Oswal Pumps IPO Set to Open It's IPO...
10 Jun, 2025
The Indian capital markets are witnessing a significant revival in 2025, marked by a surge in initial public offerings (IPOs). More than a dozen companies have lined up public offerings in the next three to six months, reflecting renewed investor confidence and robust economic fundamentals. This wave of IPOs, often referred to as “IPO Season 2.0,” is poised to reshape the investment landscape, offering fresh opportunities across sectors such as technology, manufacturing, consumer goods, and infrastructure.
According to market analysts and data from multiple sources, India is on track to see over 100 IPOs in 2025, potentially raising more than ₹2 lakh crore, nearly double the amount raised in 2023. This remarkable growth is driven by strong domestic liquidity, a booming digital economy, and increasing interest from global investors attracted by India’s growth story.
KPMG’s recent analysis highlights that FY25 witnessed 80 mainboard IPOs, slightly up from 76 in FY24, raising approximately ₹1,630 billion compared to ₹619 billion the previous year. Despite global economic volatility and net foreign portfolio investor (FPI) outflows in parts of the year, India’s IPO market remained resilient, supported by stable government policies and easing trade restrictions.
The IPO boom spans a wide array of industries. Technology, fintech, and AI-driven companies are leading the charge, benefiting from government incentives and a rising digital consumer base. However, manufacturing, renewables, pharmaceuticals, and infrastructure sectors are also actively participating, offering investors a diversified portfolio of opportunities.
This broad sectoral participation reflects the underlying strength and diversification of the Indian economy. Companies are leveraging the buoyant market conditions to raise capital for business expansion, technology upgrades, and debt reduction.
Several companies have already filed their draft papers or are preparing to launch IPOs in the coming months. For example:
Meanwhile, SME platforms continue to see strong activity, with companies like Ganga Bath Fittings and Blue Water Logistics recently listing with positive investor response.
Investor enthusiasm is reflected in the oversubscription levels for many IPOs, with qualified institutional buyers (QIBs) and retail investors showing strong participation. The average oversubscription for QIBs has reached 102 times, while retail investors have oversubscribed by 35 times on average, underscoring the eagerness to tap into new growth stories.
This influx of IPOs has injected fresh liquidity into the markets, providing investors with new avenues for portfolio diversification and wealth creation. The revival also signals a shift in investor preference towards equity as a long-term asset class amid improving macroeconomic conditions.
With more companies expected to file for IPOs in the coming months, the momentum is likely to continue. The combination of strong domestic demand, government reforms, and improving global sentiment creates a conducive environment for primary market activity.
As India cements its position as a leading IPO destination globally, outpacing exchanges like NASDAQ in funds raised, the year 2025 is shaping up to be a landmark period for equity markets.
The rise in the number of IPOs in 2025 marks a milestone for India's financial markets and the broader economy. This wave of public offerings is not only providing companies with the capital needed for expansion and innovation but is also giving investors a wealth of new opportunities to participate in India’s growth story. While the market’s buoyancy is a positive sign, prudent investment decisions and careful analysis remain crucial amid the flurry of new listings. As the year progresses, all eyes will be on how these newly listed companies perform and how India continues to strengthen its position as a global financial powerhouse.
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