ICICI Prudential Asset Management, ed-tech company PhysicsWallah, AI services company Fractal Analytics, and non-bank lender Credila Financial are among the companies that want to start selling shares in November and December.
With Tata Capital and LG Electronics India among the leading companies starting share sales this month, investment bankers predict that the Indian equities market could collect up to $8 billion via initial public offerings (IPOs) in the last quarter of 2025.
With firms rushing to sell shares over the same time last year, the October–December quarter would become the second busiest on record. According to LSEG statistics, India ranked third worldwide in terms of cash generated via IPOs in the first nine months of 2025, with over 240 big and mid-sized enterprises raising $10.5 billion.
Suraj Krishnaswamy, managing director of investment banking at Mumbai-based Axis Capital, said, “We are seeing perhaps eight to nine very significant IPOs lined up in this quarter, and investor interest is quite robust.”
“They are all financing between $600 million and $1.8 billion, which is a significant amount for Indian markets,” Krishnaswamy said. In an attempt to earn $1.5 billion, the biggest initial public offering (IPO) of the year, Tata Capital, a non-bank lender under the Tata Group conglomerate, will begin its share sale for subscription on October 6.
A day later, LG Electronics India launches its $1.3 billion initial public offering.
The second-largest appliance manufacturer in India is the local branch of the South Korean consumer electronics behemoth, which faces up against Samsung and Whirlpool in the home market.
Three bankers, who wished to remain anonymous because they were not authorized to speak to the media, stated that ICICI Prudential Asset Management, ed-tech company PhysicsWallah, AI services company Fractal Analytics, and non-bank lender Credila Financial are among the companies preparing to start share sales in November and December.
The businesses did not reply to Reuters’ requests for comment, since they are now on roadshows to assess investor interest. According to Kailash Soni, head of India equities capital markets at Goldman Sachs, the spike in IPOs is a result of companies’ desire to take advantage of the “window of opportunity” after a comparatively calm first half of the year.
Strong interest from both institutional and retail investors has contributed to the IPO market’s durability, according to Nipun Lodha, head of investment banking at PL Capital. Many Asian businesses have tried listing their local units as a result of this.
Yatin Singh, chief executive officer of investment banking at Emkay Global Financial Services, said, “The market provides high valuations because of the substantial local money supply, which is why MNCs are choosing to list in India.”
Retail investors have shown a high level of interest in Indian IPOs.
Sridhar D, a software engineer from Chennai who has made investments in IPOs for the last four years, said, “I see IPOs as a chance for rapid listing day benefits rather than a long-term wealth development opportunity.”
In 2025, the benchmark Nifty 50 index has only increased 4.3%, behind its Asian and developing market counterparts. In 2025, however, IPOs had yielded an average return of 12% on the day of listing. 42 of the 59 major IPOs that were launched on major markets this year saw a rise in value upon launch.
As of right now, it seems that the IPO rush will continue, with no issue undersubscribed, according to Arun Kejriwal, founder of the consultancy company Kejriwal Research & Investment Services.