Mumbai, September 24, 2025 — India’s primary market is accelerating again. Bankers and data providers say approvals are moving faster, the draft-filing queue is full, and multiple billion-dollar floats are lining up—leaving 2025 on track to challenge, and possibly surpass, last year’s record IPO haul.
Why the pipeline looks stronger
SEBI has stepped up the pace of IPO approvals, targeting turnarounds closer to three months (earlier as long as six) and using tighter coordination with merchant bankers—steps meant to keep the deal calendar moving even as secondary markets wobble. Faster clearances can pull forward launches and reduce market-timing risk for issuers.
Marquee names in focus
The line-up features high-visibility consumer-tech and fintech candidates. PhonePe has now filed for an India listing via the confidential route—an option that lets companies fine-tune documents out of public view before going live. The payments firm disclosed narrower FY25 losses alongside higher operating revenue in its filing context, while reports peg the raise near ₹12,000 crore ($1.3–1.5 bn). Other anticipated candidates frequently mentioned by bankers include large consumer/tech and financial names.
Meanwhile, the regulator’s public issues board shows a steady cadence of fresh DRHPs and updates—spanning finance, healthcare, industrials, and tech—with recent entries such as Groww’s updated draft, Aye Finance, Chartered Speed and others, underscoring breadth across sectors.
By the Numbers
What could swing the outcome
- FX & global risk appetite: A weak rupee and risk-off spells can push issuers to defer or tighten pricing; bankers still expect 2025 fundraising to rival 2024 if windows remain open.
- Tariffs & policy overhang: New U.S. tariff measures and policy uncertainty have weighed on foreign flows; a calmer backdrop would aid large offerings.
- Secondary-market tone: Heavy FPI selling has pressured the broader market; robust domestic bids have cushioned prints but crowding on the calendar could test absorption.
Market context
Despite choppier equities and currency pressure, India remains one of the world’s busiest IPO venues thanks to resilient valuations and deepening domestic participation. JPMorgan expects India’s 2025 IPO tally to exceed the prior year if approvals and execution stay on pace, with several billion-dollar deals in the wings.
Outlook
On current evidence—a fatter pipeline, quicker clearances, and headline names like PhonePe—India is positioned for another high-intensity issuance year. Execution discipline will matter: spacing deals to avoid liquidity strain, calibrating valuations to market tone, and keeping disclosure crisp. If macro and FX stabilize even modestly, 2025 could meet or top 2024’s record—cementing India’s status as a global IPO hotspot.
