India’s IPO Rush: 40 New Listings in a Month

Source Credit : Portfolio Prints

A Record-Breaking August for the Primary Market

August 2025 stands out as one of the busiest months in India’s IPO history, with 40 companies launching public offerings across both mainboard and SME platforms. This deluge underscores robust investor appetite and ample liquidity in the market.

Market Performance: Hits and Misses

The newly listed firms witnessed highly varied outcomes:

• Aditya Infotech nearly doubled on listing day.


• Highway Infrastructure soared by over 70%.


• Vikram Solar, Patel Retail, and Shreeji Shipping had more tempered debuts, with listings close to their IPO price.


• Laxmi India Finance struggled, listing at a discount and continuing to trade below issue price.

Momentum Across Investor Segments

Experts attribute the surge to a potent mix of investor optimism and fiscal conditions. According to Arpit Jain of Arihant Capital Markets, the IPO pipeline is expected to remain vibrant, particularly in the mid-cap space—subject to favorable valuations, market conditions, and regulatory progress.

Notable Individual IPOs

Several marquee IPO activities reinforced investor confidence in the primary market:

• National Securities Depository Limited (NSDL) launched a ₹40-billion (~$458 million) IPO on July 30, 2025. It was fully subscribed within hours, drawing strong interest across all investor categories. Leading institutional investors, including LIC and Capital International, participated in a robust anchor round. Analysts highlighted NSDL's dominant market position and growth prospects as key strengths.


• Lenskart, a consumer-tech heavyweight, filed IPO papers with SEBI aiming to raise ₹7,500–8,000 crore, making it one of the largest proposed listings of the year.

Broader IPO Landscape: Growth & Pipeline

According to the Financial Times, India ranked second only to the U.S. in global IPO activity during the first half of 2025, raising $6.7 billion—a 25% YoY increase. Major platforms like PhonePe, Groww, Meesho, and Lenskart have filed for IPOs, signaling a strong continuation of the trend.

Context in Numbers: A Historical View

• In H1 2025, India’s primary markets displayed strong momentum, with 119 IPOs raising substantial capital—on track with or surpassing the performance of H1 2024.


• Further, the second half of 2025 is projected to feature Rs 2.58 lakh crore worth of IPO offers, supported by mutual fund participation and robust issuance approvals. High-profile names like Tata Capital, PhonePe, Meesho, and Lenskart are at the forefront of this rush.

Summary Table

Factor	Details
Investor Appetite	Both retail and institutional investors are actively participating.
Market Conditions	Ample liquidity, optimistic sentiment, and favorable capital markets.
Diverse Offerings	IPOs span multiple sectors—fintech, infrastructure, tech, healthcare.
Prominent Listings	NSDL’s swift subscription and Lenskart’s large-scale filing stand out.
Robust Pipeline	A wave of upcoming IPOs—from Tata Capital to Meesho—promises continuity.

What Lies Ahead

Looking forward, the momentum appears poised to continue, with heavy-hitting names preparing to tap public markets. However, the ultimate success of these IPOs will hinge on valuations, market sentiment, and regulatory developments. Investors and issuers alike are closely watching how market dynamics evolve in the coming months.

In Summary

ndia’s bumper IPO activity—40 listings in just one month—paints a vibrant picture of its equity market’s vitality. From stellar listings like Aditya Infotech and NSDL to mega filings by Lenskart, the story is one of dynamic participation and a promising horizon.