IPO market outlook for H2 2025 remains cautiously optimistic amid improving economic conditions
Ratiraj Tibrewal, CEO of Choice Capital Advisors, believes that economic conditions are likely to improve in the coming months as global and domestic challenges such as inflation, interest rates, geopolitical tensions, and currency volatility begin to ease.
This positive outlook follows a strong performance in the first half of 2025, when companies raised Rs 45,351 crore through IPOs despite ongoing global trade tensions and macroeconomic concerns.
The amount raised represents a 45 per cent jump compared to Rs 31,281 crore collected during the same period the previous year.
Interestingly, while the funds raised increased, the number of IPOs fell to 24 in January–June 2025 from 36 in the same period the previous year.
This suggests that companies are opting for larger issue sizes, supported by strong investor demand.
According to data shared by merchant bankers, nearly 67 per cent of the IPOs listed in the first half of the year debuted at a premium, with an average return of around 25 per cent for investors.
Big names such as HDB Financial Services, Hexaware Technologies, Schloss Bangalore, and Ather Energy hit the market during this period.
Most of these public issues included a mix of fresh equity and offers for sale, with funds being used for expansion, debt repayment, and working capital.
The period also saw a spike in companies preparing to go public. The Securities and Exchange Board of India (SEBI) received draft IPO papers from 118 companies, more than double the 52 filings in the same period the previous year. This indicates strong future activity in the market.
JM Financial emerged as the leader in the IPO space, managing 10 issues that collectively raised Rs 26,838 crore in the first quarter of FY26 alone, according to Prime Database.
Vinod Nair, Head of Research at Geojit Financial Services, said that improving earnings in Q1 and Q2 of FY26, along with progress on the India-US trade deal, could further boost market sentiment.
However, he also warned that the high base of Rs 1.3 lakh crore raised in the second half of 2024 may make year-on-year (YoY) comparisons more challenging, especially if there is a slowdown in foreign and retail investor inflows.
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