India is poised to witness around 25 companies launching their initial public offerings (IPOs) in September, making it the busiest month for such deals in nearly three decades. This surge in IPO activity marks the highest number of launches since January 1997, which saw 28 companies go public, according to data from primedatabase.com.
So far this month, 15 of these companies have raised nearly $1 billion, while the remaining 10 are anticipated to secure an additional $500 million through their offerings, as reported by India’s National Stock Exchange.
Historically, Indian firms aim to finalize their IPOs by the end of September, as postponing them to October requires an additional audit of earnings, which complicates the draft prospectuses. This year, however, the influx of last-minute IPOs is significantly higher, attributed to various favorable conditions, according to Dharmesh Mehta, CEO of DAM Capital.
Mehta noted that strong business prospects, vibrant equity capital markets, attractive valuations, and ample domestic liquidity are driving many firms to seek public listings. Furthermore, the participation of foreign institutional investors has intensified, with these investors buying approximately 429 billion rupees ($4.8 billion) worth of stocks through IPOs or placements this year. In contrast, they were reported as net sellers, offloading assets worth 1.8 trillion rupees in the broader stock market, according to data from the National Securities Depository.
Despite the flurry of IPOs this month, many companies have secured regulatory approvals and are preparing to launch their offerings next month. Notable firms include Tata Capital and LG Electronics India among approximately 75 others waiting in the wings.
In related news, several significant IPOs have recently garnered attention. Centurion REIT debuted on the Singapore Exchange, opening 11% above its IPO price of S$0.88 per unit, representing Singapore’s second-largest listing of the year. Orion Breweries saw its stock more than double after a strong debut in Tokyo, following a successful IPO that raised $156 million. Meanwhile, Oyo Hotels’ parent company, Oravel Stays, plans an IPO in Mumbai that could raise up to $800 million.
In contrast, some companies have faced challenges: Ivalue Infosolutions saw its shares drop upon debut in Mumbai after raising ₹560 crore, opening below its issue price.
Additionally, notable IPO filings include RKCPL, seeking to list shares worth approximately ₹1,250 crore, and HD Fire Protect, which is offering 26.3 million shares. Fabtech Technologies aims to raise up to ₹230 crore by selling new shares at a price range of ₹181 to ₹191. Demand for Ganesh Consumer’s IPO exceeded expectations, with bids for about 2.7 times the available shares, while Atlanta Electricals’s IPO was subscribed 70.6 times.
This article was produced with assistance from Bloomberg Automation. For further information, more stories can be accessed on bloomberg.com.
Published on September 25, 2025.
