IPO pipeline swells; 2 dozen companies line up Rs 40,000-cr public offers in Dec-Jan

New Delhi: The IPO momentum shows no signs of slowing, with another two dozen companies, including ICICI Prudential AMC, Meesho and Juniper Green Energy, preparing to launch their public issues that could collectively raise nearly Rs 40,000 crore over the next two months, merchant bankers said.

Adding to this robust pipeline are prominent names such as artificial intelligence firm Fractal Analytics, home and sleep solutions brand Wakefit Innovations, technology-led security and surveillance firm Innovatiview India, and hospital chain Park Medi World, they added.

This exceptional pipeline not only reflected the confidence of issuers but also highlighted investors’ appetite to seize listing-day gains or back companies with strong long-term growth potential.

Moreover, companies across the spectrum — large, mid- and small-caps — are gearing up to tap the IPO route in the coming weeks.

Experts attribute this momentum to rising retail participation and resilient domestic inflows, which have been instrumental in sustaining the fundraising surge.

So far this year, 96 companies have debuted on the stock exchanges, raising Rs 1.6 lakh crore. More than 40 of these listings occurred in the last three months alone, highlighting the heightened activity in the primary market.

In comparison, 91 public issues collectively mobilised Rs 1.6 lakh crore in 2024, supported by resilient retail participation, strong private capex, and a buoyant economy.

With several IPOs scheduled for December, the total fundraising in 2025 could touch Rs 2 lakh crore, setting a new record for India’s primary markets, said Thomas Stephen, Head – Preferred, Anand Rathi Share and Stock Brokers.

“This is remarkable given the global volatility and a muted secondary market. Strong domestic liquidity has supported high valuations, and mutual funds, earlier cautious on pre-IPO deals, are now meaningfully increasing allocations,” Stephen added.

According to him, India’s robust consumption story, aided by GST and income-tax rationalisation, has encouraged many consumer-facing businesses to consider listing.

Echoing this sentiment, Shantanu Awasthi, Co-founder & CEO of Mavenark, noted that companies previously hesitant about tapping the public markets now recognise that sustained growth will require substantial capital infusion.

The fundraising wave is expected to help firms finance expansion, capital expenditure, debt repayment, and other corporate purposes.

Among the key players in the upcoming IPO slate, ICICI Prudential AMC aims to raise Rs 10,000 crore in the second half of December, merchant bankers said.

According to the draft red herring prospectus (DRHP), the issue will be entirely an offer for sale (OFS) of 1.76 crore equity shares by its UK-based promoter Prudential Corporation Holdings.

Meanwhile, SoftBank-backed Meesho is planning to raise Rs 5,421 crore through an issue opening on December 3. The IPO comprises a fresh issue worth Rs 4,250 crore and an OFS of 10.55 crore shares valued at Rs 1,171 crore at the upper band. At the same time, Precision component maker Aequs’ Rs 922 crore and Vidya Wires’ Rs 300 crore public offering would be available for subscription.

Other sizeable offerings planned for December included — Clean Max Enviro Energy Solutions (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore) and Juniper Green Energy (Rs 3,000 crore).

Also preparing for the market between December and January are– Manipal Payment, Kanodia Cement, Corona Remedies, Milky Mist, Amagi Media Labs, Nephrocare Health Services, Veeda Clinical, LCC Projects, Waterways Leisure, KSH International, Skyways Air Services, Ardee Engineering, PNGS Reva Diamond, and CIEL HR Services.

Together, these companies are expected to raise Rs 40,000 crore, the merchant bankers said.

Among this year’s major main-board listings, Tata Capital led with Rs 15,512 crore, followed by LG Electronics (Rs 11,607 crore), Lenskart Solutions (Rs 7,278 crore), and Billionbrains Garage Ventures, the parent of Groww, which raised Rs 6,632 crore.

Mavenark’s Awasthi suggested investors to remain mindful of valuations and the underlying business narratives before investing.