INDIA’S MARKET TITANS SPARK A NEW IPO RUSH

By N.Niharika

Against a backdrop of global uncertainty, India's IPO market is not just resilient—it's roaring. October 2025 is poised to be a landmark month, with a record-breaking $5 billion in deals underscoring a new era of robust domestic investment. The record-breaking IPO month of October 2025 isn't merely about big numbers; it reveals a silent but significant shift in India's capital markets, which includes fixing their finances and early investors starting to sell their shares behind the scenes. While India's IPO market has been a powerhouse, the sheer scale of the $5 billion month in October 2025 marks a turning point, signaling that mega-listings from giants like Tata Capital and LG Electronics which have the greatest potential to attract the new investors in enormous numbers.

Factors contributing to boom in IPOs

1. Strong Economic Growth & Investor Optimism

India’s GDP expected to grow at 6.4% in FY2025 despite the economic abnormalities. Increase in domestic consumption, a thriving services sector and government-led infrastructure investments contributes to increase in GDP rate. As businesses expand and seek capital to fuel their ambitions, the IPO route has become increasingly attractive.

2. High Retail & Institutional Participation

The pandemic increased the scope of retail investing in India. Institutional participation gives huge amounts of capital to company which is likely to boost market confidence , in turn allows more companies to engage in IPOs. 

3.  Favourable Regulatory Policies

The Securities and Exchange Board of India (SEBI) has implemented several investor-friendly reforms to streamline the IPO process ,which encourages newcomers in making investments .key policies are simplifies listing norms, Relaxed profitability criteria, enhanced disclosure requirements.

4.key sectors leading the IPO wave : Sectors which helped in surging IPOs are

1.Technology and Digital infrastructure (E.g.- Sify Infinit Spaces)

2.Financial services and Fintech (E.g.- Tata capital, Grow, lens kart)

3.EV’s and clean tech (E.g.- Ola Electric, Onix renewable)

4.Consumer Goods and retail (E.g.- Hindustan coca –cola beverages)

5.Real Estate and Infrastructure (E.g.- Bagmane Group)

Major players driving the IPO momentum

The two companies which contributed more to overall activity of the IPOs  in October 2025 are

1.TATA CAPITAL

2. L.G Electronics India.

These two IPOs set the stage for other companies planning to go public in the following months. The excitement around their listings created a ripple effect, motivating firms from sectors like fintech, consumer goods, and technology to explore IPO opportunities. Their strong market debut also showcased India’s growing base of active investors and the depth of its capital market. In many ways, Tata and LG became trendsetters, proving that India’s IPO landscape is not just expanding but also evolving with more investor participation and confidence.

LG INDIA IPO's vs TATA’s

Details	Tata capital	LG Electronics India
IPO Size (Rupees bn)	155.1	116.0
Fee paid to Bankers (Rupees bn )	1.6	2.3
Total Fee percentage	1.0	1.9
Number of Banks	10.0	5.0
Oversubscription levels (times)	2.0	54.0
First day performance(%)	1.4	48.0

Although Tata Capital’s IPO was larger, LG Electronics India attracted far more attention from investors. Its IPO was oversubscribed 54 times, and the stock surged 48% on its debut — a clear sign of strong market enthusiasm. Interestingly, even with a smaller issue size, LG’s bankers earned higher fees than Tata’s.

Lead Managers

LG Electronics India: Axis Bank, Bank of America, Citigroup, JPMorgan, Morgan Stanley

Tata Capital: Axis, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, JPMorgan, Kotak Mahindra, SBI Capital Markets

Five big IPOs to watch in November 2025

After the successful listings of LG and Tata Capital, several major companies are preparing to hit the markets, collectively aiming to raise over ₹35,000 crore.

1. Lenskart – ₹8,000 Crore IPO

Lenskart, one of India’s fastest-growing eyewear brands, is preparing for a public issue worth ₹8,000 crore. The company plans to use the funds to expand its retail presence in Tier 2 and Tier 3 cities, where demand for affordable eyewear is rapidly increasing. Over the past few years, Lenskart has successfully built both online and offline channels, giving it a strong nationwide presence. The IPO is expected to strengthen its market leadership and support its global expansion plans.

2. Groww – ₹7,000 Crore IPO

The Bengaluru-based fintech platform Groww is set to launch a ₹7,000 crore IPO. Backed by Microsoft CEO Satya Nadella, Groww has made investing simple and accessible for millions of first-time investors in India. The company plans to use the IPO proceeds to enhance its technology platform and expand into new financial products such as insurance and lending. With over 10 million active users, Groww’s listing will mark an important milestone for India’s digital investment ecosystem.

3. Pine Labs – ₹5,800 Crore IPO

Pine Labs, a leading provider of digital payment and merchant commerce solutions, is preparing for an IPO worth ₹5,800 crore. The company currently serves over 500,000 merchants and plays a key role in India’s fast-growing digital payments landscape. Its products help small and large businesses accept multiple forms of payment and manage customer transactions efficiently. The upcoming IPO is expected to provide funds for international expansion and further product innovation.

4. ICICI Prudential AMC – ₹10,000 Crore IPO

ICICI Prudential Asset Management Company, India’s second-largest mutual fund firm, is planning to raise ₹10,000 crore through its IPO. The offering includes a 10% stake sale by UK-based Prudential Plc, highlighting the confidence of foreign investors in India’s mutual fund industry. The company aims to use the proceeds to expand its product range and strengthen its distribution network across India. This IPO also reflects the growing investor interest in India’s asset management sector as financial awareness spreads.

5. boAt – ₹2,000 Crore IPO

Lifestyle electronics brand boAt is preparing for a ₹2,000 crore IPO as it looks to expand its presence in the consumer technology space. Known for its affordable and trendy audio products, boAt has built a strong connection with India’s youth and digital consumers. The company plans to use the funds for product diversification, manufacturing expansion, and marketing initiatives. Its IPO represents the growing strength of homegrown brands competing successfully in both domestic and international markets.

These offerings highlight the growing diversity and strength of India’s capital markets.

Venugopal Garre’s insights on India’s IPO surge

According to Venugopal Garre, Managing Director at Bernstein India, several positive factors are supporting India’s IPO boom. He explained that lower inflation, government policy support, better liquidity, and higher consumer spending are keeping the market momentum strong.

Garre believes that by the December 2025 quarter, India’s corporate earnings will start improving significantly as liquidity increases and credit growth picks up. He also mentioned that most global risks — such as tariffs or geopolitical tensions — have already been factored into prices, meaning any good news could quickly attract foreign investor interest back into Indian markets. 

The ‘IPO Factory’ – A Sign of Market Maturity

Garre described India’s IPO trend as a sign of market maturity, not excessive speculation.“Public markets are essential for funding future growth. When investors participate, it creates deeper and stronger capital markets. In the last 20 months, India has seen around $35 billion worth of IPOs, with nearly half involving private equity or promoter stake sales. This shows that both private investors and companies now view IPOs as a mainstream financing route.

Foreign Investors May Return

Garre expects Foreign Institutional Investors (FIIs) to re-enter the market as macroeconomic conditions stabilize. He outlined three main reasons:

1.     Steady macroeconomic indicators

2.     Lower risk of earnings downgrades

3.     A stronger and more stable rupee

Promoter Stake Sales – A Healthy Sign

Recent promoter stake sales, such as Whirlpool reducing its ownership, are not necessarily negative. Instead, they reflect market confidence. When large share sales are absorbed easily by investors, it shows depth and maturity in the market.

Understanding the new IPO trend on NSE/BSE

IPOs are now contributing nearly 1% to India’s GDP, highlighting their growing importance in the economy. Valuations are strong compared to both India’s past averages and other emerging markets. Promoters are making the most of this favorable environment — not only to partially monetize their holdings but also to raise fresh capital to strengthen balance sheets and prepare for future expansion. India’s IPO landscape on the NSE and BSE is undergoing a dynamic transformation, reflecting the country’s growing financial maturity. Startups and established corporations alike are tapping the market to fuel expansion, reduce debt, and attract global investors. With strong liquidity and high investor appetite, IPOs are now becoming a mainstream route for fundraising rather than a rare milestone

Annual GDP estimates along with Y-o-Y growth rate

The quality of IPOs remains strong, with reputable firms like Hyundai, Tata Capital, and LG Electronics setting high benchmarks. The market is also anticipating upcoming listings from Jio and Flipkart, which will likely keep investor enthusiasm alive.

Conclusion

The surge in IPO activity in 2025 reflects more than just market excitement — it represents India’s growing financial maturity and investor confidence. Strong economic fundamentals, supportive regulations, and broad-based participation from retail and institutional investors are shaping a vibrant capital market. With several big names lined up and steady foreign interest returning, India’s IPO momentum is set to remain strong in the months ahead.