Blockbuster year in sight for IPO street

capital markets, Avendus Capital, a Mumbai-based investment bank.

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On India's standout performance as the market with the most number of IPOs in the first three quarters of calendar year 2025, consultancy and audit firm noted in an October report: “India’s leadership in IPO volume, supported by strong valuation multiples, underscores the vibrancy of its domestic market. The rise in average deal size reflects growing investor optimism in sectors such as fintech, manufacturing and renewables.”

Large IPOs over the last 18-24 months demonstrate the depth of domestic liquidity and have encouraged more issuers to tap public markets, Sood added.

The pipeline of issuers has been diverse and broad as Indian public markets are now more accepting of differentiated, innovation-led business models. Automaker Hyundai India, food delivery and quick commerce platform Swiggy, consumer goods brand LG Electronics India, and non-banking lenders Tata Capital and Bajaj Housing Finance have been among the top IPO companies in India in 2024 and so far in 2025.