Blockbuster year in sight for IPO street as issuers queue up

A decade-high number of filings for initial public offers, or IPOs, in 2025 has brought India within sighting distance of the highest ever amount of money raised in such share sales in a single year, data analysed by Mint showed.

- Priyamvada C & Mansi Verma

About 242 companies filed DRHPs in CY2025. ISTOCKPHOTO

(ISTOCKPHOTO)

Sustained domestic institutional flows have encouraged well-positioned issuers across sizes and sectors to tap public markets for growth capital and investor exits.

About 242 companies have filed draft red herring prospectuses with markets regulator Securities and Exchange Board of India (Sebi) in calendar year 2025 so far aiming to raise nearly ₹3.47 trillion, according to new issue tracker Prime Database. This compares with 157 filings seeking ₹2.79 trillion in calendar 2024.

The 91 IPOs so far in 2025 have cumulatively raised ₹1.52 trillion up to 17 November, marginally behind the ₹1.59 trillion vacuumed up by issuers in all of 2024. Issuers such as Wakefit, Fractal Analytics and Meesho are expected to join the list of IPOs before the year-end—likely turning 2025 into an all-time high year for such capital raising.

To be sure, any change in the market valuations or appetite for new stocks could see IPO issuers pull back their plans for the next six weeks and result in the monies raised through such share sales in calendar 2025 fall short of that ponied up in the previous calendar year.

“With over ₹1.5 lakh crore raised through main board IPOs so far, the surge in fundraising this year, has been driven by a combination of factors, including larger issue sizes that the market has successfully absorbed, a broader and more diversified mix of sectors coming to market, and importantly, a significant rise in domestic investor participation,” said Gaurav Sood, managing director and head, equity capital markets, Avendus Capital, a Mumbai-based investment bank.