NEW DELHI: As 2024 draws to an end, India’s economy continues to display its resilience, with the IPO market achieving a historic milestone, raising a record Rs 1.6 lakh crore through 90 maiden public issues. Favorable market conditions, regulatory improvements, and robust economic growth fueled this surge.
The IPO pipeline for 2025 is anticipated to surpass Rs 2.5 lakh crore, showcasing continued momentum, as per reports.So far, 34 companies have secured SEBI approval for IPOs in 2025, aiming to raise a combined Rs 41,462 crore. Additionally, 55 firms are awaiting regulatory clearance, targeting approximately Rs 98,672 crore.
India’s IPOs, whether large or small, continue to draw attention on both national and global platforms. With strong investor demand and favorable market dynamics, experts predict another record-breaking year ahead for India’s IPO market.
Hyundai Motor India leads the way
This year witnessed Hyundai Motor India’s historic Rs 27,870 crore IPO, the largest in India’s history. This was followed by Swiggy’s Rs 11,327 crore issue and NTPC Green Energy’s Rs 10,000 crore offering, the largest-ever fresh equity issue in the Indian IPO market.
Diversity in IPO size
The smallest IPO of the year, Vibhor Steel Tubes, raised Rs 72 crore, reflecting the range of companies accessing the capital.
Exceptional subscription ratios:
- Vibhor Steel Tubes: 320 times
- Manba Finance: 224 times
- KRN Heat Exchanger: 213 times
Outstanding listing gains
Over 60 companies delivered positive returns on their debut day. Some standout performers include:
- Jyoti CNC Automation: 320% gain
- KRN Heat Exchanger: 278% gain
- Premier Energies: 184% gain
Revival of New Age Technology Companies (NATCs)
After two subdued years, NATCs made a comeback with nine IPOs, raising Rs 27,993 crore. This represents the highest fundraising by NATCs since 2021 and highlights renewed investor confidence in India’s tech ecosystem. The prominent issuers were:
- Mobikwik
- Ola Electric
- Swiggy
- FirstCry
- Awfis
- GoDigit Insurance
- TBO Tek
- Ixigo
- Unicommerce
What are upcoming IPOs in 2025
The notable upcoming IPOs include Indo Farm Equipment Ltd, Technichem Organics Ltd, Leo Dryfruits & Spices Trading Ltd, and Fabtech Technologies Cleanrooms, all scheduled to launch in the coming weeks.
Previous year IPOs
The total amount raised through initial public offerings (IPOs) dropped significantly to Rs 52,116 crore in FY23, less than half of the record Rs 1,11,547 crore raised in the previous fiscal, according to an analysis.
Global IPO activity
India also emerged as the global leader in IPOs, hosting 332 IPOs, outpacing the United States (205) and China (130). Despite the larger number of IPOs, the US maintained dominance in average IPO size, highlighting regional disparities.
Across the Asia-Pacific (APAC) region, several nations demonstrated notable IPO performance. Japanese markets witnessed remarkable growth of 275.1 per cent, featuring 69 IPOs that accumulated $12.6 billion, whilst Malaysian markets showed a 145.9 per cent upswing, with 36 IPOs collecting $1.1 billion.
India has emerged as the leading nation in the Asia-Pacific (APAC) region for IPO activity, with over 200 companies launching public offerings in 2025, according to Global Data, a prominent analytics firm.
The report projects that global IPO activity in 2025 will surpass 2024 levels, supported by a robust pipeline of offerings already in place. However, the pace of this growth will be influenced by global factors, including Federal Reserve interest rate decisions and developments in emerging markets.
