$5 Billion IPO Wave Set to Surge in December, Cementing 2025 as Record Year for Fundraising

The initial public offering (IPO) market is gearing up for a record-breaking December, with around 28 firms planning to raise approximately Rs 48,000 crore (roughly $5 billion) according to industry experts. This surge follows a year where India’s IPO market has already clocked impressive numbers, with 93 mainboard issuances raising Rs 1,54,133 crore to date.

Among the expected high-profile listings are unicorns such as Fractal, marking the first major AI IPO, and Clean Max Enviro Solutions. The financial sector is seeing significant activity with ICICI Prudential AMC’s proposed Rs 10,000 crore float lining up for regulatory approval, supported by a strong list of global book-running managers.

Retail participation is notably robust, indicating sustained confidence in Indian markets. Foreign portfolio investors (FPIs) have committed over $8 billion to Indian IPOs this year, balancing net selling in the wider stock market.

The December IPO rush reflects a broader global trend of private equity-backed firms tapping public markets for exits amid improved investor sentiment. This wave includes companies across fintech, renewable energy, and manufacturing sectors, signalling a dynamic and diverse pipeline.

Key Highlights

Around 28 companies expected to raise Rs 48,000 crore (~$5 billion) in December IPOs

Unicorns like Fractal and Clean Max Enviro Solutions among top anticipated listings

ICICI Prudential AMC’s Rs 10,000 crore IPO awaiting regulator nod

Strong retail participation coupled with $8 billion+ FPI allocations this year

2025 on track to be India’s largest IPO fundraising year with Rs 2 lakh crore raised total

Diverse sector representation including AI, fintech, renewables, and manufacturing

Global trend of private equity-backed firms accelerating IPO exits

Source: Financial Express, Reuters, Bloomberg, Economic Times, Goldman Sachs​