So far in 2025, companies have amassed over Rs 1 lakh crore in fundraising despite a steady start to the year. The last three months alone have seen over 100 IPOs, making it one of the busiest quarters in years. Analysts say that while investor sentiment remains strong, the performance of upcoming issues will depend heavily on pricing discipline and the quality of businesses on offer.
October was dominated by the twin heavyweights — LG Electronics and Tata Capital. The Rs 11,600-crore LG Electronics IPO turned out to be a showstopper, listing at a 50% premium over its issue price after being subscribed more than 54 times. The listing was one of the best for a largecap IPO in the last few years.
In contrast, Tata Capital’s Rs 15,500-crore IPO had a lukewarm debut, listing almost flat despite robust subscription. The company’s fundamentals remain strong, but analysts said that muted short-term triggers kept investors cautious.
IPO market revives after muted start
The first half of the year saw limited listings due to fluctuating secondary market and the sentiments around it. According to Nitin Jain, Senior Research Analyst at Bonanza, the success of LG Electronics marked a clear revival of confidence in India’s primary market.
“After a quiet year, the main market has rebounded as seen by the two huge IPOs in October that tested investor appetite. LG’s performance was among the best in recent years, while Tata Capital’s issue reflected a more cautious sentiment,” he said.
However, Jain noted that not all IPOs have shared LG’s success. Eight of the twelve mainboard IPOs launched this month are trading below their issue price. This shows that issuers have been too aggressive with valuations while retail investors are turning more selective. The market now prefers sound fundamentals and fair pricing over speculative plays.
What’s next: 10 mega IPOs worth Rs 40,000 crore in next two months
The coming two months are expected to see five large IPOs that could together raise over Rs 35,000–40,000 crore across the fintech, asset management, consumer electronics, and lifestyle sectors. Analysts believe these issues will determine whether the recent momentum can sustain into 2026.
Eyewear retailer Lenskart is expected to launch its Rs 8,000-crore IPO in early November. Backed by Temasek and KKR, the omnichannel retailer plans to use the proceeds to expand across Tier-2 and Tier-3 cities and strengthen its manufacturing and digital infrastructure.
Meanwhile Online brokerage Groww, one of India’s most popular investment platforms with over 10 million users, is reportedly planning a Rs 7,000-crore IPO in the first week of November.
Pine Labs, ICICI Prudential AMC, boAt, Sunshine Pictures, Hero Fincorp, Omnitech Engineering, Orient Cables, Priority Jewels and a few other issues are expected to hit the market before the year comes to a close.
Brokerages too remain optimistic about the broader IPO outlook. A note by Kotak Equities said the IPO pipeline continues to be robust, with over 200 companies expected to raise $35 billion over the next year.
However, it added that smaller issues dominate the market — IPOs below Rs 1,000 crore make up two-thirds of total issuances, while mega issues above Rs 5,000 crore account for just 4% of the count but nearly a quarter of total fundraising.
For investors in the primary market, the broader message remains clear. Pricing discipline, brand strength, and profitability will decide which IPOs become winners in the months ahead.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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