India’s IPO Engine Stalls—Now All Eyes on the Second-Half Surge

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After a record year in 2024, India's IPO market entered 2025 with a slowdown that was palpable. A mix of worldwide uncertainty, risk-conscious investor sentiment, and valuation mismatches made the first half of the year relatively muted. But signs now indicate a strong rebound in the offing, with over 160 firms in line to list in what may be a record-breaking fundraising spree.

Key Points of the IPO Landscape

1. First-Half Cooldown
- Only 24 mainboard IPOs got listed in H1 2025 and raised ₹45,375 crore
- For 36 IPOs and ₹31,279 crore in H1 2024
- March sees no IPOs, a first in nearly two years

2. Pipeline Power
- Over 162 firms intend to raise ₹2.4 lakh crore in H2 2025
- Tata Capital, ICICI Prudential AMC, and LG Electronics India among the leaders
- 71 are SEBI approved; 90 others filed applications in DRHP form.

3. Market Sentiment Recovers
- Nifty 50 within sight of record highs, supported by RBI rate cuts and solid GDP growth
- Wholesale demand rises as 70% of H1 IPOs are sold at a premium
- Domestic investors now possess IPO allotments, lessening dependence on foreign funds

4. Challenges Ahead
- Investor selectivity is increasing; expensive, poor-quality IPOs may be the victims

- Timing and execution will be crucial as companies navigate global uncertainties India's 2025 IPO story is one of grit, rebalancing, and readiness. The second half can re-write the capital market script—if the trend holds.

Sources: Fortune India, Firstpost, Indian Express, Economic Times, Jefferies