India’s IPO market stages a comeback with 145 listings so far in 2025: What you need to know

After a subdued start to 2025, India’s initial public offering (IPO) market is back on track. A total of 145 IPOs have already been listed this year, including 57 on the main board and 88 on the SME exchange, according to BSE data. The rebound comes after months of weak activity, highlighting improving investor sentiment and the resilience of India’s equity markets despite a challenging global and domestic backdrop.

On path to revival: The 2025 IPO story so far

The year for the IPOs began on a weak note. Between February and April 2025, IPO activity almost stalled as benchmark indices witnessed their longest string of monthly losses on record; the NIFTY50 and SENSEX fell for a fifth straight month, with the NIFTY50 dropping 15% from its October 2024 high.

The slowdown was driven by sustained selling from foreign institutional investors (FIIs), elevated valuations, subdued corporate earnings, and global trade tariff uncertainties.

The pause in IPO activity stood in stark contrast to the record momentum of 2024, when India witnessed 158 IPOs – the highest in a single year.

However, from June onwards, the tide began to turn. IPO activity resumed across the main board and SME platforms, supported by buoyant secondary markets, recovery in global growth and renewed domestic investor appetite.

Hexaware Technologies' ₹8,750 crore issue was the first main board IPO that turned the tide for IPO markets. Dr Agarwal’s Health Care (₹3,027 crore) and Ather Energy (₹2,981 crore) followed suit. By mid-September, the average size of an Indian IPO in 2025 had more than doubled year-on-year to ₹1,870 crore from ₹905 crore in 2024, according to reports.

National Securities Depository Limited (NSDL), Urban Company, Laxmi Dental, Schloss Bangalore, and GNG Electronics, among others, were also among the notable IPOs that have got listed so far.

While large IPOs grabbed headlines, much of the revival was driven by the SME companies. After a muted March–May phase, when fundraising slowed to as low as ₹587 crore in May, SME IPOs staged a strong rebound. In June, SMEs raised over ₹1,300 crore, followed by ₹1,205 crore in July. By mid-August, 14 SME IPOs mobilised ₹626 crore, taking the total since June to 68 SME IPOs raising ₹3,133 crore, Business Standard reported.

Multiple factors have fuelled the rebound in SME IPO activity. Strong post-listing gains in SME counters lifted sentiment, drawing interest from both retail and institutional investors.

The momentum was further supported by the spillover from mainboard IPOs, which mobilised ₹33,813 crore in June–July, prompting investors to consider smaller companies as well. In addition, abundant market liquidity also ensured robust subscription levels, analysts observed.

Looking ahead: A deep IPO pipeline

Analysts highlight a substantial pipeline of companies preparing to enter the public markets. Christopher Wood’s GREED & Fear report estimates that nearly 80 IPOs could raise up to $35 billion (₹2.9 lakh crore) over the next 12 months, highlighting sustained interest from corporates and private equity firms seeking exits.

With more than 3,000 unlisted companies already generating revenues above $100 million, the pool of potential issuers is vast, Wood noted.