DRHP filings hit 10-year high in 2025 despite muted IPO launches

Despite market sell-off and IPO slowdown, 85 firms filed DRHPs in 2025, highest in over a decade; experts see revival ahead as confidence returns

The filing of draft red herring prospectuses (DRHPs) has remained resilient in 2025, reflecting continued optimism in the initial public offering (IPO) market, even as broader equity markets have weakened and primary activity slowed.

 

Between January and May, 85 companies filed their DRHPs with the Securities and Exchange Board of India (Sebi), the highest tally for this period in over a decade. Among the marquee companies filing offer documents this year are Tata Capital, Urban Company, and Canara Robeco Asset Management.

 

A DRHP is a preliminary prospectus filed ahead of an IPO and contains key disclosures, including share offer size,