Indian companies are expected to raise around $2.4 billion through Initial Public Offerings (IPOs) in July, according to investment bankers, signalling a revival in the primary market after earlier setbacks triggered by global geopolitical tensions and trade uncertainty.
If realised, the July figure will mark the strongest month since December, following the $2 billion raised in June, much of which came from a single player, HDB Financial Services.
Several firms have initiated roadshows ahead of their planned listings this month. These include:
While the companies have not officially announced IPO dates or valuations, bankers familiar with the developments said official announcements are expected soon.
The firms have not responded to media queries regarding the listings.
India’s IPO market had a record-breaking year in 2024, raising $20.5 billion, second only to the United States.
The surge was driven by increased participation from domestic investors amid growing household wealth and a bullish economic outlook.
However, this year’s IPO momentum stalled due to US President Donald Trump’s trade war, rising Middle East tensions, and regional instability involving Pakistan.
These concerns prompted several companies, including LG Electronics’ India unit, to postpone their fundraising plans.
India’s benchmark indices, the Nifty 50 and Sensex, have bounced back and now trade just 3% below their all-time highs, fuelling optimism in the equity markets.
“The IPO market has come back. The absence of most of the negatives is driving the market more than anything else,” said Suraj Krishnaswamy, Managing Director of Investment Banking at Axis Capital.
India remains the world’s second-largest IPO market in 2025, raising $5.86 billion so far, which accounts for 12% of total global IPO proceeds, according to LSEG data.
Credila and NSDL are expected to be among the largest listings this month. While NSDL received regulatory approval for its listing as early as September 2024, it held back amid concerns over slower economic growth and corporate earnings.
Other major offerings in the pipeline include:
According to the PRIME Database, 143 Indian IPOs worth $26 billion are currently in the planning stages. Of these, 73 have already secured regulatory approval.
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