India’s primary market is set for a strong rebound after a slow start to the year, with up to $18 billion expected to be raised through initial public offerings in the second half of 2025, according to Jefferies Financial Group.
Among the most anticipated listings is Tata Capital Ltd., which is gearing up for a $2 billion IPO. Other high-profile names in the pipeline include ICICI Prudential Asset Management Co., National Securities Depository Ltd. and LG Electronics India, reflecting a lineup spanning financial services, consumer goods, and capital market infrastructure. In the first half of the year, Indian IPOs raised about $5.3 billion, according to Primedatabase.com.
The surge in offerings puts India’s primary market on course to extend a blockbuster 2024, when companies raised $21 billion through first-time share sales. The rebound is being driven by a buoyant stock market, with the strong debut of HDB Financial Services Ltd. after its $1.5 billion offering — the nation’s largest this year — further boosting risk appetite.
“We expect IPO activity and new listings to pick up in second half, with several marquee companies and businesses aiming to go public within the year,” said Jibi Jacob, head of equity capital markets at Jefferies India Pvt. Jacob said he expects more than 50 IPOs to tap the market by year-end.
Despite a slow start — only 24 IPOs were launched in the first six months, compared with 91 deals in 2024 — the outlook has brightened. The earlier dip was largely attributed to market volatility, which hurt timing of new issues, Jacob said.
Investor confidence is returning as India’s $5.4 trillion stock market climbs, fueled by foreign inflows and aggressive monetary easing by the central bank. The NSE Nifty 50 Index is close to its record high reached late last year, despite headwinds such as President Donald Trump’s tariff threats and a recent conflict with neighboring Pakistan.
“While global macroeconomic uncertainties may occasionally tighten launch windows, companies with differentiated business models, strong governance, and long-term growth potential are attracting significant interest,” said Ranvir Davda, co-head of investment banking at HSBC India.
Among other large IPOs expected in the second half are e-commerce company Meesho Ltd., stock broking firm Groww Invest Tech Pvt., and eye-wear maker Lenskart Solutions Ltd.
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