India's IPO Market Set to Rebound Strongly in H2 2025 with $18 Billion Pipeline
- India is expected to raise $18 billion through IPOs in H2 2025, rebounding from a slow start with only $5.3 billion raised in H1.
- Key upcoming IPOs include Tata Capital ($2B), ICICI Prudential AMC, NSDL, LG Electronics India, Meesho, Groww, and Lenskart.
- Strong stock market performance, foreign inflows, and monetary easing are reviving investor confidence and IPO momentum
India’s primary capital market is poised for a sharp rebound in the second half of 2025, with up to $18 billion expected to be raised through initial public offerings (IPOs), according to a report by Jefferies Financial Group. This revival comes after a tepid first half of the year, during which Indian companies raised only $5.3 billion via IPOs, as per data from Primedatabase.com.
Leading the charge is Tata Capital Ltd., preparing for a much-anticipated $2 billion listing. Other major firms in the pipeline include ICICI Prudential Asset Management, National Securities Depository Ltd., and LG Electronics India, representing a wide spectrum of sectors from financial services to consumer goods and capital market infrastructure.
Jefferies India’s Head of Equity Capital Markets, Jibi Jacob, noted that over 50 IPOs could hit the market before year-end. “The momentum is back, and we anticipate a surge in high-profile listings as market sentiment improves”, Jacob said. The upbeat forecast follows the strong debut of HDB Financial Services Ltd., which raised $1.5 billion, marking India’s largest IPO this year and helping to restore investor confidence.
While only 24 IPOs were launched in the first half far fewer than the 91 deals in 2024 experts attribute the earlier slowdown to global volatility and timing challenges. Now, with the Indian stock market touching new highs and the NSE Nifty 50 Index nearing its record peak, optimism is returning. Factors like foreign inflows and monetary easing by the central bank are further boosting the capital markets.
Ranvir Davda, Co-head of investment banking at HSBC India, said, “Despite global uncertainties, companies with unique business models, strong governance, and growth prospects are attracting strong investor interest”.
Other major listings anticipated in H2 2025 include Meesho Ltd., Groww Invest Tech Pvt., and Lenskart Solutions Ltd., adding further depth and diversity to India’s IPO pipeline.
