December IPO Pipeline Set to Break Records as Eight Companies Look to Raise Over ₹30,000 Crore

Mumbai | November 24

India’s primary market is gearing up for an unusually packed December, with eight companies preparing to launch initial public offerings that could collectively raise more than ₹30,000 crore, according to people aware of the fundraising plans. If the pipeline unfolds as expected, December 2025 could become the biggest year-end fundraising month ever recorded in the Indian IPO market, surpassing the peak seen in December 2024.

This surge in upcoming IPOs is particularly striking given the subdued tone in the secondary market. Benchmark indices have struggled to maintain momentum amid global macroeconomic concerns, but the IPO market has remained one of the strongest segments of India’s capital ecosystem. So far in 2025, 96 companies have listed, mobilising more than ₹1.53 lakh crore; one of the highest totals for any calendar year.

India’s IPO Market in 2025: Strong Fundraising but Mixed Listing Gains

Even with robust fundraising, the performance of newly listed companies has varied widely. Market data shows that 32 IPOs this year have debuted below their issue price, while a significant cluster has offered only modest gains. A smaller group of companies has outperformed with strong first-day returns, though just four IPOs have delivered pops exceeding 50 percent.

This divergence reflects heightened investor caution and a growing preference for businesses with established profitability, predictable cash flows and realistic valuations. Analysts note that while liquidity remains supportive, investors are no longer rewarding aggressive pricing or unproven business models, especially in the mid- and small-cap segments.

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Upcoming December IPOs: Meesho, Fractal, Clean Max and More

The December calendar features a diverse mix of technology, analytics, green energy, FMCG, logistics and pharmaceutical companies. Firms preparing their public issues include Meesho, Clean Max Enviro Energy Solutions, Fractal Analytics, Milky Mist Dairy Food, Skyways Air Services, Corona Remedies and Aequs Ltd.

There is also growing anticipation around the potential IPO of ICICI Prudential Asset Management Co., which is awaiting final approval from the Securities and Exchange Board of India. Bloomberg reported that parent Prudential Plc is evaluating a stake sale of up to $300 million ahead of the AMC’s listing, pending regulatory clearance.

Among all upcoming IPOs in December, the Meesho IPO is expected to be the standout offering. The company is targeting an early-December launch with a post-money valuation of around $5.93 billion, or roughly ₹52,500 crore, and a proposed issue size of about ₹6,000 crore.

A Landmark December for India’s Primary Market?

The rush to launch IPOs before year-end reflects a combination of favourable liquidity, stable domestic flows and issuers’ desire to complete fundraising ahead of the 2026 Budget cycle. Market participants point out that December often sees strong participation from domestic mutual funds, insurance companies and global investors closing their annual allocation strategies.

If all eight offerings go ahead as planned, India could witness a record-breaking December IPO month with more than ₹30,000 crore raised in just a few weeks. Such an outcome would cap a strong year for India’s primary market and reinforce the country’s growing relevance in global equity fundraising.

With inputs from moneycontrol.com

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