The Indian initial public offering (IPO) market is on a record-breaking spree, with October witnessing massive fundraising driven by big-ticket issues. Tata Capital and LG Electronics India led the charge with two of the largest IPOs of the year, raising ₹15,512 crore and ₹11,607 crore, respectively. These two mega-offerings alone accounted for nearly 70% of the total ₹39,542 crore raised in October.

Buoyed by this record, the market is now gearing up for a flurry of new issues in November, with an estimated ₹47,468 crore in IPOs lined up. Major companies set to hit the market include ICICI Prudential AMC (₹9,000 crore), Billionbrains Garage Ventures (₹6,500 crore), Lenskart Solutions (₹6,000 crore), Clean Max Enviro Energy Solutions (₹5,200 crore), and Pine Labs (₹5,500 crore).

Other notable upcoming issues include PhysicsWallah (₹3,800 crore), Juniper Green Energy (₹3,000 crore), Prestige Hospitality (₹2,500 crore), Tenneco Clean Air (₹2,000 crore), Orkla India (₹1,668 crore), boAt (₹1,200 crore), and Park Medi World (₹1,100 crore).

Among others, leading two-wheeler helmet manufacturer Studds Accessories is all set to launch its public issue next week, which is completely an offer for sale (OFS) of 7.78 million shares.

IPO frenzy continues

So far in the calendar year 2025, 86 companies have raised approximately ₹1.25 lakh crore through IPOs.

“IPO activity is expected to remain strong in October, with companies set to raise over ₹40,000 crore, emphasising robust investor appetite in one of the world’s most active equity markets,” according to National Stock Exchange’s (NSE’s) latest Market Pulse report for October.

“Several big ticket deals—including Tata Capital Ltd. and LG Electronics India—are stoking confidence that India’s stock market can absorb large issuances, even amid mounting U.S. tariff risks. Most notably, the Hyundai Motor India Ltd, which raised ₹27,859 crore in Oct’24, is the largest ever IPO in India, and is a strong signal of the market’s deep liquidity and capacity,” the report highlighted.

Overall, India’s capital markets displayed strong resilience in H1 FY26, raising ₹9.7 lakh crore through equity and debt, with IPOs contributing ₹64,363 crore. A total of 122 new listings (mainboard + SMEs) added ₹4.1 lakh crore in market cap during this period, with October on track to witness record fund mobilisation through IPOs.

The mainboard listing was led by consumer discretionary, financials, and industrial sectors, while industrial and consumer discretionary dominated activity on the NSE SME Emerge platform.

On the mainboard, 54 companies raised ₹60,991 crore in H1 FY26, with four of these IPOs exceeding ₹3,000 crore each. The average IPO size stood at ₹1,129 crore, compared to ₹2,057 crore for the entire FY25. Sector-wise, consumer discretionary led with 15 listings raising ₹18,359 crore (30%), followed by financials (4 listings, ₹14,312 crore, 23%) and industrial (15 listings, ₹8,708 crore, 14%). Collectively, these three sectors accounted for 63% of mainboard listings and 68% of funds raised.

On the NSE Emerge platform, 68 companies raised ₹3,372 crore, with industrial leading (27 listings, ₹1,235 crore, 37%), followed by consumer discretionary (14 listings, ₹805 crore, 24%) and materials (9 listings, ₹398 crore, 12%). Combined, these three sectors represented 74% of listings and 72% of funds raised on Emerge.