India’s primary market experienced a surge in activity in June 2025 as investor sentiment toward equities improved, prompting a wave of initial public offerings (IPOs).
Companies seized the opportunity to tap into renewed risk appetite, echoing the buoyant momentum seen earlier this year.
After subdued activity post-February, IPO momentum returned in May, driven by easing global recession fears and favourable domestic conditions.
The Reserve Bank of India’s interest rate cuts and its optimism about India’s domestic economic resilience helped restore investor confidence.
Encouraged by the market rebound, several companies revived IPO plans that were previously on hold. According to reports, around 75 companies have received SEBI approval to raise capital, indicating that the IPO momentum is likely to continue in the near term.
Data from Trendlyne shows that 24 companies raised ₹9,525 crore in June from IPOs.
The SME segment accounted for 75% of these new listings, while mainboard IPOs made up the remaining 25%.
Investor enthusiasm varied across offerings.
Half of the IPOs received less than 10 times subscription, but eight companies saw overwhelming interest, with subscription levels ranging from 90 to 291 times.
Sacheerome led the pack, with its IPO subscribed 291 times.
Other high-demand listings included Eppeltone Engineers, Mayasheel Ventures, Influx Healthtech, and Monolithisch India, each attracting over 100 subscriptions.
Many of these IPOs also posted strong listing gains.
Eppeltone Engineers debuted at ₹243, delivering a 90% premium over its IPO price of ₹128, and currently trades 89% higher.
Monolithisch India also opened at ₹243, reflecting a 61.9% gain, and now trades 92.9% above its issue price.
Overall, 15 stocks from both SME and mainboard categories are trading above their respective IPO prices.
Among the larger IPOs launched in June were:
These marquee listings attracted significant institutional and retail interest, reinforcing the positive market sentiment.
The momentum is set to continue, with 26 IPOs scheduled for the first two weeks of July. Bidding for most of these issues has already commenced.
On July 1, at least seven IPOs are expected to debut, including:
HDB Financial Services, part of the HDFC group, will close its bidding process today.
The IPO is being closely watched, as it marks India’s largest equity market offering since Hyundai Motor India Ltd.’s ₹27,870 crore IPO last year.
HDB is expected to list on BSE and NSE on July 2.
With strong domestic fundamentals, improving liquidity, and regulatory approvals in place, India’s IPO market looks poised to remain active and robust in the second half of 2025.
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