Resilient India IPO market nets $4.6 billion in first half of 2025: EY Global Trends
The Indian IPO market experienced notable resilience during the first half of 2025, with 108 IPO deals raising $4.6 billion. Despite a 30% decline in transaction volume compared to the previous year, the fundraising proceeds dropped marginally by 2%. This indicates that, although fewer companies accessed the public markets, the quality and scale of IPO offerings remained robust, according to data compiled by EY.
This trend suggests a more selective approach from both issuers and investors, with companies prioritising optimal market timing and valuation strategies. A cautious environment has emerged due to ongoing global uncertainties and geopolitical tensions. As a result, many high-profile companies have opted to postpone their IPOs. Nonetheless, a strong pipeline of IPOs is expected to launch in the second half of 2025, as companies position themselves for improved market conditions.
Despite fewer companies accessing public markets in the first half of 2025, the overall scale and quality of offerings remained strong. The regulatory environment has supported the market, with many companies securing the necessary approvals to maintain their readiness for public listings. The market pipeline is particularly strong in high-growth sectors such as Technology, including Fintech, and Healthcare.
Market participants expect improved performance in the second half of 2025, driven by stabilising macroeconomic conditions and easing inflationary pressures. Supportive government initiatives aimed at strengthening capital market development are expected to foster a positive investment sentiment, contributing to a potential acceleration in the IPO market.
The top three IPOs by proceeds in the first half of 2025 are as follows:
Hexaware Technologies Ltd. raised $1.0 billion in February, listed on the National Stock Exchange (NSE), in the Technology, Media, and Telecom (TMT) sector.
Roadstar Infra Investment Trust raised $524 million in March, listed on the NSE, in the Industrials sector.
Schloss Bangalore Ltd. raised $410 million in June, listed on the NSE, in the Real Estate, Hospitality & Construction sector.
The top sectors by the number of IPOs in the first half of 2025 are:
Industrials with 38 IPOs, raising a total of $1.7 billion.
Consumer with 27 IPOs, raising a total of $230 million.
Real Estate, Hospitality & Construction with 16 IPOs, raising a total of $676 million.
The Indian stock exchanges, including both the National and Bombay Stock Exchanges, have seen 108 IPOs raising a total of $4.6 billion in the first half of 2025.
The number of IPOs in India has evolved as follows:
H1 2021: 50 IPOs
H1 2022: 60 IPOs
H1 2023: 81 IPOs
H1 2024: 155 IPOs
H1 2025: 108 IPOs
The IPO proceeds (in billion USD) have been as follows:
H1 2021: $4.7 billion
H1 2022: $5.5 billion
H1 2023: $4.7 billion
H1 2024: $4.6 billion
H1 2025: $4.6 billion
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
