After a record fundraising of approximately ₹46,000 crore in October, strong momentum in the primary market is anticipated to continue through November and December. This expectation is underpinned by a robust pipeline of large offerings and sustained investor interest.
According to Prime Database, the IPO pipeline for the remainder of the year appears promising, with around ₹1.13 lakh crore worth of issues planned from over 80 companies. Among these offerings are well-known names such as Pine Labs, which seeks to raise an estimated ₹6,180 crore, and Dorf-Ketal Chemicals and Credila Financial Services, both aiming for around ₹5,000 crore each. Other significant proposals include SMPP and PhysicsWallah, each with plans for approximately ₹4,000 crore.
In the first half of November, notable IPOs from the investment platform Groww and eyewear retailer Lenskart are scheduled to collectively raise ₹10,000 crore. Market participants indicate that while demand remains healthy, investors are becoming more discerning. “Investor appetite is intact but more selective,” stated Kamraj Singh Negi, Managing Director of Investment Banking at Pantomath Capital Advisors.
Negi emphasized the influence of elevated domestic liquidity, SIP/retail depth, and institutional rotations into India’s growth sectors on maintaining a strong bid. However, he noted that investors are now scrutinizing profitability, cash-flow visibility, and governance more rigorously as market conditions evolve.
A series of larger issues awaits regulatory approval, including PhonePe’s ₹11,000-crore offering and ₹10,000-crore IPOs from both Avaada Electro and ICICI Prudential AMC. Meesho is looking to raise ₹8,500 crore, while Inox Clean Energy and Fractal Analytics target ₹6,000 crore and ₹4,900 crore, respectively.
Negi further added that many company boards are keen to push forward with listings while market sentiment remains favorable. “Many issuers are preparing to use the present window rather than risk a crowded FY27,” he noted, highlighting a steady influx of Draft Red Herring Prospectuses (DRHPs) and approvals from the Securities and Exchange Board of India (SEBI).
“There is no lack of supply, and we’re observing demand from both domestic institutions and individual investors. The indices have also risen about 5% in October, which bodes well for IPO launches,” remarked Pranav Haldea, Managing Director at Prime Database.
Ratiraj Tibrewal, CEO of Choice Capital Advisors, expressed that unless there is a sharp shift in global macroeconomic or liquidity conditions, the primary market is likely to maintain vigorous activity and strong subscription levels in the upcoming months, fueled by a robust secondary market, strong retail participation, and consistent domestic institutional inflows.
Bankers expect the forthcoming months to challenge pricing discipline amidst an abundance of supply. While quality issues continue to attract strong anchor and retail bids, they warn that overly optimistic valuations may encounter resistance. Nonetheless, the overall market tone remains “open and constructive,” supported by resilient domestic inflows and improving foreign participation.
The record fundraising in October was predominantly driven by high-profile issues, such as Hyundai Motor India’s ₹25,000-crore IPO, alongside NSDL, Waaree Energies, and FirstCry, each raising over ₹2,500 crore. If this trend continues, the upcoming months could solidify 2025 as one of the busiest IPO years on record, with ₹1.29 lakh crore already raised, as both investors and issuers seek to capitalize on a remarkably favorable market window.
Published on October 31, 2025.
