There were no main board IPOs in March and April 2025. There were 05 SME IPOs in April 2025 as against 07 SME IPOs in March 2025.
India’s IPO market began 2025 on a subdued note, with only 10 mainboard listings as companies held back amid market volatility, global uncertainties, and stricter SEBI regulations. Foreign investor sentiment was further weakened by Donald Trump’s U.S. election victory, rising bond yields, and a stronger dollar, triggering outflows from emerging markets like India.
Despite the slowdown, the pipeline remains strong. Forty-five companies with SEBI approval aim to raise over Rs. 67,000 crore, while 69 others await clearance to tap over Rs. 1.15 lakh crore. Major IPOs lined up include Reliance Jio, Tata Capital, HDB Financial Services, PhonePe, Lenskart and LG electronics India each eyeing valuations above $1 billion. Reliance Jio’s potential ₹40,000 crore IPO could rank among India’s largest. While deal volume has dipped, a rise in profitable IPOs and larger issue sizes signal strong fundamentals and a likely rebound once market conditions improve.
Funds Mobilization by Corporates (Rs. In Crore)
|
Particulars |
Feb-25 |
Mar-25 |
|
I. Equity Issues |
18,345 |
13,690 |
|
a. IPOs (i+ii) |
14,745 |
531 |
|
i. Main Board |
13,905 |
0 |
|
ii. SME Platform |
840 |
531 |
|
b. FPOs |
0 |
0 |
|
c. Equity Rights Issues |
768 |
1,508 |
|
d. QIPs/IPPs |
0 |
5,368 |
|
e. Preferential Allotments |
2,832 |
6,283 |
|
II. Debt Issues |
83,623 |
1,17,508 |
|
a. Debt Public Issues |
297 |
237 |
|
b. Private Placement of Debt |
83,623 |
1,17,271 |
|
III. REITs/ InvITs |
0 |
8,740 |
|
a. REITs |
0 |
0 |
|
b. InvITs |
0 |
8,740 |
|
Total Funds Mobilized (I+II+III) |
1,01,968 |
1,39,938 |
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.