India's IPO boom pushes NSE to 4th place globally in H1CY25 fundraising

India’s IPO market, which saw a subdued start in 2025 because of global and domestic market volatility, is poised to rebound in the second half of the year, S&P Global Market Intelligence said in a note. Favourable equity market conditions, renewed investor interest, and a strong pipeline of upcoming public offerings underpin the expected recovery.

Despite a slower start to 2025 compared to 2024, the NSE ranked fourth globally for IPO fundraising in the first half of 2025 (H1CY25), garnering $5.51 billion, accounting for nearly 9% of total global IPO proceeds. It trailed only the Nasdaq Global Market ($12.96 billion from 66 IPOs), the New York Stock Exchange ($8.62 billion from 19 IPOs), and the Nasdaq Global Select Market ($7.37 billion from 13 IPOs).

However, the NSE led the global IPO rankings by volume, with 73 companies going public during the period, surpassing the Nasdaq Global Market (66 IPOs) and the Hong Kong Stock Exchange (35 IPOs).

In H1CY25, India witnessed 119 IPOs (mainboard + SME) raising ₹51,150 crore, compared to ₹37,682 crore via 157 IPOs during the corresponding period in 2024. Last year’s total IPO fundraising was significantly boosted by Hyundai Motor India’s ₹27,000 crore IPO, the largest ever in the country, says the note.

India continues to solidify its position as the world’s fastest-growing major economy, backed by a supportive macroeconomic landscape, according to S&P Global. The Reserve Bank of India has cut benchmark interest rates by 100 basis points since February, including a 50-bps reduction in June, to spur growth in the nearly $4-trillion economy. This has contributed to a sharp recovery in equity markets, with the Nifty50 gaining 7.7% year-to-date and nearing the record highs last seen in September 2024.

The strong market momentum and positive economic indicators have significantly bolstered investor confidence, driving increased retail participation in the IPO space. In H1CY25, HDB Financial Services led the pack with a ₹12,500-crore IPO, while upcoming listings from Credila Financial Services and Anthem Biosciences are set to maintain the market's pace. Meanwhile, previously dormant IPO candidates such as OYO (Oravel Stays), Fabindia, and Hero FinCorp may revive their listing plans as market conditions continue to improve, it said.

According to Prime Database, 74 companies, including prominent names like JSW Cement, Hero FinCorp, NSDL, Vikram Solar, and LG Electronics India, with proposed fundraising plans of ₹1.21 lakh crore, already have Sebi's approval and are awaiting the right time to launch their offerings. Additionally, 67 companies are seeking approval to raise about ₹96,560 crore, while another 84 startups are preparing to file draft papers to raise approximately ₹1.77 lakh crore soon.

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