The country has seen a record surge in IPO launches in 2025, with over 74 mainboard IPOs raising Rs 85,000 crore so far, and more than 100 total deals if we include SME listings.
India’s initial public offering (IPO) market has been very active, with significant fundraising and a robust pipeline, though performance for individual listings has been mixed. As of early October 2025, the market is on track to potentially match or even surpass the record fundraising seen in the previous year. According to Ram Medury, Founder & CEO of Maxiom Wealth, the country has seen a record surge in IPO launches in 2025, with over 74 mainboard IPOs raising Rs 85,000 crore so far, and more than 100 total deals, including SME listings.
“The upcoming launches of Tata Capital with Rs 16,000 crore and WeWork India Management with Rs 3,000 crore, will push the tally past Rs 1 lakh crore. The pipeline remains robust, with around 75 companies, these two and many others. In 2021, there were 66 mainboard IPOs, most delivering good listing gains,” Medury said.
Why have very few IPOs been able to make a strong listing
According to Medury, the excitement of 2021 and 2024 (which saw many IPOs with double-digit listing gains) has now faded as investors are seeing that companies are pricing IPOs at high multiples, often above sector averages.
“This leaves little upside for listing gains resulting in overvaluation. After two blockbuster years, many investors have become cautious, focusing on fundamentals rather than chasing hype. The public market has been largely flat over the last 12 months, and these risks, such as market corrections and tariff headwinds, are weighing on their minds,” he added.
Amid surge in IPOs, here’s what investors should focus on:
- Assess financial health: Give weight to companies with consistent profits, scalable business models, and clean three-year audits.
- Check valuation: Avoid IPOs with unjustified pricing, compare peers and sector averages.
- Track participation: Strong institutional anchor demand signals confidence and generally supports listing performance.
- Review fundamentals: Study the growth potential, competitive advantage, sector positioning.
- Watch for a downside: Do read risk factors of the company in the DRHP and factor what could go wrong.
- Expect volatility: Not all IPOs will repeat the multi-bagger returns as they have in the past. Defensive selection and realistic expectations are key.
