. The decline in the number of listings has been compensated by higher deal sizes, showcasing the entry of financially stronger, more mature companies into the capital markets.

Hexaware Technologies Breaks IT Sector IPO Record

Among the 62 IPOs, Hexaware Technologies Ltd. stood out by raising $1 billion, making it the largest IPO by any Indian IT company to date. This record was previously held by Tata Consultancy Services (TCS). Hexaware’s IPO highlights investor confidence in India’s IT services sector, and sets a benchmark for future tech listings.

Sectors Driving IPO Growth

The diversity of sectors participating in the IPO space has added to the strength of the market. Key industries contributing to the momentum include:

• Industrials

• Real Estate

• Hospitality & Construction

• Health & Life Sciences

This spread across sectors reflects the depth and resilience of the Indian economy, as well as the broad investor appetite for varied asset classes.

IPO Pipeline Remains Healthy

While the volume of IPOs may have dipped, the quality of listings remains high, and the pipeline for upcoming IPOs in India is strong. The EY report notes that many companies with sound fundamentals and proven profitability are preparing to list in the coming months.

This is further supported by a shift in investor sentiment, where market participants are prioritizing financial health and long-term value over rapid speculative growth. The EY study notes that even with mixed post-listing performances, Indian IPOs continue to garner attention, especially from retail and institutional investors.

India’s Stock Market Confidence Keeps Climbing

According to Prashant Singhal, Partner and Markets Leader at EY India, India’s dynamic capital markets, along with favourable economic indicators, continue to bolster investor sentiment. The report emphasized the growing participation of retail investors, a trend that’s reshaping market behavior and influencing IPO strategies.

Moreover, digitisation, faster settlements, and simplified onboarding processes have made market participation more accessible to the average Indian investor.

M&A Deals Surge Alongside IPOs

Apart from IPOs, the Indian financial markets are seeing significant action in mergers and acquisitions (M&A). Q1 2025 recorded an all-time high in M&A deal volumes, with billions of dollars in strategic transactions across multiple industries. This reflects not only confidence in India’s growth trajectory but also the maturity of its deal-making ecosystem.

The dual momentum of IPOs and M&A deals highlights India’s evolution into a well-rounded capital market hub that appeals to both public and private investors globally.

Hyundai and Waaree Set 2024 Benchmark

While 2025 has started strong, 2024’s IPO calendar was historic, thanks to blockbuster listings like Hyundai Motor’s ₹27,870 crore IPO – the largest in Indian history – and Waaree Energies, which also saw massive investor participation. Though the current quarter didn’t feature IPOs of similar size, the value-driven approach of Q1 2025 is considered a positive structural shift.

Conclusion: Solid Foundation for a Promising 2025

With $2.8 billion raised, diverse sector participation, and a record-breaking IPO by Hexaware Technologies, India has started 2025 with solid momentum in its primary markets. Despite a decline in volume, the resilience and quality of listings signal a maturing market that’s shifting toward long-term value.

The healthy IPO pipeline, supported by favourable regulatory frameworks, digital infrastructure, and strong domestic investor demand, places India in an advantageous position for the rest of the year.

The Upcoming IPOs in this week and coming weeks are  Wagons Learning, Srigee DLM, Manoj Jewellers.

The Current active IPO are Kenrik Industries,Arunaya Organics, Ather Energy, Iware Supplychain Services.

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