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 flow of issues could extend into next year, with nearly 200 companies having filed draft offer documents so far. 

While liquidity remains ample to absorb new listings, analysts warn that sustained investor interest will hinge on how these IPOs perform after listing.