IPO Boom Continues: December Set to Raise ₹48,000 Crore; 2025 May Become Biggest Year Ever

India’s IPO market is headed for a record-breaking close to the year. As many as 28 companies are expected to raise around ₹48,000 crore ($5 billion) in December, potentially making 2025 the biggest fundraising year in India’s IPO history, with total mobilisation nearing ₹2 lakh crore.

A Record-Breaking Year

• 2024: 91 IPOs raised ₹1,59,784 crore — an all-time high.

• 2025 so far: 93 IPOs have already raised ₹1,54,133 crore, with December poised to push the figure beyond previous records.

What’s Driving the Surge

Industry experts highlight strong momentum due to:

• Heavy pipeline of PE- and VC-backed companies

• Rising retail investor participation, signalling deeper trust in Indian markets

• Active Foreign Portfolio Investors (FPIs), who invested over $8 billion in Indian IPOs in 2025, despite being net sellers in the broader market

Goldman Sachs’ Sudarshan Ramakrishnan notes that as young Indian companies mature, they are being met by a “swelling populace of Indian investors.”

Unicorns Lead the Charge

Following high-profile unicorn listings in November (Lenskart, Groww, Pine Labs, Physics Wallah), December will see another major round featuring:

• Fractal’s ₹4,900 crore IPO — India’s first major AI-company listing

• Clean Max Enviro Solutions – ₹5,200 crore IPO

• Meesho – ₹6,000 crore IPO, backed by SoftBank, with Sebi already approving the confidential draft

Mega Issues in the Pipeline

• ICICI Prudential AMC is set for the month’s largest IPO at ₹10,000 crore, supported by 18 BRLMs, including eight global investment banks.

• ARCIL may become one of the first asset-reconstruction companies to list.

• Park Medi World – ₹1,260 crore IPO

• Two major food companies are also entering the market:

  • Milky Mist Dairy Food – ₹2,035 crore

  • Curefoods India – ₹800 crore, with a pre-IPO round planned