IPO Activity Heats Up with ₹40,000-Crore Pipeline Till November-End

Mumbai, 24 October 2025: India’s equity market is gearing up for a high-voltage close to the year, as the primary market braces for public issues worth over ₹40,000 crore before November-end. The upcoming IPO wave marks one of the busiest phases of 2025, signalling robust corporate fund-raising activity despite a subdued secondary market.

₹40,000-Crore IPO Pipeline Set to Energise the Market

A total of ten major companies are preparing to launch their initial public offerings (IPOs) in the coming weeks. These include Billionbrains Garage Ventures (Groww’s parent company), Lenskart Solutions, ICICI Prudential Asset Management Company (AMC), Pine Labs, PhysicsWallah, Tenneco Clean Air, Prestige Hospitality, Orkla India (MTR Foods), Boat, and Park Medi World – the operator of the Park Hospitals network.

Despite soft trading conditions in the broader markets, India’s IPO segment has continued to demonstrate resilience, with companies leveraging the capital markets to fuel growth, reduce debt, or enable shareholder exits.

Orkla India to Lead the IPO Season with ₹1,668-Crore Issue

The IPO season will commence with Orkla India’s ₹1,668-crore offering, slated for subscription between 29 and 31 October, with anchor allocation opening on 28 October. The issue will be a complete offer for sale (OFS), priced between ₹695 and ₹730 per share.

The company’s debut marks the first in the festive season lineup and is expected to set the tone for the forthcoming mega issues, particularly within the consumer and FMCG space, where investor attention typically remains strong.

Billionbrains Garage Ventures (Groww) and Lenskart Target Over ₹12,000 Crore Combined

Among the most anticipated listings are Billionbrains Garage Ventures, the parent of investment platform Groww, and eyewear major Lenskart. Together, the two startups aim to mobilise around ₹12,500 crore through their IPOs.

• Billionbrains Garage Ventures plans to raise ₹6,500 crore, while
• Lenskart Solutions seeks to collect nearly ₹6,000 crore, combining fresh equity and an OFS component.

Both issues are expected to reserve 10% for retail investors, underscoring the broad-based participation encouraged in this IPO cycle.

ICICI Prudential AMC and Pine Labs Eye Big-Ticket Fundraising Above ₹5,000 Crore

Traditional and fintech sectors are also well represented in this round of offerings. ICICI Prudential AMC is gearing up for an IPO that could raise over ₹9,000 crore, potentially ranking among the largest listings this year.

Meanwhile, Pine Labs, one of India’s leading digital payment platforms, is preparing for an estimated ₹5,500-crore offering. The simultaneous presence of an asset management leader and a fintech pioneer in the pipeline highlights India’s diverse capital market appeal, from institutional finance to consumer payments technology.

Education, Hospitality and Lifestyle Firms Join the Listing Rush

The listing queue extends across sectors, reflecting the economy’s multi-sectoral participation:

• PhysicsWallah is set to raise ₹3,800 crore, expanding its edtech footprint.
• Tenneco Clean Air aims for ₹3,000 crore, focusing on sustainable automotive solutions.
• Prestige Hospitality plans to raise ₹2,500 crore, leveraging India’s tourism boom.
• Boat, a home-grown audio and electronics brand, eyes ₹2,000 crore.
• Park Medi World, which operates the Park Hospitals network, will issue shares worth ₹1,200 crore.

The diversity of sectors from education to healthcare illustrates the breadth of India’s growth narrative and the appetite of companies to expand through public listings.

Primary Market Maintains Strong Momentum with ₹1.24 Lakh Crore Raised So Far

In 2025 so far, 88 IPOs have collectively raised over ₹1.24 lakh crore, indicating steady market participation despite global macroeconomic headwinds. However, listing performances have shown mixed outcomes:

• Of 85 mainboard IPOs, 29 debuted below their issue price.
• 27 recorded modest gains of up to 10%, while 12 offered 11-20% returns.
• 13 stocks yielded gains between 25% and 50%, and only three surpassed 50% listing gains.

This distribution highlights a selective performance trend, where company fundamentals and valuation discipline are driving outcomes more than broad market liquidity.

Festive Season to Add Spark to IPO Activity as Capital Market Depth Expands

The confluence of the festive period and a robust IPO pipeline suggests heightened activity in India’s capital markets. The upcoming listings from fintech, consumer technology, and manufacturing sectors indicate confidence in India’s long-term economic growth and the evolving maturity of its equity ecosystem.

India’s capital markets are witnessing a steady revival in primary fund-raising, with diverse sectors preparing to go public by November-end. The ongoing ₹40,000-crore IPO pipeline underscores sustained corporate confidence and the increasing use of public markets as a growth enabler, highlighting the expanding depth and resilience of India’s financial ecosystem heading into 2026.

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