The IPO market has gained fresh momentum after the Securities and Exchange Board of India (SEBI) approved six companies to raise to ₹20,000 crore.
This includes HDB Financial (₹12,500 crore), Dorf Ketal Chemicals (₹5,000 crore), and Vikram Solar (₹1,500 crore), among others.
With this move, 72 firms cleared by SEBI now hold a combined IPO pipeline of ₹1.4 lakh crore, according to PRIME Database.
An additional 68 companies are awaiting SEBI’s nod to raise ₹95,000 crore, potentially pushing total IPO fundraising to ₹2.35 lakh crore across 140 firms.
Market experts said the IPO market saw renewed activity in May after a slowdown in March and April. This slight uptick has encouraged more firms to gear up for public issues.
However, recent listings have seen modest performances.
Notably, firms like Ather Energy, Aegis Vopak Terminals, Schloss Bangalore, and Scoda Tubes reduced issue sizes by 15–30% due to uncertainty.
Ather Energy listed 2.18% above the issue price, while Aegis Vopak and Schloss Bangalore debuted at a 6% discount. Scoda Tubes listed flat but closed in green.
Nilesh Shah, MD at Kotak Mutual Fund, stated that the IPO market had an appetite earlier when the Nifty was at 22,000, but promoters waited for better valuations. Now, both sides seem to be aligning, boosting activity.
UR Bhat, co-founder at Alphaniti Fintech, emphasised the need for a major listing, like HDB Financial or the National Stock Exchange, to revive investor enthusiasm.
He noted that retail interest is muted and many IPOs are funded through leverage, making returns less attractive.
Experts believe a successful listing by a major player could catalyse a broader revival in the IPO market.
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