India's primary market is gearing up for a dramatic resurgence after a relatively quiet first half, with forecasts from Jefferies Financial Group predicting a massive fundraising wave of up to $18 billion through initial public offerings (IPOs) in the second half of 2025. This anticipated surge is set to make the current year another landmark period for the Indian capital markets, following a blockbuster 2024 where companies successfully raised $21 billion.

The first six months of 2025 saw a more moderate IPO activity, raising approximately $5.3 billion through 24 public offerings. According to Jibi Jacob, Head of Equity Capital Markets at Jefferies India Pvt., this initial slowdown was largely due to market volatility that made the timing of new issues challenging. However, with market conditions improving, a significant pickup is expected, with Jacob anticipating more than 50 IPOs hitting the market by the end of the year.

High-Profile Listings Lead the Charge

Among the most eagerly awaited public offerings is that of Tata Capital Ltd., which is reportedly preparing for a mega IPO estimated at around $2 billion. The pipeline is filled with other high-profile names, showcasing the diversity and strength of the Indian economy.

Other major companies expected to go public include: * ICICI Prudential Asset Management Co. * National Securities Depository Ltd. (NSDL) * LG Electronics India * E-commerce platform Meesho Ltd. * Stock broking firm Groww Invest Tech Pvt. * Eyewear retailer Lenskart Solutions Ltd.

This impressive lineup, spanning financial services, capital market infrastructure, consumer goods, and new-age tech, signals broad-based confidence across various sectors.

What's Fueling the IPO Boom?

The renewed vigor in the IPO market is being driven by several positive factors. India's buoyant stock market, now valued at $5.4 trillion, remains a primary catalyst. The successful market debut of HDB Financial Services Ltd., which raised $1.5 billion in the nation's largest IPO this year, has significantly boosted investor sentiment and risk appetite.

Investor confidence continues to be bolstered by strong foreign inflows and the Reserve Bank of India's aggressive monetary easing policies. The benchmark NSE Nifty 50 Index is trading near its record high, demonstrating resilience despite global headwinds like President Donald Trump's tariff threats and a recent conflict with neighboring Pakistan.

Ranvir Davda, Co-head of Investment Banking at HSBC India, noted the strong investor interest in quality companies. “While global macroeconomic uncertainties may occasionally tighten launch windows, companies with differentiated business models, strong governance, and long-term growth potential are attracting significant interest,” he stated.

Outlook for Investors

The second half of 2025 is shaping up to be an exceptionally active period for India's primary market. For investors, this translates into a wealth of new opportunities to invest in established leaders and high-growth companies across various industries. As market stability returns, the pipeline of marquee IPOs is expected to provide significant momentum, extending the dynamic growth story of India's public markets.