India's 2025 IPO mopup set to cross ₹1 trillion despite weak equities

India’s primary market is on track to cross the ₹1 trillion fundraising milestone this year, once the mega share sales of non-banking financial company Tata Capital and coworking operator WeWork India Management close next week.

 

The strong pipeline sets the stage for this year’s tally to challenge the record ₹1.6 trillion raised in 2024 through initial public offerings (IPOs). This will be only the third time — the first two being 2021 and 2024 — that IPO mobilisation in a calendar year will be higher than ₹1 trillion. This year’s performance is notable as the surge in offerings has come against a relatively weak secondary-market backdrop. 

 

The Nifty 50 has gained less than 4 per cent year-to-date, compared to a 19 per cent rally over the same period in 2024. 

 

After a subdued start in the first five months, weighed down by US tariff uncertainties and corporate earnings disappointments, IPO activity picked up pace from June.

 

It is expected to accelerate in the last quarter, with marquee offerings such as those of LG Electronics India, Billionbrains Garage Ventures (Groww), Meesho, and ICICI Prudential Asset Management in the pipeline. Fundraising in the first 10 months has already outstripped last year’s tally.

 

Mahavir Lunawat, founder of Pantomath Financial Services Group, said strong IPO flows were crucial to absorb the surge of household savings into equities. “From a broader perspective, with ₹4-5 trillion being channelled into equity markets annually, the economy requires IPO issuances of roughly ₹2 trillion to maintain equilibrium and prevent overheating in the secondary markets,” he observed.