Primary Market

The relationship between India's primary and secondary markets reveals a clear pattern: when market conditions are strong, companies flood the IPO space with increasingly optimistic valuations, historically serving as a reliable indicator of market peaks. Despite recent lukewarm secondary market performance, the primary market continues to show resilience, with 2025 IPO activity remaining robust even as first-day listing gains have nearly halved from the previous year's highs.

JPMorgan sees India building on record levels of IPO activity

Investors are betting that India will build on last year’s record, when nearly $21 billion was raised in IPOs, including the country’s biggest-ever listing — by Hyundai Motor Co.’s local unit — and two others that exceeded $1 billion.

Why are real estate companies making a beeline for the primary market?

India has emerged as a top global destination for cross-border capital in real estate, ranking seventh worldwide in Colliers' June 2025 report. Fuelled by strong economic fundamentals and robust infrastructure growth, the sector is attracting significant investor interest

Debt and equity fundraising hits all-time high in FY25 even as market sails through jitters

In a contrasting trend, FPIs injected Rs 1.21 lakh crore into the primary market while offloading Rs 2.64 lakh crore in the secondary market.

IPO slowdowns are just part of the cycle, rebound will come: Softbank's Sarthak Misra

So far this year, 10 IPOs have been filed on the BSE mainboard, a sharp decline compared to 90 in 2024

India's share of global IPO market rises to 30% in 2024 from 17% in 2023: Economic Survey 2025

The report released on January 31 said, the total resource mobilisation from primary markets (equity and debt) stands at ₹11.1 lakh crore from April to December 2024.

Robust fund inflows propel 2.6x surge in equity Issuances in 2024, says MOFSL report

In the past 12 months, companies from 23 sectors raised funds in the primary market, offering investors greater diversity while marking a shift away from the dominance of a few sectors seen in the previous years.

CDSL – Valuation full, but earnings growth can drive stock upside

CDSL posted solid earnings in Q2 FY25 and the stock valuation is full. However, MC Pro lists the reasons that can drive further stock upside

Is record primary market issuance causing a shakeout in the secondary market?

With some more big IPOs in the pipeline, their issuers may rethink strategy if the market languishes

IPOs on track but poll outcome turns primary market outlook to cautious

Merchant bankers are of the view that even though there are a lot of apprehensions around political stability, the long-term India growth story still looks intact and that would keep attracting newer companies to the market.

Expect India to be busiest Asian market for IPOs in 2024 with bigger deals: Citi Asia's Udhay Furtado

In 2023, the Indian arm of the investment bank worked on deals like the blockbuster $365-million Tata Technologies IPO, the $630-million Cube Highways InvIT listing and the $280-million Brookfield India REIT QIP

Amarjeet Singh, who led various primary-market reforms, takes charge as Sebi WTM

He will handle various departments including Investment Management Department, Market Intermediaries Regulation and Supervision Department, Office of International Affairs, Investigations Department and Human Resources Department

Is 2023 going to be the stellar season for IPOs?

A vibrant secondary market often enhances the allure of the primary market, as more investors are likely to bid for new issues when the overall sentiment is upbeat. Analysts cited this factor as a major trigger for the rise in the number of IPOs hitting the Street since March.

A tale of two IPO markets

In the first two months of 2023, 19 companies raised Rs 225 crore from the SME IPO market, while there were no issues in the main market.

ASBA for secondary markets will be another blow for fintech, brokers

An ASBA-like mechanism for the secondary markets will enable traders to enjoy interest on the funds not used

Why a truncated LIC IPO is not good news for retail investors

The government’s inability to get its original valuation and a lower issue size raises the risk of more dilution rounds

Here's what was driving the IPO boom, but will it continue? 

 A Prime Database study which was reported in the media shows that Rs 21.9 lakh crore was borrowed by non-banking finance companies (NBFCs) through commercial papers (CPs) to fund NIIs. To put it differently, Rs 1.21 crore was funded by NBFC to NIIs for every Rs 1 lakh of allotment. As a result, most of the decent issues are getting between 200-300 times oversubscription in the NII segment. 

SEBI’s new IPO norms to help improve transparency 

The new rules will provide comfort for investors in public issues, especially issues of new age companies.  

It will be raining IPOs in 2022, with a few thundershowers

If 2021 was a record year for fund-raising through IPOs, then 2022 promises to be another record-breaking year. Will the secondary market feel the pain?

Are FPIs really selling? 

In order to say whether FPI flows have been positive or negative during the year, one needs to take into account all three segments of the market – primary, secondary, and derivatives 

SEBI is being selective in its outrage on IPO valuation

The Sebi chief has asked investment bankers to be careful while pricing IPOs, seemingly upset by the Paytm debacle. But his concern for investors is misplaced

Softened by private capital, startups are struggling with public market norms

Public markets operate under a different set of rules than private markets, some of them unwritten. Founders need to change their traditional approach to communication

IPO game turns riskier for investors as financing costs soar

Heady grey market premia are pushing HNIs to borrow larger amounts for applications, to increase the probability of allotment

CDSL – The road ahead for investors after a sharp rally

The stock has almost tripled in the past one year. The question now is whether there is more steam left in the stock after the staggering rally

How to value lossmaking Zomato as it hits D-St to raise over Rs 9,000 crore

Experts say companies like Zomato are tech-based platforms that need huge initial investments but there are plenty of growth opportunities for them because the market is still underpenetrated