IPO Wave Incoming: Tata, LG Among Big Names In India's Rs 2.58 Lakh Crore Pipeline
India's primary market is set for a blockbuster second half of 2025, with IPOs worth over Rs 2.58 lakh crore in the pipeline
Upcoming IPOs: India's primary market is set for a blockbuster second half of 2025, with initial public offerings (IPOs) worth over Rs 2.58 lakh crore in the pipeline. From Tata Capital's Rs 17,200 crore offer and LG Electronics India's Rs 15,000 crore issue to Groww's Rs 5,950 crore share sale, a wave of large-scale listings is expected to hit Dalal Street.
According to Prime Database, IPOs worth Rs 1.15 lakh crore have already secured approval from the Securities and Exchange Board of India (SEBI), while another Rs 1.43 lakh crore in share sale proposals await regulatory clearance.
Among the most anticipated listings is LG Electronics India, a wholly owned arm of South Korea's LG Electronics, which plans to raise Rs 15,000 crore. Financial services companies, new-age startups, and unicorns are also lining up to tap public markets.
Several firms are preparing their listings, including Dorf Ketal Chemicals and Credila Financial Services, each planning to raise Rs 5,000 crore. Others in the queue include JSW Cement and SMPP Ltd (Rs 4,000 crore each), Hero Fincorp (Rs 3,668 crore), NSDL (Rs 3,400 crore), and Continuum Green Energy (Rs 3,650 crore).
So far in 2025, up to July 2, 90 companies have filed their Draft Red Herring Prospectus (DRHP) with SEBI. These firms collectively aim to raise around Rs 1.17 lakh crore, signaling strong IPO momentum.
Tata Capital Ltd leads with the largest proposed IPO at Rs 17,200 crore. Other major names in the IPO pipeline include Meesho Ltd (Rs 4,250 crore), PhysicsWallah Ltd (Rs 4,000 crore), Orkla India Pvt Ltd (Rs 3,200 crore), Juniper Green Energy, and Tenneco Clean Air India Ltd (Rs 3,000 crore each). Last week, ICICI Prudential Asset Management Company filed draft papers with SEBI for a Rs 10,000 crore IPO, potentially making it one of the largest asset management listings in India.
'The IPO pipeline is the largest it has ever been in the Indian market. Unless there is major negative news flow, I expect a very strong second half of the year," said Pranav Haldea, Managing Director at Prime Database Group.
18 Approved Companies Yet to Launch IPOs
Out of the 71 companies that have already received SEBI approval in 2024, 18 are yet to proceed with their IPOs. Analysts say lukewarm feedback from the grey market or investor caution may be reasons for the delay.
Haldea noted potential valuation mismatches, market feedback, or internal strategy changes as possible causes for the hesitation. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, added that many firms became cautious after the market correction of nearly 20% following the September 2024 peak.'When markets correct from their highs, companies tend to wait for better conditions despite already having SEBI approvals," he said.
Rs 46,000 Crore Raised in H1 2025
Despite global headwinds and geopolitical uncertainty, India's IPO market remained resilient in the first half of 2025. As of July 2, 25 companies had raised more than Rs 46,000 crore. Among the standout listings was HDB Financial Services, which raised Rs 12,500 crore in June—marking the largest IPO by a non-banking finance company and the biggest since Hyundai Motor India's Rs 27,870 crore offering in 2024.
Buoyant Sentiment Drives IPO Rush
The surge in IPOs is supported by strong macroeconomic fundamentals, low inflation, stable policy environment, and robust retail participation.'Primary markets tend to mirror the sentiment of the secondary markets. Since April, we've seen rising optimism, which is clearly reflected in IPO activity," Haldea said.
Looking ahead, experts believe India's IPO market is well-positioned to set new records in 2025, driven by renewed investor confidence and the planned listing of several high-quality companies.
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July 23, 2025, 07:39 IST
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