The IPO listing train keeps rolling: 2025 may be its biggest stop yet

Over ₹1.5 trillion raised, with major listings still queued down the track

India’s initial public offering (IPO) market is heading for a record year, with total fundraising in 2025 already above ₹1.5 trillion. Offerings worth more than ₹20,000 crore have opened this month alone, putting the market on track to top last year’s peak of ₹1.59 trillion. 

Several major issues are still in the pipeline for the rest of the year, including ICICI Prudential Asset Management Company (around ₹10,000 crore), Meesho (₹6,000 crore), CleanMax Enviro Energy Solutions (₹5,000 crore), and Fractal Analytics (₹5,000 crore). 

Investment bankers expect total IPO collections for 2025 to end between ₹1.6 trillion and ₹1.7 trillion. The strong