BFSI sector gears up for ₹58K cr IPO rush

The banking, financial services and insurance (BFSI) sector is preparing for a 58,000 crore fundraising through initial public offerings (IPO), with analysts pointing to regulatory mandates as the key trigger for this rush, amid historically lower participation rates in the primary market.

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So far in 2025, three BFSI firms have mobilised ₹16,765 crore, or 21.4 per cent of total IPO proceeds. Fifteen more are expected to come to market, the most among all sectors, from a total pipeline exceeding 2.7 trillion, according to PRIME Database.

Adding to the queue, PhonePe has filed draft papers with the markets regulator through the confidential prefiling route and is aiming to raise as much as 12,000 crore, people familiar with the matter said. "This issue is likely to find takers. There is enough liquidity in the markets and good investor appetite," said G Chokkalingam, founder and head of research at Equinomics Research.