Upcoming IPOs: Meesho, ICICI Prudential AMC, Fractal Analytics among big-ticket issues expected in December; check full list

November seems to be eventful month for the IPO market amid lot of buzz being created around some of the recently listed IPOs. Groww shares saw substantial rise of nearly 94% compared to its issue price of ₹100 apiece.

Lenskart Solutions IPO valuation was also much talked about ahead of its IPO but the company’s issue was oversubscribed over 28 times and currently trading over 5% higher compared to its issue price of ₹395 apiece.

Some of the IPOs which came in November surprised investors with upbeat listing gains despite weak grey market premium (GMP). PhysicsWallah shares listed at 33% premium despite lower GMP of around ₹10 per shares. Pine Labs listed at 9.5% premium while its GMP was ₹5 per shares.

Another surprise insight which investors should know is traditional businesses, like Studds Accessories and Orkla India which got listed in November are currently trading below their IPO issue price despite receiving robust subscription and has strong financials and proven revenue growth over the years.

As last few days of November 2025 left many investors are now awaiting for other big companies to come up with their IPOs in December 2025. The primary market is expected to see public issue worth between ₹28,000 and ₹32,000 crore in December.

ICICI Prudential AMC (Issue size: approx. ₹10,000 crore)

ICICI Prudential AMC, one of the largest asset management companies (AMCs) in India, is likely to launch its IPO in December. As per NDTV report, ICICI Prudential AMC is close to securing final approval from market regulator, the Securities and Exchange Board of India (SEBI).

As of March 31, 2025, the company had assets under management (AUM) of ₹9.14 lakh crore, holding a leading market share of 13.3% in mutual fund AUM. It also holds the largest market share of 13.4% in equity and equity-oriented schemes.

Meesho Ltd IPO (Issue size: approx. ₹6,000 crore)

Meesho IPO is also expected to be launched next month to raise around ₹6,000 crore through a ₹4,250 crore fresh issue and an OFS of 17.57 crore equity shares, with existing investors such as Elevation Capital and Peak XV Partners participating in the offer-for-sale.

Bengaluru-based Meesho Limited has rapidly emerged as India’s largest e-commerce platform by annual transacting users and orders placed for the year ending June 2025. In FY25, Meesho saw a remarkable increase in annual transacting users to approximately 21.3 crore, and order frequency increased to 9.4x, and net merchandise value (NMV) rose to ₹8,679 crore.

Clean Max Enviro Energy (Issue size: approx. ₹5,200 crore)

Brookfield-backed Clean Max Enviro Energy Solutions is expected to launch its mega ₹5,200 crore IPO soon. The company had filed its DRHP with SEBI in August 2025 and approval for the same is expected to come very soon. The IPO will be a combination of fresh issue worth ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters and existing shareholders.

Clean Max Enviro Energy Solutions is India’s largest commercial and industrial (C&I) renewable energy provider. It provides decarbonisation and net zero solutions by offering renewable power, energy services, and carbon credits to clients across various industries. As of March 31, 2025, it has served over 531 clients from the technology, manufacturing, data centre, and real estate sectors, with an operational and contracted capacity of 2.54 GW and 2.53 GW, respectively, as of July 2025.

Fractal Analytics (Issue size: approx. ₹5,000 crore)

Mumbai-based enterprise AI company Fractal Analytics is most likely to launch its ₹5,000 crore IPO in December which will be a combination of fresh issue of up to ₹1,279.3 crore and offer-for-sale up to ₹3,620.7 crore by current shareholders.

Fractal Analytics Limited is a leading advanced analytics and AI solutions provider, helping global companies drive digital transformation and better decision-making through data science and analytics. In FY25, the group released strong financial results, with revenue increasing by 26% year-on-year to ₹2,765.4 crore and being profitable with a net profit of ₹220 crore

Milky Mist Dairy Food (Issue size: approx. ₹2,035 crore)

Packaged dairy product company Milky Mist could bring its ₹2,035 crore IPO in December. Recently, the company received required approval from SEBI for its public issue. This IPO is likely to have fresh issue of up to ₹1,785 crore and an offer for sale of up to ₹250 crore by promoters. The company plans to use net IPO proceeds for business expansion and to reduce its debt.

Milky Mist Dairy Food is the largest private packaged paneer brand in India with about 17% market share in FY25 , and it holds around 12% of the packaged cheese market in South India. is one of India’s fastest-growing packaged food companies, with revenue expanding at nearly 30% CAGR between FY23 and FY25.

Hero Fincorp (Issue size: approx. ₹3,668 crore)

Hero MotoCorp-backed NBFC Hero FinCorp also plans to bring its IPO this year, consisting of fresh issue of ₹2,100 crore and an offer for sale (OFS) of ₹1,568 crore. As per a report by moneycontrol, the company raised ₹260 crore in a pre-IPO placement round from a group of investors. The company has already received approval from SEBI to launch its IPO. Hero FinCorp offers various financial products to retail and MSME customers.

Besides these IPOs, few other companies like Skyways Air Services could launch ₹600 crore public issue next month. Corona Remedies and Aequs Ltd with issue size of ₹800 crore and ₹720 crore are likely to be in pipeline.