India’s primary market is poised for its busiest December on record, with eight companies reportedly set to launch initial public offerings (IPOs) totaling over ₹30,000 crore by the end of the month. If these plans come to fruition, it would exceed the previous December record of ₹25,438 crore raised through 15 IPOs in December 2024.
Leading this wave is e-commerce platform Meesho, which aims for an IPO size of approximately ₹6,000 crore, targeting a post-money valuation of around $5.93 billion. The company submitted its draft papers confidentially in July and is eyeing an early December launch.
Other notable offerings include Clean Max Enviro Energy Solutions, which plans to issue around ₹5,200 crore, and Fractal Analytics, targeting ₹5,000 crore. Additionally, Milky Mist Dairy Food is preparing an IPO of ₹2,000 crore, while Skyways Air Services, Corona Remedies, and Aequs Ltd are looking at IPOs sized at ₹600 crore, ₹800 crore, and ₹720 crore, respectively.
ICICI Prudential Asset Management Company is also close to obtaining regulatory approval, with its parent, Prudential Plc, considering a stake sale of up to $300 million in advance of its listing.
The year-end surge in offerings is taking place despite lackluster conditions in the secondary market. Throughout 2025, India’s primary market has seen significant activity, with 96 companies raising over ₹1.53 lakh crore to date. However, the performance of these listings has varied: 32 IPOs debuted below their issue price, 31 recorded modest gains of between 1% and 10%, while only four stocks experienced listing pops of more than 50%.
The upcoming IPO pipeline showcases robust domestic liquidity and a strong desire among issuers to complete fundraising ahead of the 2026 Budget cycle. The diverse list of upcoming IPOs spans various sectors, including technology, renewable energy, dairy, logistics, pharmaceuticals, and aerospace, reflecting broad-based confidence in India’s primary market amid ongoing global economic uncertainties.
Published on November 24, 2025.
