BFSI IPO Pipeline Swells To Rs 60,000 Crore; Tata Capital, PhonePe Lead

PhonePe's confidential filing for an India IPO has become the latest talking point in a long list of financial market debuts that are set to hit Dalal Street soon.

As Tata Capital gears up to lead the charge with its Rs 17,000 crore offer, India's banking, financial services, and insurance sector is preparing for at least 15 other listings that can collectively raise around Rs 60,000 crore within a couple of months, according to data compiled from PRIME Database.

This fundraising spree is being driven by regulatory requirements for large firms and the need for private equity firms to exit their investments in startups.

The pipeline for these offerings is dominated by large issues from prominent companies like Tata Capital and ICICI Prudential Asset Management Co.

So far this fiscal year, three BFSI firms have raised around Rs 17,000 crore through public listings, representing more than 21% of the total funds raised through IPOs. This included HDB Financial's Rs 12,500 crore offer and NSDL's Rs 4,000-plus crore stake sale.

A key driver for this influx of new listings is a policy directive from the Reserve Bank of India and the Securities and Exchange Board of India, which has either mandated or strongly encouraged various financial entities—including insurance firms, non-banking financial companies, and asset reconstruction companies—to list their shares.

In addition to this, there is a growing investor interest in fintech companies, with prominent names like Groww, Pine Labs and, more recently, PhonePe lining up offers for sale.

Groww and Pine Labs alone are expected to raise approximately Rs 12,000 crore, with another Rs 12,000 crore expected to flow into the capital markets from PhonePe's offer.