India’s primary market is gearing up for what could be its busiest December ever, with eight companies expected to launch initial public offerings worth more than Rs 30,000 crore by the end of the month, according to two people familiar with the matter. If the pipeline materialises as planned, December 2025 could surpass the previous record set in December 2024, when 15 IPOs collectively raised Rs 25,438 crore.
The upcoming IPO roster includes Meesho, Clean Max Enviro Energy Solutions, Fractal Analytics, Milky Mist Dairy Food, Skyways Air Services, Corona Remedies and Aequs Ltd, the people said.
Momentum is also building around ICICI Prudential Asset Management Co., which is close to receiving approval from the Securities and Exchange Board of India, Bloomberg recently reported. Prudential Plc is considering raising as much as $300 million through a share placement in the AMC ahead of its planned listing. A final call will be taken once the IPO proposal receives regulatory clearance, Bloomberg said.
Among the pipeline, Meesho is set to be the marquee offering. Moneycontrol reported that the e-commerce firm is targeting an early-December launch after filing draft papers confidentially in July. It is eyeing a post-money valuation of roughly $5.93 billion, or about Rs 52,500 crore., The issue size will be around Rs 6,000 crore, one of the people said.
Clean Max, the renewable energy company, is preparing an issue of about Rs 5,200 crore, the person added. Fractal Analytics is also nearing SEBI approval and is likely to hit the market soon with an IPO size of around Rs 5,000 crore, according to the second person.
Milky Mist Dairy Food Ltd, a fast-growing dairy brand, is targeting a Rs 2,000 crore issue and is aiming to list before December-end, the second person noted. Skyways Air Services, one of India’s leading air-freight and logistics firms, is gearing up for an issue of around Rs 600 crore.
Aequs Ltd—which has global operations in aerospace precision engineering, consumer goods and toy manufacturing—is expected to seek around Rs 720 crore through its IPO, sources said. Meanwhile, Corona Remedies Ltd, an Ahmedabad-based company, is planning an IPO of about Rs 800 crore with a 10 percent retail quota, they added.
The year-end rush comes despite a muted secondary market. Still, India’s primary market has remained lively through 2025. So far, 96 companies have gone public, raising more than Rs 1.53 lakh crore. Listing performance, however, has been uneven: 32 IPOs listed below issue price, 31 recorded modest gains of 1 to 10 percent, 13 rose between 11 and 20 percent, 16 delivered gains between 25 and 50 percent, while only four stocks saw listing pops exceeding 50 percent.
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