After a tepid start to 2025, India’s primary capital market is staging a forceful comeback. According to projections from Jefferies Financial Group, up to $18 billion is expected to be raised through Initial Public Offerings (IPOs) in the second half of the year — signaling renewed momentum in one of the world’s most dynamic equity ecosystems.
At the heart of this revival is the anticipated $2 billion IPO of Tata Capital, one of India’s most prominent financial services powerhouses. The pipeline also includes a diverse set of businesses — from ICICI Prudential Asset Management to LG Electronics India, and even National Securities Depository Ltd., reflecting a growing appetite across sectors like fintech, manufacturing, and capital markets infrastructure.
Despite a sluggish H1 — with IPO fundraising hovering at around $5.3 billion — investor sentiment is rebounding sharply. The successful listing of HDB Financial Services with its $1.5 billion offering has not only restored confidence but also catalyzed a broader revival in IPO enthusiasm.
Why the Timing Matters
The surge in second-half IPOs is not just a recovery play. It’s a sign of India’s maturing capital markets, which are increasingly influenced by global investor flows, domestic liquidity, and a more stable regulatory environment.
- The NSE Nifty 50 Index is approaching record highs, buoyed by aggressive foreign institutional investment and supportive monetary policy.
- According to Jefferies, over 50 IPOs are likely to launch before the end of 2025.
- Despite external volatility — including U.S. tariff tensions and regional geopolitical uncertainty — Indian equity markets are proving remarkably resilient.
As HSBC India’s co-head of investment banking Ranvir Davda points out, the companies seeing the strongest demand are those with clear governance, differentiated models, and long-term scalability — a trend that underscores the sophistication of today’s investor base.
Key Upcoming IPOs to Watch
Some of the marquee names lining up for a listing include:
- Tata Capital – $2 billion listing aimed at scaling domestic lending and capital markets presence
- Meesho – Social commerce unicorn targeting Tier 2 and Tier 3 consumer bases
- Lenskart – Omnichannel eyewear disruptor with a strong digital-first footprint
- Groww Invest Tech – A new-age brokerage house redefining retail investing
- ICICI Prudential AMC – One of India’s largest mutual fund operators
- LG Electronics India – Consumer durables giant with deep brand equity
