Fibe Aims for ₹1,500 Crore IPO, Eyes Billion-Dollar Valuation by 2026...
08 Aug, 2025
After a subdued start to the year, India’s IPO market is witnessing a resurgence, thanks to a recent push from the Securities and Exchange Board of India (SEBI). In a significant development, the Securities and Exchange Board of India (SEBI) has approved six companies to collectively raise to Rs 20,000 crore through initial public offerings. The list includes heavyweights such as HDB Financial (Rs 12,500 crore), Dorf Ketal Chemicals (Rs 5,000 crore), and Vikram Solar (Rs 1,500 crore), alongside three other firms.
This move is expected to inject fresh momentum into the primary market, which had experienced a lull in March and April.
With these latest approvals, the IPO pipeline now boasts 72 companies with SEBI’s nod, aiming to mobilize a staggering Rs 1.4 lakh crore, according to data from PRIME Database. The pipeline could swell further, as another 68 companies are awaiting SEBI’s green light to raise to Rs 95,000 crore. In total, as many as 140 firms could tap the markets for a combined Rs 2.35 lakh crore, underscoring the robust appetite for equity fundraising despite recent market volatility.
However, the recent performance of newly listed companies has been less than spectacular. High-profile names such as Ather Energy, Aegis Vopak Terminals, Schloss Bangalore, and Scoda Tubes have all seen their issue sizes trimmed by 15-30% amid market uncertainty. Listing gains have also been modest: Ather Energy debuted just 2.18% above its issue price, while Aegis Vopak and Schloss Bangalore opened at a 6% discount, and Scoda Tubes listed flat. Although most of these stocks closed in the green, the returns pale in comparison to the 30% listing gains witnessed during FY25’s IPO boom.
Nilesh Shah, Managing Director of Kotak Mutual Fund, notes that while there was significant appetite for IPOs when the Nifty was at 22,000, many promoters chose to wait for better market conditions. “Now, the market is becoming active as promoters and investors are finding a common ground, in terms of valuations,” Shah said. He also highlighted the stabilizing effect of IPO supply, which helps absorb inflows from both domestic and foreign investors, contributing to overall market health.
Despite the burgeoning pipeline, market experts believe that a marquee listing is needed to rekindle investor enthusiasm. U R Bhat, co-founder and director at Alphaniti Fintech, suggests that a successful IPO from a major player like HDB Financial or the much-anticipated National Stock Exchange (NSE) could catalyze renewed activity. “The success of a big company like NSE, which now has over 100,000 investors, would attract more participants to the IPO market,” Bhat said. He added that current investor enthusiasm remains muted, partly due to the leveraged nature of IPO investing and the need for a favorable cost-benefit scenario.
While recent IPO debuts have been underwhelming, the sheer scale of the pipeline and the prospect of high-profile listings provide reasons for cautious optimism. Market participants are watching closely to see if upcoming issues can deliver the spark needed to restore the IPO market’s former vibrancy. For now, the stage is set for a potentially record-breaking year, provided that both issuers and investors can navigate the prevailing uncertainties and align on valuations.
