India’s IPO Market Set for Resurgence as Strong Pipeline, Buoyant Stocks Fuel Optimism: S&P Report

India’s market for initial public offerings (IPOs) is poised for renewed momentum in the second half of 2025, driven by favorable stock market conditions and a robust pipeline of planned listings, according to the latest analysis by S&P Global Market Intelligence.

The financial information firm highlighted that despite a relatively steady start to the year, underlying market strength and investor appetite remain solid. During the first six months of 2025, Indian exchanges saw 119 IPOs that collectively raised ₹511.50 billion, compared to ₹376.82 billion garnered from 157 IPOs in the same period last year.

According to S&P’s data, 2024 closed with a total of ₹1.713 trillion raised from 333 new listings, boosted significantly by the record-setting IPO of Hyundai Motor India. That landmark offering raised ₹27,870 crore through the sale of over 14 crore shares, marking India’s biggest IPO to date.

The report also notes that HDB Financial Services Ltd., a non-bank subsidiary of HDFC Bank Ltd., launched the largest IPO so far in 2025 with a ₹125 billion issue in June on the National Stock Exchange.

S&P Global Market Intelligence data further revealed that among the top 10 deals this year, three were in the consumer discretionary sector while two involved financial firms—reflecting broad-based demand across industries.

Globally, India’s National Stock Exchange ranked fourth in IPO fundraising during the first half of 2025, securing USD 5.51 billion. It trailed only behind the Nasdaq Global Market, NYSE, and Nasdaq Global Select Market, and accounted for 8.9% of the worldwide aggregate IPO fundraising in the period.

An IPO, or initial public offering, refers to the process through which a company offers its shares to the public for the first time to raise equity capital.

Analysts believe that a healthy pipeline of prospective deals combined with buoyant market conditions should keep India’s primary markets active in the coming quarters, with investors keenly watching sectoral trends and mega-deals in the making.

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