India’s IPO market is ready for another explosive wave. A new wave of big IPOs worth about Rs 40,000 crore is going to be launched in November and December. After the high-profile debut of LG Electronics India and Tata Capital, well-known names in the primary market like Lenskart, Grow, Pine Labs, ICICI Prudential AMC and Boat are set to hit Dalal Street.
So far in 2025, companies have raised funds worth more than Rs 1 lakh crore despite a steady start to the year. There have been more than 100 IPOs in the last 3 months alone, making it one of the busiest quarters in years. Analysts say investor sentiment remains strong, but the performance of the upcoming issues will largely depend on pricing discipline and quality of the businesses offered.
October was dominated by two giant companies – LG Electronics and Tata Capital. LG Electronics’ Rs 11,600 crore IPO proved to be a showstopper with its listing at a 50 per cent premium to its issue price after being subscribed more than 54 times. This listing was one of the best listings for any largecap IPO in the last few years.
In contrast, Tata Capital’s Rs 15,500 crore IPO had a tepid start, with listings remaining almost flat despite robust subscription. The company’s fundamentals remain strong, but analysts say weak short-term triggers kept investors cautious.
IPO market picks up after slow start
The first half of the year saw limited listings due to volatility in the secondary market and its surrounding environment. Nitin Jain, senior research analyst at Bonanza, said in an ET report that the success of LG Electronics has clearly shown improvement in confidence in India’s primary market.
He said that after a quiet year, the main market has gained momentum, as can be seen from two large IPOs in October, which tested the interest of investors. LG’s performance was one of the best in recent years, while Tata Capital’s IPO showed a more cautious stance.
However, Jain said that not all IPOs have been able to share the success like LG. Of the twelve main IPOs launched this month, eight are trading below their issue prices. This shows that issuers have been quite aggressive on valuations, while retail investors appeared to be a bit more choosy. The market now prefers strong fundamentals and fair valuations rather than speculation.
Rs 40,000 crore IPO in next two months
- Five big IPOs are expected in the coming two months, which can collectively raise more than Rs 35,000-40,000 crore in fintech, asset management, consumer electronics and lifestyle sectors. Analysts believe that these issues will decide whether the recent momentum will be sustained till 2026 or not.
- Eyewear retailer Lenskart may launch its Rs 8,000 crore IPO in early November. Backed by Temasek and KKR, the omnichannel retailer plans to use the funds to expand into tier-2 and tier-3 cities and strengthen its manufacturing and digital infra.
- Meanwhile, online brokerage Groww, one of India’s most popular investment platforms, with over 1 crore users, is reportedly planning a Rs 7,000 crore IPO in the first week of November.
- Issues from Pine Labs, ICICI Prudential AMC, Boat, Sunshine Pictures, Hero Fincorp, Omnitech Engineering, Orient Cables, Priority Jewels and a few others are expected to hit the market before the end of the year.
More than 200 IPOs will come next year
Brokerages also remain optimistic about the broader IPO scenario. Kotak Equities said in a note that the IPO pipeline remains strong, and more than 200 companies are expected to raise $35 billion next year. However, it also said that smaller issues dominate the market – IPOs of less than Rs 1,000 crore constitute two-thirds of the total IPOs issued, while large issues of more than Rs 5,000 crore constitute only 4 per cent of the total IPOs issued, but about one-fourth of the total fundraising. For investors in the primary market, the broader message is clear.