Markets brace for Rs 40,000-crore IPO wave till end of November

Despite subdued activity in the secondary market, India’s primary market has remained vibrant through 2025

Indian equity markets are preparing for a busy primary market season, with ten companies set to launch initial public offerings (IPOs) collectively valued at over Rs 40,000 crore by the end of November, according to two people familiar with the matter.

The upcoming IPO line-up includes Billionbrains Garage Ventures (the parent company of Groww), Lenskart Solutions, ICICI Prudential AMC, Pine Labs Ltd, PhysicsWallah, Tenneco Clean Air, Prestige Hospitality, Orkla India (known for MTR Foods), Boat, and Park Medi World, the operator of the Park Hospitals network, one of the people said.

Orkla India already announced its IPO which will open for subscription on October 29 and close on October 31. The anchor booking will start on October 28. The issue will be a pure offer for sale worth Rs 1668 crore. The price band will be at Rs 695-730 a share.

According to the first person, Billionbrains Garage Ventures and eyewear retailer Lenskart are expected to hit the market later this month. Groww’s parent is likely to raise around Rs 6,500 crore, while Lenskart is expected to mop up about Rs 6,000 crore through a mix of fresh equity and an offer for sale by its promoters. Both IPOs are expected to reserve 10 percent for retail investors, the person added.

The second person said Pine Labs plans to raise nearly Rs 5,500 crore, while ICICI Prudential AMC could bring in over Rs 9,000 crore, making it one of the largest issues in the upcoming wave.

Edtech platform PhysicsWallah is expected to raise about Rs 3,800 crore, followed by Tenneco Clean Air with Rs 3,000 crore, Prestige Hospitality with Rs 2,500 crore and Boat with around Rs 2,000 crore. Park Medi World, the operator of the Park Hospitals network, is likely to mobilize roughly Rs 1,200 crore.

Despite subdued activity in the secondary market, India’s primary market has remained vibrant through 2025. So far this year, 88 companies have gone public, collectively raising more than Rs 1.24 lakh crore. However, listing performance has been mixed.

Of the 85 mainboard IPOs listed this year, 29 opened below their issue price, while 27 posted modest gains between 1 and 10 percent. Twelve stocks gained between 11 and 20 percent, 13 delivered between 25 and 50 percent, and only three recorded listing gains above 50 percent.