India Set for $8 Billion IPO Wave as Market Shows Strong Investor Appetite
Bengaluru — India’s equity markets are gearing up for a record-setting final quarter in 2025, with initial public offerings (IPOs) expected to raise up to $8 billion, driven by strong domestic and international investor interest.
Major companies, including Tata Capital and LG Electronics India, are among the top firms launching share sales this month, reflecting the market’s renewed momentum and robust confidence in the Indian economy.
The October–December period is poised to become the second busiest quarter for IPOs in India’s history, trailing only last year’s record. Over the first nine months of 2025, more than 240 large and mid-sized firms raised $10.5 billion, positioning India as the third-largest global market for IPO fundraising, according to LSEG data.
“Investor interest is very strong, with eight to nine major IPOs lined up this quarter,” said Suraj Krishnaswamy, Managing Director of Investment Banking at Axis Capital. “Each is targeting between $600 million and $1.8 billion, marking a significant step for the Indian markets.”
Tata Capital, part of the Tata Group conglomerate, will open its share sale on October 6 with plans to raise $1.5 billion, making it the largest IPO so far this year. LG Electronics India will follow a day later with a $1.3 billion offering. The South Korean consumer electronics giant is India’s second-largest appliance maker, competing with major players like Whirlpool and Samsung, and its listing highlights the growing interest of global firms in Indian markets.
Several other companies, including ICICI Prudential Asset Management, ed-tech firm PhysicsWallah, AI services provider Fractal Analytics, and non-bank lender Credila Financial, are preparing IPOs for November and December. Roadshows are already underway, signaling strong market confidence and investor engagement.
Experts attribute the IPO surge to a “window of opportunity” created by strong domestic liquidity and resilient investor demand. Kailash Soni, Head of India Equity Capital Markets at Goldman Sachs, noted that this enthusiasm reflects both retail and institutional appetite for high-quality Indian shares.
Nipun Lodha, Head of Investment Banking at PL Capital, highlighted that robust market participation is driving IPO momentum, attracting even more multinational firms to list local units in India.
“The reason MNCs are listing in India is that the market offers high valuations supported by abundant domestic capital,” said Yatin Singh, CEO of Emkay Global Financial Services. Retail investors are also showing strong engagement, viewing IPOs as opportunities for immediate gains and long-term market participation.
While the benchmark Nifty 50 index has risen 4.3% in 2025, IPOs have delivered average listing-day gains of 12%, reflecting the sector’s resilience and investor confidence. Of the 59 large IPOs listed this year, 42 posted gains on debut, underscoring strong market optimism.
With a surge of high-profile offerings and a dynamic investor base, India’s IPO market is set to close the year on a strong note. Analysts and investors alike view the upcoming quarter as a landmark period for equity markets, cementing India’s position as a leading destination for global capital and corporate growth.
