NEW DELHI: Despite a sharp correction in the equity market in recent months, the initial public offering (IPO) market has remained robust. While concerns persist that benchmark indices - BSE Sensex and NSE Nifty50 - may take time to reclaim their all-time high levels, there are no signs of a slowdown in the primary market.
Investment banking company Pantomath Group has forecast record-breaking IPO fundraising in 2025, exceeding Rs 2 lakh crore. “With the continued momentum in the markets, we now project that equity raised through IPOs will cross Rs 2 lakh crore in the year 2025.
This milestone is a testament to the resilience of India’s capital markets, the confidence of investors, and the critical role IPOs play in fueling economic growth,” said Mahavir Lunawat, managing director of Pantomath Capital,” said Mahavir Lunawat, managing director of Pantomath Capital.
Market data reveals that 34 companies have received Sebi approvals to raise Rs 41,462 crore, while 55 companies await clearance for Rs 98,672 crore. Additionally, 143 draft red herring prospectuses (DRHPs) were filed in 2024, compared to 84 in 2023 and 89 in 2022.
In the first 11 months of 2024, 76 firms raised Rs 1.3 lakh crore via IPOs. This surge is attributed to favourable regulatory reforms and investor confidence, which fueled market momentum even amid broader downturns.
The biggest IPO of 2024—and the largest in India’s history—was Hyundai Motor India Ltd.’s Rs 27,870 crore IPO, which was subscribed 2.37 times and listed at a 1.33% discount. Other notable IPOs included those by Swiggy, NTPC Green, and Bajaj Housing Finance. 2025 is expected to see high-profile IPOs such as e-commerce giant Flipkart, PhysicsWallah, Zepto, HDFC Credila and Ather Energy. Korean electronics giant’ Indian subsidiary - LG- is expected to launch a mega IPO in 2025.