The Indian IPO market is gradually regaining momentum after a subdued start in 2025, signaling a cautious but steady revival on Dalal Street. The third week of May saw IPOs from Belrise Industries and Borana Weaves, and four more — Scoda Tubes, Prostarm Info Systems, Leela Hotels (Schloss Bangalore Ltd), and Aegis Vopak Terminals — are lined up for the last week of the month.
While 2025’s IPO activity has been slower compared to the boom of 2023, market sentiment appears to be shifting positively. A rise in Draft Red Herring Prospectus (DRHP) filings with SEBI suggests growing corporate interest in public listings. Companies like Prestige Hospitality Ventures, Canara HSBC Life Insurance, and Urban Company have already submitted their DRHPs. In addition, InCred, Qure.AI, Duroflex, Groww, and Shiprocket are reportedly preparing to go public.
Big Names and Big Bets Ahead
Some major IPOs expected in 2025 could significantly boost primary market activity:
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Reliance Jio Infocomm may launch a ₹40,000 crore IPO, potentially the biggest in Indian history.
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Other notable names include Tata Capital, PhonePe, and Zepto.
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Financial firms like HDB Financial Services and Hero FinCorp plan to raise ₹12,500 crore and ₹3,668 crore, respectively.
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LG Electronics India, which has already received SEBI approval, is eyeing a ₹15,000 crore offer for sale, though the timeline remains uncertain.
Why the Sudden Revival?
Experts attribute the uptick in IPOs to:
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Improved market conditions
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Strong liquidity and foreign inflows
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Investor appetite for new opportunities
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Economic tailwinds, including infrastructure push and consumption growth
According to Trivesh D., COO at Tradejini, the IPO market is seeing a “continuation after a brief pause,” not just a comeback. With 85 DRHPs filed already in 2025 — a decade high, companies are showing confidence in market stability and valuation opportunities.
Should You Invest?
Investor caution remains essential despite the upbeat atmosphere. Trivesh notes:
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8 out of 12 mainboard IPOs and 37 out of 67 SME IPOs in 2025 gave listing gains.
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But not every IPO succeeds. Due diligence is critical.
Kranthi Bathini of WealthMills Securities echoed this caution. While IPO activity has picked up with the broader market rally past 25,000 levels, he warned:
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“90% of IPOs in the last year have traded below their listing and IPO prices.”
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Investors must be highly selective, especially if seeking short-term gains.
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For long-term investments, understanding business models, pricing, and valuations is key.
Bottom Line
India’s IPO market is heating up again, with a mix of high-profile names and smaller SME listings crowding the pipeline. While this creates exciting opportunities, the mixed performance of past IPOs highlights the need for careful, informed investing — especially in an election year and a market showing both strength and volatility.
