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Unicorn IPO rush gains momentum
Financial Express Delhi
|November 17, 2025
© Four issues worth ~26,000 cr to test investor appetite
THE UNICORN IPO frenzy shows no signs of slowing. After a flurry of listings — Lenskart, Groww, Pine Labs and Physics Wallah — in early November, e-commerce player Meesho, renewable energy firm CleanMax Enviro, and AI startup Fractal are preparing to announce their issues in the first half of December.
Meesho and CleanMax Enviro have already secured approval from the Securities and Exchange Board of India (Sebi) to raise 6,000 crore and €5,200 crore, respectively. The approvals are valid fora year, and both IPOs are expected to be announced in the first week of next month.
These will follow Milky Mist Dairy Foods’ *2,035-crore IPO, which includes a fresh issue of up to 1,785 crore and an offer for sale (OFS) of up to 250 crore. Two other large issues —
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