DRHP Filings Soar -118 DRHPs Filed in H1 2025 Amid Market Caution

3 July 2025 – There was a remarkable increase in the number of DRHP (Draft Red Herring Prospectus) filed in the first half of 2025, compared to the same period last year. 2025 witnessed 118 filings compared to 52 in the previous year. This represents robust valuation sentiment and long-term listing sentiments among companies.

India is set to have its best primary market performance since December, with roughly $2.4 billion in IPOs projected in July alone. This will solidify its position as the world’s second-largest IPO market in 2025.

Promoters Remain Bullish Amid Volatility

The proposed capital raise touched ₹1.6 trillion, up from ₹1 trillion in H1 2024, underscoring renewed confidence from promoters. The DRHP flood shows that people are more confident and ready to go public. So far, listings have been careful, but the strong deal pipeline suggests that IPO activity could speed up a lot in the next few months, as long as the market stays bullish.

Several high-profile names figure in the latest filings list, including:

• Groww
• Pine Labs
• Cordelia Cruises operator Waterways Leisure Tourism
• Lalitha Jewellery Mart
• Canara Robeco Asset Management
• PhysicsWallah

These companies span fintech, travel, education, and asset management, indicating a broad-based sectoral interest in going public.

Rise of Confidential IPO Filings

An increasing number of companies also chose the confidential filing route, a relatively new option that enables private DRHP submissions. This mechanism allows businesses to disclose offer size, financials, and risk factors to regulators without immediate public visibility, granting more strategic flexibility before launch.

Even though this is the case, actual IPO issuances have been slow to come out because of market volatility and bigger economic worries. Experts say, meanwhile, the current pipeline shows good confidence in promotions and valuations, which could lead to a rise in listings in the second half of 2025. Wakefit (₹468 Cr), Rayzon Solar (₹1,500 Cr), Curefoods India (₹800 Cr), Orkla India (OFS by MTR Foods), Groww (~$700 M–$1 B), Aequs (₹1,700 Cr secret), and Lalithaa Jewellery Mart (₹1,700 Cr) are some of the most recent DRHP applications.

IPO Launches Lag Behind

While DRHP activity soared, only 24 mainboard IPOs were completed in H1 2025, a drop from 36 in the corresponding period last year. The first four months of 2025 were particularly sluggish, with just 10 IPOs raising ₹18,704 crore. Notably, March recorded zero IPOs, a first in nearly two years, and April saw only one listing.

Outlook: Rebound on the Horizon?

Despite the subdued IPO execution, the uptick in DRHP filings indicates a healthy pipeline and corporate confidence in India’s capital markets. As macroeconomic conditions stabilise in the latter half of 2025, industry watchers anticipate a potential rebound in public listings.

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