India’s IPO market set to raise $8 billion in record year-end rush

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India’s equity market is gearing up for a massive fundraising push, with up to $8 billion expected to be raised
through Initial Public Offerings (IPOs) in the final quarter of 2025. According to investment bankers, marquee issues
from Tata Capital and LG Electronics India will headline the IPO rush this month.

Second Busiest Quarter on Record

The October–December period is set to be the second busiest quarter on record, trailing only the same quarter last year
when companies similarly rushed to list.

Data from LSEG shows that over 240 large and mid-sized firms raised $10.5 billion in the first nine months of 2025,
making India the third-largest globally in terms of IPO fundraising.

Big IPOs Coming in October

“Investor interest is very strong and we are seeing some eight to nine very large IPOs lined up this quarter,” said
Suraj Krishnaswamy, MD of investment banking at Axis Capital. “Each of them is fundraising anywhere between
$600 million and $1.8 billion, which is very large for Indian markets.”

• Tata Capital: IPO opens October 6, aiming to raise $1.5 billion – the year’s biggest issue.
• LG Electronics India: IPO opens October 7, targeting $1.3 billion. The company is India’s
  second-largest appliance maker and a key competitor to Whirlpool.

More IPOs in the Pipeline

Bankers confirmed that other high-profile companies such as ICICI Prudential Asset Management,
PhysicsWallah, Fractal Analytics, and Credila Financial are preparing IPOs in November and December.
These firms are currently conducting roadshows to gauge investor demand.

Why the IPO Rush?

“The surge in IPOs reflects companies seizing the window of opportunity after a quiet first half of the year,” said
Kailash Soni, head of India equity capital markets at Goldman Sachs. Strong demand from both retail and institutional
investors is driving resilience, noted Nipun Lodha of PL Capital.

“MNCs are looking to list in India because the market offers high valuations thanks to abundant domestic liquidity,”
explained Yatin Singh, CEO of investment banking at Emkay Global.

Retail Investors Driving Momentum

Retail investors remain enthusiastic, often viewing IPOs as opportunities for immediate listing gains.
“I view IPOs as an opportunity for listing day profits rather than long-term wealth creation,” said
Sridhar D, a software engineer from Chennai who has been investing in IPOs for four years.

So far in 2025, the benchmark Nifty 50 index has risen only 4.3%, lagging other Asian markets.
By contrast, IPOs have returned an average of 12% on listing day. Of the 59 large IPOs listed this year,
42 gained on debut.