By Vivek Kumar M and Bharath Rajeswaran
BENGALURU (Reuters) -India’s equity market is set to raise up to $8 billion through IPOs in the final quarter of 2025, investment bankers say, with Tata Capital and LG Electronics India among the top firms launching share sales this month.
That would make the October–December quarter the second busiest on record, trailing only the same period last year when companies similarly rushed to sell shares.
Over 240 large and mid-sized firms raised $10.5 billion in the first nine months of 2025, making India the third-largest globally in terms of funds raised via IPOs, LSEG data shows.
“Investor interest is very strong and we are seeing some eight to nine very large IPOs lined up in this quarter,” said Suraj Krishnaswamy, managing director of investment banking at Mumbai-based Axis Capital.
“Each of them is doing a fundraising anywhere between $600 million to $1.8 billion, which is very large for Indian markets,” Krishnaswamy said.
IPO REVIVAL GAINS STEAM
Tata Capital, a non-bank lender under the Tata Group conglomerate, will open its share sale for subscription on October 6, looking to raise $1.5 billion – the largest IPO so far this year.
LG Electronics India opens its $1.3 billion IPO a day later.
The local unit of the South Korean consumer electronics giant is India’s second-largest appliance maker and competes with Whirlpool and Samsung in the domestic market
Companies planning to launch share sales in November and December include ICICI Prudential Asset Management, ed-tech firm PhysicsWallah, AI services firm Fractal Analytics, and non-bank lender Credila Financial, said three bankers, who did not want to be named as they were not authorised to speak to media.
The companies are currently on roadshows to gauge investor demand and did not respond to Reuters requests for comment.
The surge in IPOs reflects a desire for firms to seize the “window of opportunity” after a relatively quiet first half of the year, said Kailash Soni, head of India equity capital markets at Goldman Sachs.
The resilience in the IPO market has also been driven by strong appetite from retail as well as institutional investors, said Nipun Lodha, head of investment banking at PL Capital.
That has prompted many Asian firms to try listing their local units.
“The reason MNCs are looking to list in India is that the market offers high valuations because of the abundant domestic money supply,” said Yatin Singh, chief executive officer of investment banking at Emkay Global Financial Services.
Indian IPOs have seen strong demand from retail investors.
“I view IPOs as an opportunity for immediate listing day gains rather than a long-term wealth creation opportunity,” said Chennai-based software engineer Sridhar D, who has invested in IPOs over the last four years.
The benchmark Nifty 50 index is up just 4.3% in 2025, lagging Asian and emerging market peers. By contrast, IPOs have returned 12% on average on listing day in 2025. Of the 59 large IPOs listed on main exchanges this year, 42 rose on debut.
For now, the IPO rush looks like it has further to run with not one issue under-subscribed, said Arun Kejriwal, founder of Kejriwal Research & Investment Services, an advisory firm.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Ira Dugal, Dhanya Skariachan and Sam Holmes)
