As markets navigate the wave of volatility brought on by global policy uncertainties, initial public offerings have faced a noticeable slowdown in 2025, but draft papers filed with the markets regulator show a diverging trend.
As markets navigate the wave of volatility brought on by global policy uncertainties, initial public offerings have faced a noticeable slowdown in 2025, but draft papers filed with the markets regulator show a diverging trend.
In 2025 so far, 76 companies have filed draft red herring prospectus with the Securities and Exchange Board of India, significantly more than the 45 DRHPs filed in 2024 during the comparable period.
This is in contrast to only 11 mainboard listings on the BSE in the first five months of the current year, while the same period last year saw 29 mainboard listings.
New listings in the SME space, however, don't seem to follow the same pattern, with 36 listings so far in 2025, as against 32 listings seen in 2024 over the same period.
Consequently, the total value of funds raised by new listings have seen a marked decline to Rs 18,964 crore this year, as against Rs 48,152 crore during the comparable period last year.
Periods of uncertainty and market declines often see fewer listings in financial markets. In 2024, Indian equities' benchmark Nifty 50 had seen a maximum drawdown of 2.5%, ending the five-month period 4.1% higher, while in 2025, the index fell as much as 8%, before rising back up to a 5.8% climb since the year began.
Calendar year 2024 was one of the best years on record for IPOs in the Indian markets, with a total of 91 mainboard listings, raising nearly Rs 1.6 lakh crore in total.
One in four companies listing on the mainboard also entered the billion-dollar valuation club during the year, with Hyundai Motor India, Swiggy, and Bajaj Housing Finance being among the largest newly listed companies in 2024.
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