Monday, 15 Sep, 2025
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In H1 2025, 118 companies filed DRHPs—more than double last year’s 52—seeking to raise Rs 1.6 lakh crore, up from Rs 1 lakh crore, signalling renewed confidence in the market.
After a sluggish start to the year, India’s primary markets are finally showing signs of revival. A surge in draft prospectus filings and a robust pipeline of upcoming deals suggest 2025 could end up being a strong year for (initial public offerings) IPOs—provided the current market momentum holds.
The shift is being driven by a buoyant stock market. With benchmark indices reaching record highs and investor sentiment holding steady, companies are scrambling to make the most of attractive valuations and ample liquidity. For many promoters, it’s a race to list before macro winds change.
According to market data from the first half of 2025, 118 companies filed draft red herring prospectuses (DRHPs)—more than double the 52 filings during the same period last year. These firms are aiming to raise a combined Rs 1.6 lakh crore, up from Rs 1 lakh crore in H1 2024. The scale of this ambition signals more than just opportunism—it reflects renewed confidence in the capital markets.
A Lineup of Market Movers
Some of the most anticipated names preparing to go public this year include Groww, the fast-growing online investment platform; Pine Labs, a major fintech player; PhysicsWallah, the edtech unicorn with deep penetration in non-metro cities; and Waterways Leisure Tourism, which operates India’s only large cruise brand, Cordelia Cruises. These aren’t just startups chasing capital—they’re sector leaders with established market traction.
Also on the docket are Lalitha Jewellery Mart and Canara Robeco Asset Management, two firms from vastly different sectors, pointing to a diverse and broad-based IPO season ahead. If these offerings go through as planned, 2025 could mark one of the most active years in IPO history.
Then there’s National Securities Depository Ltd (NSDL)—a financial infrastructure giant and one of the most awaited IPOs this year. Set to raise around $400 million (Rs 3,300 crore) through a full offer for sale, the listing will see major shareholders such as IDBI Bank and the National Stock Exchange offload stakes. The company’s fundamentals look solid, with net profit rising 24.6 per cent in FY25 to Rs 340 crore and income growing by 12.4 per cent.
From Filing to Listing: A Gap Remains
Despite the surge in DRHP filings, actual listings on the mainboard have fallen. Just 24 companies went public in H1 2025, down from 36 during the same period last year. That gap tells a story: companies are preparing for IPOs but are also being cautious.
The early months of 2025 were marked by uncertainty. March was particularly quiet, with no IPOs at all—the first such month in nearly two years. April saw only one. Global volatility, political transitions at home, and interest rate worries held back market activity. But sentiment began to shift in May and June, as central banks signalled a softer stance and equities continued to rally.
Only Rs 18,704 crore was raised through IPOs in the first four months of the year—a far cry from the capital being targeted. But if the equity rally holds, the second half of the year could tell a very different story.
The Road Ahead
All signs point to a stronger H2, but the path forward won’t be smooth. Investor selectivity is increasing, and valuation discipline will be critical. Overpriced issues or weak business models could struggle to find traction, especially as the memory of 2021’s post-listing disappointments still lingers.
Still, the depth of India’s IPO pipeline is undeniable. And if names like Groww and Pine Labs successfully debut, it could open the floodgates for others.
Market experts say after a quiet start to 2025, filings are up, confidence is returning, and some big names are lining up. Whether this turns into a record year for public offerings will depend on execution—and on whether India’s equity markets stay in rally mode. The intention is clear. Now the follow-through matters.
