The Indian primary market is witnessing a surge in activity as approximately two dozen companies are gearing up to launch their Initial Public Offerings (IPOs) in December 2025 and January 2026, with the aim of raising nearly ₹40,000 crore. This flurry of IPOs indicates strong confidence among issuers and a healthy appetite from investors looking to capitalize on listing gains or invest in companies with long-term growth potential.
Several prominent companies across various sectors are part of this IPO rush. These include ICICI Prudential AMC, e-commerce platform Meesho, and renewable energy firm Juniper Green Energy. Other notable names include artificial intelligence firm Fractal Analytics, home and sleep solutions brand Wakefit Innovations, technology-led security and surveillance firm Innovatiview India, and hospital chain Park Medi World. Precision component maker Aequs and Vidya Wires also have public offerings planned.
This year, 96 companies have already debuted on the stock exchanges, raising ₹1.6 lakh crore. More than 40 of these listings occurred in the last three months, highlighting the increased activity in the primary market. In comparison, 91 public issues in 2024 collectively mobilized ₹1.6 lakh crore. With the IPOs lined up for December, the total fundraising in 2025 could potentially reach ₹2 lakh crore, setting a new record for India's primary markets.
The momentum in the IPO market is attributed to several factors, including increasing retail participation and strong domestic inflows, which have been crucial in sustaining the fundraising surge. According to Abhinav Tiwari, Research Analyst at Bonanza, the IPO market in 2025 has remained exceptionally strong despite weakness in the secondary market.
Several IPOs are scheduled to open in the first week of December. Meesho aims to raise ₹5,421 crore, while Vidya Wires and Aequs are targeting ₹300 crore and ₹921.81 crore, respectively. The IPOs are slated to open for subscription on December 3 and close on December 5, with allotments expected to be finalized on December 8 and listing on BSE and NSE tentatively scheduled for December 10.
Other significant IPOs expected in December include Clean Max Enviro Energy Solutions (₹5,200 crore) and Juniper Green Energy (₹3,000 crore). Hero Fincorp, the NBFC arm of the Hero Group, is also slated to raise approximately ₹3,358 crore. The December pipeline also features issues from Milky Mist Dairy Food (₹2,035 crore), Innovatiview (₹2,000 crore), Park Medi World (₹1,260 crore), and Wakefit Innovations (₹1,400 crore).
According to industry players, as many as 28 firms could raise around ₹48,000 crore (around $5 billion) in December. This could make 2025 the biggest year in terms of fund mobilization, with around ₹2 lakh crore. In 2024, the IPOs of 91 companies raised ₹1,59,784 crore, setting a record. This year, 93 mainboard issuances have already raised ₹1,54,133 crore.
The rush is driven by maturing PE/VC-backed companies, robust retail participation, and continued FPI interest. Unicorns like Fractal and Meesho, and the ICICI Prudential AMC float, are among the major upcoming listings.
