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Indian companies raised a record ₹45,375 crore through mainboard initial public offerings (IPOs) in the first half of calendar year 2025 (H1 CY25), marking the highest-ever capital mobilised in the first six months of any year since the platform’s inception. This represents a 45% jump from ₹31,279 crore raised via 36 IPOs in H1 CY24, according to data from Prime Database.
The surge in fundraising was driven largely by heightened listing activity in the past two months. The average IPO size more than doubled to ₹1,890 crore in H1 CY25 from ₹869 crore a year ago, signalling a strong revival in the primary market.
The largest IPO in the period came from HDB Financial Services, which raised ₹12,500 crore, accounting for over 27% of the total capital raised. Other major offerings included Schloss Bangalore (₹3,500 crore), Dr. Agarwal's Health Care (₹3,027 crore), Aegis Vopak Terminals (₹2,800 crore), Belrise Industries (₹2,150 crore), and Kalpataru (₹1,590 crore). At the lower end, Globe Civil Projects raised the smallest amount, mopping up ₹119 crore.
A total of 19 mainboard IPOs debuted on the BSE and the NSE during the period. While five listed below their issue price, six are currently trading below their offer price.
Among the debutants, Quality Power Electrical Equipments emerged as the top performer, delivering stellar returns of 270% since its listing on February 24, 2025, after raising ₹858.7 crore. In contrast, ArisInfra Solutions was the worst performer. The B2B tech-enabled firm’s shares plunged 47.9% on listing day and now trade 45% below the issue price. The company had raised ₹499.6 crore through its IPO.
The recent surge in IPO listings can be attributed to a combination of favourable market sentiment, robust domestic liquidity, and a strong appetite among retail and institutional investors for new-age and growth-oriented businesses, Bajaj Broking said in a note.
IPO pipeline remains hot
The pipeline of issues continues to be robust with 74 companies, including big names such as JSW Cement, Hero Fincorp , NSDL, Vikram Solar , and LG Electronics India, proposing to raise ₹1.21 lakh crore, have Sebi's nod and are waiting to hit the market; another 67 companies, looking to raise about ₹96,560 crore, are awaiting Sebi's approval, data compiled by Prime Database showed. In addition, around 84 startups aiming to raise around ₹1.77 lakh crore are preparing to file their offer documents in the near future, said Pranav Haldea, managing director, Prime Database Group.
According to Bajaj Broking, many companies are capitalising on high valuations amid bullish secondary markets to raise capital and de-leverage their balance sheets or fund expansion. “Additionally, Sebi’s regulatory reforms have streamlined the IPO process, reducing timelines and encouraging more companies—especially from tech, financial services, and manufacturing—to go public,” it said.
Prashanth Tapse, senior vice president (research) at Mehta Equities, said that the IPO market will gradually improve considering the performance of ongoing public offers and post-listing returns. “If we see subdued performance post listing, the outlook would remain neutral. Overall primary market outlook is 100% dependant on secondary market sentiment.”
Buoyed by improving secondary market conditions and favourable macroeconomic indicators—such as early signs of easing inflation, improved liquidity following a 100 bps rate cut by RBI in 2025, and an above-normal monsoon—the IPO market is well-positioned to gain further momentum in the second half of the calendar year.
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