Robust IPO Pipeline: 80 Firms With SEBI Nod Eye Raising Rs 1.3 Lakh Crore In 2025 — Check Big-Ticket Issues
Eighty-five firms are still awaiting SEBI's nod and will likely raise Rs 1.49 lakh crore.
The Indian primary markets are set for a strong fundraising phase, with as many as 80 companies gearing up to raise over Rs 1.29 lakh crore through initial public offerings in the coming months, according to data compiled by Prime Database.
All these companies have already secured approval from the Securities and Exchange Board of India. This underscores the robust IPO pipeline.
Big-Ticket Issues In Pipeline
A slew of marquee names is preparing to hit the Street. Pine Labs is expected to raise around Rs 8,500 crore, positioning it as the second-largest IPO this year, behind HDB Financial Services' Rs 12,500-crore issue. Close on its heels, LG Electronics India Ltd. is eyeing Rs 8,000 crore, likely to become the third-largest IPO of 2025.
Other prominent firms awaiting their turn include Hero FinCorp Ltd., Hero Motors Ltd., PhysicsWallah Ltd., Ecom Express, Avanse Financial Services Ltd., Kent RO Systems Ltd., Credila Financial Services Ltd., and DORF-Ketal Chemicals India Ltd. Notably, both Credila and DORF-Ketal are expected to raise Rs 5,000 crore each.
While 80 firms have already received SEBI's go ahead, there are 85 still waiting for the nod. These 85 firms together are likely to raise Rs 1.49 lakh crore. Among the big names are Tata Capital Ltd., Meesho Ltd., ICICI Prudential Asset Management Co. Indira IVF Hospitals Ltd. and Lenskart Solutions Ltd.
If Tata Capital gets the go ahead this year, then it will the largest IPO this year as the company plans to raise Rs 17,000 crore. ICICI Prudential AMC is looking to raise Rs 10,000 crore, while Lenskart will likely raise Rs 7,650 crore.
IPO Market Performance So Far
Indian IPOs have already raised Rs 74,525 crore in 2025 so far, making it the second-best year in more than a decade, according to NDTV Profit calculations. The record was set in 2024, when 91 IPOs raised Rs 1.59 lakh crore.
The momentum has been visible in market activity. August 2025 saw 31 companies debut on the NSE, the highest in nearly a year, collectively adding Rs 84,000 crore in market capitalisation.
In the first five months of the fiscal alone, 90 companies listed across both mainboard and SME platforms, raising over Rs 54,000 crore. Consumer discretionary, financials and industrials led the charge in terms of sectoral representation.
Institutional Appetite Remains Strong
The IPOs in both small and medium enterprises, and the mainboard have been on the rise. However, there has been a sharp divergence in India’s primary market trends, revealed NSE's Market Pulse report.
The share of QIBs in mainboard IPO allocations rose to 57% in August, up from 51% in July, as per the report. Retail individual investors moderated slightly to 28.5% from 29.2%, while non-institutional investors edged higher.
In the SME segment, however, QIB participation eased to 35.3%, compared with 39.5% in July, signalling a more balanced mix of investor categories in the SME segment.
Fundraising Sees Dip
Despite the robust pipeline, fundraising via mainboard IPOs fell 78% in August to Rs 8,029 crore, marking the lowest mobilisation in three months. NSE's report attributes the slowdown to global headwinds, including fresh US tariffs and softer investor sentiment.
Overall, total mobilisation through equity and debt markets slipped to Rs 1.1 lakh crore in August, reflecting a cautious stance among issuers amid external uncertainties.
