India’s IPO market is rewriting history. With 2025 on track to become the biggest IPO year, here is a look at December’s mega line-up and the companies planning to debut in 2026.
India’s primary market is witnessing an unprecedented surge. The year 2025 is not only breaking past records but has already cemented itself as the biggest IPO year in India’s history. As we move toward the year-end, December is shaping up to be a grand finale with several major companies preparing to hit the market.
What makes this momentum even more remarkable is that it is not limited to domestic firms; several global and multinational companies are also planning to list their Indian units here. This reflects India’s strong economic footing and growing investor confidence.
Here is a breakdown of why 2025 is being viewed as the biggest IPO year ever, and what this means for investors.
What’s Happening?
India’s primary market is heading toward record fundraising in 2025. So far, nearly Rs 1.5 lakh crore has already been raised, and industry estimates suggest that December alone has a strong pipeline worth Rs 35,000-40,000 crore, provided there is no sharp correction in the secondary market. If this pace continues, the total fundraising for the year could reach Rs 1.8-1.9 lakh crore, surpassing the previous all-time high of about Rs 1.6 lakh crore in 2024.
According to Prime Database, fundraising in 2022 and 2023 was relatively weak, but the cycle reversed sharply in 2024, with fundraising tripling. By November 2025, the market had nearly matched last year’s full-year figure. With a strong December pipeline, 2025 is on track to surpass 2024 and become India’s biggest fundraising year ever.
Foreign Companies’ Attraction and ‘Premium’ Valuations
One interesting aspect of India’s IPO boom is the rising interest from multinational companies (MNCs). Global firms are realizing that the Indian market is valuing their local business units at a significantly higher premium compared to their parent entities.
The most striking example is LG Electronics India. After its recent listing, the Indian unit’s market cap reached $12.6 billion, whereas its parent company in Korea is valued at only around $10.1 billion. Similarly, Hyundai Motor India launched India’s largest-ever IPO, raising $3.3 billion.
According to CNBC TV18, analysts believe that strong domestic liquidity and growing retail participation are prompting foreign companies to prioritize listings in India. Even giants like Coca-Cola are considering listing their Indian subsidiaries because the valuations here are far more attractive. This trend highlights the depth and strength of the Indian market.
IPOs in December – A Mega Line-up
December’s pipeline includes several big-ticket IPOs that could play a crucial role in setting the market’s direction.
Meesho is the most prominent offering, with plans for an IPO of around Rs 6,500 crore, including a Rs 4,250 crore fresh issue. The company is eyeing a valuation of nearly $6 billion, supported by its 213 million annual transacting users, reflecting strong market traction.
Fractal Analytics, positioned as India’s first AI Company, is preparing for a Rs 4,900-5,000 crore IPO, which includes a fresh issue of Rs 1,279.3 crore. In FY25, the company reported Rs 2,765.4 crore in revenue and Rs 220 crore in net profit.
ICICI Prudential AMC is coming up with a nearly Rs 10,000 crore OFS-based IPO. As India’s second-largest mutual fund house, as of March 31, 2025, it manages Rs 9.14 lakh crore AUM and holds a 13.3% market share.
In the renewable space, Clean Max Enviro Energy Solutions plans to raise around Rs 5,200 crore. Meanwhile, Amagi Media Labs will bring a fresh issue of about Rs 1,020 crore, and Sahajanand Medical Technologies will hit the market with an OFS of 2.76 crore shares.
Overall, this strong line-up positions December to further accelerate 2025’s record fundraising momentum.
What’s in It for Investors?
For investors, the current IPO environment is full of opportunities. The market is not dependent on any single sector; instead, a strong and diversified pipeline is emerging from tech, consumer, fintech, AI, and renewable sectors, giving investors a chance to participate across categories.
In November, several IPOs delivered strong listings despite weak Grey Market Premiums (GMP). PhysicsWallah listed at a 33% premium despite a GMP of just Rs 10, while Pine Labs delivered a 9.5% listing premium even with a Rs 5 GMP. This shows that actual market demand is much stronger than what GMP indicates.
Still, investors must stay cautious. Some IPOs may come at expensive valuations, as seen in the case of LG Electronics. Therefore, it is wiser to make investment decisions based on the company’s fundamentals rather than hype.
What’s Next?
If you think the end of 2025 is explosive, the beginning of 2026 is set to be even more spectacular. According to The Economic Times, estimates by Equirus Capital suggest that India could witness nearly $20 billion worth of new listings in 2026. This pipeline includes major names like Jio, NSE, SBI Mutual Fund, OYO, PhonePe, and Flipkart, potentially creating one of the most extensive issue calendars in India’s market history.
Not just that, if December deals close on schedule, then 2025 won’t just surpass 2024 by a wide margin, but will also firmly establish India as one of the most active primary markets in the world. The key drivers behind this momentum include strong liquidity from domestic investors, a stable secondary market, and an expanding listing pipeline from tech, consumer, renewable, and financial services companies.
*The companies mentioned in the article are for information purposes only. This is not investment advice.
*Disclaimer: Teji Mandi Disclaimer
