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IPOs ARE BACK

BW Businessworld

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August 23, 2025

India's IPO market is on charge with record fundraises and mega listings ahead, eyeing Rs 2 lakh crore in FY26. Will this boom deliver lasting gains for retail investors?

- By Ashish Sinha

IPOs ARE BACK

INDIA'S IPO market is roaring back to life. From May to July 2025 alone, companies raised around Rs 55,000-60,000 crore, with July itself contributing Rs 20,000 crore. Market strategists say the frenzy is far from over, with Rs 2 lakh crore worth of fundraising expected in FY26, setting the stage for one of the biggest years ever for public equity markets. Both BSE and NSE are buzzing with fresh listings, diverse in size and sector, pulling in retail and institutional money with a level of enthusiasm not seen since the IPO boom of 2021.

The surge has been broad-based—ten IPOs in just three months, ranging from small Rs 60 crore issues to mega ones exceeding Rs 6,800 crore. Oversubscriptions have been the norm, and post-listing gains have surprised even seasoned traders. Sri Lotus Developers and Realty debuted with a 31 per cent premium, Shanti Gold International delivered a 15 per cent listing pop, and Hexaware Technologies saw blockbuster demand for its Rs 1 billion issue. National Securities Depository Limited (NSDL) which listed on August 6, had aimed to raise Rs 4,011 crore through a fully Offer for Sale (OFS) structure. Financial players like Laxmi India Finance and consumer ware firms like All Time Plastics are also seeing strong investor bids, while digital-first brands and infrastructure plays round out the mix.

imageAt the time of filing this report, JSW Cement had fixed a price band of Rs 139-147 per share for its August 7-11, 2025 IPO, targeting Rs 3,600 crore through a mix of fresh issue and OFS. Proceeds will fund a new Rajasthan plant, debt repayment, and corporate purposes. Part of the JSW Group, the company ranks among India's fastest-growing cement makers, is the largest GGBS producer, and operates seven plants with a vast nationwide dealer network.

Will Retail Investors Gain?

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