IPO surge: While the primary market was off to a slow start in 2025, the momentum has certainly picked up pace as the year progressed. Some 53 mainboard IPOs have already hit Dalal Street this year so far, with three more — Urban Company, Dev Accelerator and Shrinagar House of Mangalsutra — set to open this week.
What’s more? 84 companies are sitting on the sidelines, waiting to launch their IPOs, set to offer retail and institutional investors a galore of opportunities to tap upcoming and established names.
The optimism in the IPO market stands in contrast to the tepidness visible in the Indian secondary market. Even among foreign portfolio investors, the trend of buying IPOs and selling stocks is evident.
“This divergence—weak secondary trade but robust primary activity—is often seen in maturing markets where domestic pools of capital can anchor issuance even when global sentiment is shaky. It reflects investor preference for new growth stories rather than chasing crowded secondary valuations,” said Harshal Dasani, Business Head, INVAsset PMS.
According to information from Prime Database, the IPO momentum could stay strong, as 84 public issues are sitting on SEBI approval and are expected to open in the near future. Some of these companies are looking to raise as much as ₹15,000 crore via an initial share sale.
Upcoming IPOs: Anand Rathi to LG Electronics
Among 84 companies that are sitting on SEBI approval for IPOs, the biggest offer could come from LG Electronics. The company is looking to raise RS 15,000 crore, according to reports, and will likely be an offer for sale by the promoters and selling shareholders.
It is followed by Credila Financial Services and Dorf-Ketal Chemicals, which plan to raise ₹5,000 crore each. PhysicsWallah, Hero FinCorp, and WeWork India are among other marquee companies looking to float IPOs.
PhysicsWallah recently filed an updated draft red herring prospectus (DRHP) with the SEBI for a ₹3,820 crore public offer.
| Company Name | Date of offer document | Issue Size ( ₹ cr) |
| LG Electronics India Ltd. | 09-Dec-2024 | 15,000 |
| Credila Financial Services Ltd. | 01-Jan-2025 | 5,000 |
| Dorf-Ketal Chemicals India Ltd. | 27-Jan-2025 | 5,000 |
| PhysicsWallah Ltd. | 19-Mar-2025 | 3,820 |
| SMPP Ltd. | 21-Oct-2024 | 4,000 |
| Hero FinCorp Ltd. | 05-Aug-2024 | 3,668 |
| Continuum Green Energy Ltd. | 16-Dec-2024 | 3,650 |
| Avanse Financial Services Ltd. | 31-Jul-2024 | 3,500 |
| WeWork India Management Ltd. | 04-Feb-2025 | 3,500 |
| Juniper Green Energy Ltd. | 30-Jun-2025 | 3,000 |
| Manjushree Technopack Ltd. | 22-Aug-2024 | 3,000 |
| Veritas Finance Ltd. | 21-Jan-2025 | 2,800 |
| Prestige Hospitality Ventures Ltd. | 28-Apr-2025 | 2,700 |
| Ecom Express Ltd. | 19-Aug-2024 | 2,600 |
| Imagine Marketing Ltd. | 09-Apr-2025 | 2,000 |
| Innovatiview India Ltd. | 17-Feb-2025 | 2,000 |
| Jain Resource Recycling Ltd. | 04-Apr-2025 | 2,000 |
| Karamtara Engineering Ltd. | 27-Jan-2025 | 1,750 |
| Corona Remedies Ltd. | 05-May-2025 | 1,500 |
| Mouri Tech Ltd. | 13-May-2025 | 1,500 |
| Aye Finance Ltd. | 20-Dec-2024 | 1,450 |
| Park Medi World Ltd. | 03-Apr-2025 | 1,260 |
| Paras Healthcare Ltd. | 02-Aug-2024 | 1,200 |
| Varindera Constructions Ltd. | 03-Oct-2024 | 1,200 |
| Saatvik Green Energy Ltd. | 17-Mar-2025 | 1,150 |
Imagine Marketing (boAt), Anand Rathi Share and Stockbrokers, Avanse Financial Services and Greave Electric Mobility are also slated to float IPOs.
Can IPO momentum continue?
According to analysts, the momentum in India’s IPO market looks set to continue.
“With more than 80 firms holding SEBI approval and several high-profile filings in the pipeline across sectors like technology, healthcare, and renewables, the deal flow remains healthy. Regulatory clearances have accelerated, and issuers are lining up to raise funds amid an accommodative policy backdrop. The RBI’s recent rate cuts have improved funding conditions, while strong domestic flows from mutual funds and retail SIPs provide a reliable anchor for demand,” Dasani opined.
Global risks—from foreign outflows to trade tensions—could temper exuberance, but they are unlikely to derail the broader trend, Dasani added.
He believes that the IPO market is positioned to remain one of the brightest spots of Indian capital markets through FY26, supported by domestic liquidity, regulatory momentum, and structural investor appetite for new paper.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
