Record IPO year: Fundraising tops ₹1.75 lakh cr in 2025 as ICICI Prudential, 4 others eye ₹14,338 cr this week

India’s initial public offering (IPO) market is set to end the year on a record note, with fundraising poised to cross ₹1.75 lakh crore by mid-December — surpassing last year’s record of ₹1.60 lakh crore raised by 91 companies. So far in 2025, 93 mainboard companies have debuted on the domestic bourses after raising more than ₹1.54 lakh crore. With eight more companies unveiling their plans to raise nearly ₹21,000 crore by next week, fundraising is set to hit a new high.

This week, five mainboard IPOs, including ICICI Prudential AMC and Wakefit Innovations, are poised to hit the market, aiming to collectively raise ₹14,338 crore. Another three companies — Meesho, Aequs and Vidya Wires — which mobilised ₹6,642 crore in the first week of this month, are slated to debut on the domestic bourses on December 10.

OFS accounts for majority of fundraising

Out of the total issue size of ₹1.75 lakh crore, the offer for sale (OFS) component — where promoters or early investors divest their holdings — accounts for 62.7%. Fundraising via the OFS route is set to cross the ₹1.10 lakh crore mark this week, once ICICI Prudential AMC launches its public offer on December 12. This has already surpassed the previous all-time high of ₹95,285 crore recorded last year.

In 2024, when IPO fundraising soared to a record high of ₹1.60 lakh crore, OFS remained strong at ₹95,285 crore, making up 59.6% of the total capital raised. Historical trends show that OFS has consistently played a dominant role in India’s primary market over the past several years. In 2020, OFS accounted for an extraordinary 86.7% of the total IPO fundraising of ₹26,613 crore, driven by a smaller issue base. As IPO activity picked up in subsequent years, the share of OFS moderated but remained substantial — 63.5% in 2021, 70.2% in 2022, and 58.2% in 2023.

IPO pipeline in December

Today, the public issues of Wakefit Innovations and Corona Remedies opened for bidding. While Wakefit Innovations, a home and sleep solutions company, looks to raise ₹1,288.89 crore at a price band of ₹185–195 per share, pharma company Corona Remedies aims to garner ₹655.37 crore at a price band of ₹1,008–1,062 per share.

Later this week, two more healthcare-focused IPOs — Nephrocare Health Services (₹871.05 crore) and Park Medi World (₹920 crore) — will open for bidding on December 10.

On Friday, the mega issue of ICICI Prudential Asset Management Company (AMC) will open for bidding, looking to raise ₹10,602.65 crore at a price band of ₹2,061–2,165 per share. This is going to be the fourth-largest issue of 2025, after Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India (₹11,607.01 crore).

The momentum shows no signs of slowing, as renewable players Clean Max Enviro Energy Solutions (₹5,200 crore) and Juniper Green Energy (₹3,000 crore) are set to hit the Street later this month. The December pipeline also features upcoming issues from Milky Mist Dairy Food (₹2,035 crore), Innovatiview (₹2,000 crore), Skyways Air Services (₹600 crore), and AceVector (₹500 crore).