As 2025 draws to a close, India’s primary market is set for a robust finish. December is expected to be a bustling month for initial public offerings (IPOs), with several major companies planning to list on Dalal Street. The total IPO pipeline for the month is projected between ₹35,000 and ₹40,000 crore, adding significantly to this year’s overall fundraising.
With ₹1.5 lakh crore already raised in 2025, the year’s total is expected to reach ₹1.8–₹1.9 lakh crore, surpassing 2024’s figures. This surge highlights the growing confidence of Indian companies in leveraging the primary market for expansion.
Market Performance: IPO Fundraising Momentum
The IPO trend in India has shown remarkable growth over the past few years:
- 2022: ₹59,302 crore raised
- 2023: ₹49,436 crore
- 2024: ₹1.59 lakh crore, nearly three times 2023
- 2025 (so far, till Nov 21): ₹1.54 lakh crore from 93 issues
The projected December pipeline ensures 2025 will end on a record note, signalling strong investor appetite for new listings.
Main News: IPOs in the December Pipeline
Around 10 companies with SEBI approvals are preparing to launch IPOs in the last weeks of the year. These include major players across e-commerce, fintech, consumer goods, analytics, renewable energy, and healthcare sectors.
Meesho IPO
- Total Raise: ₹6,000 crore
- ₹4,250 crore: fresh capital
- ₹1,750 crore: stake sale by existing investors
- Platform: India’s largest social commerce platform
- Users: 21.3 crore actively buying and selling products
boAt (Imagine Marketing)
- Total IPO Size: ₹1,500 crore
- ₹500 crore: fresh issuance
- ₹1,000 crore: offer-for-sale
- Key Stakeholders Selling: Promoters and PE funds
Hero FinCorp
- Fresh Issue: ₹2,100 crore
- Offer-for-Sale: ₹1,568 crore
- Focus: Retail and MSME lending
ICICI Prudential Asset Management
- IPO Size: ₹10,000 crore
- Stake Sale: UK-based Prudential divesting 10% via 17.65 million shares
- AUM (June 2025): ₹9.44 lakh crore
- Annual Revenue: ₹4,977 crore, Profit: ₹2,650 crore
Fractal Analytics
- New Issue: ₹1,279 crore
- Offer-for-Sale: ₹3,621 crore
- Purpose: Debt repayment in the US subsidiary, office expansion in India, and generative AI research
Other Notable December IPOs
- Milky Mist Dairy Food: ₹1,785 crore fresh + ₹250 crore OFS for capacity expansion and debt repayment
- CleanMax Enviro: ₹1,500 crore fresh + ₹3,700 crore OFS for green energy projects
- Juniper Green Energy: ₹3,000 crore fresh issue for debt repayment and corporate purposes
- Park Medi World: ₹960 crore fresh + ₹300 crore OFS for hospital expansions and equipment purchase
- Innovatiview India: ₹2,000 crore OFS, fully from promoters
Company Details: Sector Insights
These IPOs span multiple high-growth sectors:
- E-commerce & Social Commerce: Platforms like Meesho dominate user engagement and social selling.
- Consumer Electronics: boAt leverages the expanding demand for lifestyle electronics.
- Financial Services: Hero FinCorp and ICICI Prudential cater to retail and institutional investors.
- Analytics & AI: Fractal Analytics focuses on generative AI and global expansion.
- Renewable Energy: Juniper Green Energy and CleanMax Enviro address sustainable power and decarbonization.
- Healthcare & Dairy: Park Medi World and Milky Mist Dairy Food strengthen essential services and infrastructure.
The diversity across sectors demonstrates India’s robust IPO ecosystem and highlights investor appetite for both growth and sectoral innovation.
Summary: Key Takeaways
December 2025 is set to be a milestone month for IPOs in India. With expected fundraising of ₹35,000–₹40,000 crore, this pipeline not only reinforces India’s position as a vibrant primary market but also provides investors access to high-potential companies across tech, finance, FMCG, renewable energy, and healthcare.
The ongoing surge in IPO activity ensures that 2025 will close significantly ahead of the previous year, reflecting strong corporate confidence and investor engagement across sectors.
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