$18 Billion Expected to Be Raised Through IPOs in H2 2025
India’s capital markets are gearing up for a remarkable second half of 2025, with projections indicating that companies are set to raise an impressive $18 billion through initial public offerings (IPOs). This surge comes despite ongoing global economic uncertainties, showcasing the resilience and potential of India’s financial landscape. According to Jefferies Financial Group, this anticipated influx follows a relatively slow first half of the year, during which only $5.3 billion was raised across 24 deals.
More Than 50 IPOs Expected This Year
Jibi Jacob, head of equity capital markets at Jefferies India, has highlighted that over 50 IPOs are likely to enter the market before the end of the year. This optimism is fueled by a robust domestic stock market and a renewed risk appetite among investors, spurred by the success of several high-profile listings. Notable companies in the pipeline include Tata Capital Ltd., ICICI Prudential Asset Management, Meesho Ltd., Groww Invest Tech, and Lenskart Solutions, all of which are expected to attract significant investor interest.
Well-Stocked IPO Pipeline
The current IPO landscape in India is not only active but also exceptionally well-stocked. According to Axis Capital, 71 companies have already received approvals from the Securities and Exchange Board of India (SEBI), while an additional 77 are awaiting clearance. Furthermore, 80 more firms have initiated the confidential pre-filing process, indicating a strong corporate appetite for public capital. This trend signals a growing maturity in India’s corporate financing ecosystem, as companies increasingly seek to tap into public markets for growth.
Tata Capital, LG India Among Top Upcoming Issues
Among the most anticipated IPOs in this wave is Tata Capital, the non-banking finance arm of the Tata Group, which is expected to raise ₹17,200 crore through its listing. Similarly, LG Electronics India, a subsidiary of the South Korean conglomerate, plans to divest a 15% stake, potentially raising ₹15,000 crore. Other significant players with regulatory clearance include JSW Cement (₹4,000 crore), Hero FinCorp (₹3,668 crore), and Bluestone Jewellery, all of which are poised to make a substantial impact on the market.
Resilient Indian Equity Markets
Despite the backdrop of global macroeconomic uncertainty and rising trade tensions, Indian equity markets have demonstrated remarkable resilience. The NSE Nifty 50 Index is approaching its all-time highs, buoyed by continued foreign inflows and supportive policies from the Reserve Bank of India. Ranvir Davda, co-head of investment banking at HSBC India, noted that companies exhibiting strong governance and differentiated business models continue to attract significant interest, even as global events occasionally constrain IPO launch windows.
Shift of Pricing Power from Foreign Investors to Local Participants
A noteworthy trend observed by Vishal Kampani, vice chairman and managing director at JM Financial, is the shift of pricing power in IPOs from foreign investors to local participants. This transition reflects the deepening of India’s capital markets and the growing confidence of the local investor community. The diversity of IPO candidates further underscores the strength of India’s economy, with offerings spanning various sectors, including industrials, real estate, healthcare, and construction.
Conclusion
As India prepares for a robust second half of 2025, the anticipated $18 billion in IPOs signifies not only the resilience of its capital markets but also the evolving landscape of investor participation. With a well-stocked pipeline and a diverse range of companies ready to make their public debut, the Indian IPO market is poised for an exciting period ahead. This momentum not only highlights the potential for growth within the Indian economy but also reflects the increasing confidence of local investors in navigating the complexities of the global financial environment.