The National Stock Exchange of India (NSE) ranked fourth globally in initial public offering (IPO) fundraising during the first half of 2025, raising $5.51 billion, according to S&P Global Market Intelligence. The NSE came in behind the Nasdaq Global Market, NYSE and the Nasdaq Global Select Market, accounting for 8.9% of worldwide IPO proceeds during the period.
Despite a slower start compared to the same period last year, Indian markets saw 119 IPOs in the first six months of 2025, raising a total of Rs 51,150 crore, S&P data showed. This compares with Rs 37,682 crore raised from 157 listings in the first half of 2024.
Indian exchanges closed 2024 with Rs 1.71 lakh crore raised across 333 IPOs, buoyed by landmark deals such as Hyundai Motor India’s $3.3 billion share sale.
The S&P report suggested that while the primary market started 2025 on a slower note, amid global and domestic equity volatility, a rebound is underway. The report said that EY analysts see a strong pipeline of IPOs likely to hit the market over the next three to six months.
Several high-profile filings are in the pipeline, including Credila Financial Services Ltd’s Rs 5,000 crore draft prospectus filed with Securities and Exchange Board of India (Sebi) in late June, and Anthem Biosciences’ submission in early July.
Other companies such as Oravel Stays, Fabindia Ltd, and Hero FinCorp, which had delayed listings in prior years, may revive their plans depending on market conditions.
S&P said that if macroeconomic stability holds, IPO activity is expected to accelerate in the second half of 2025. Investor appetite remains firm, especially for reasonably valued and fundamentally strong companies.
India’s broader economic momentum is also supporting capital markets. The Reserve Bank of India expects the economy, currently valued just under $4 trillion, to grow at 6.5% in FY26, in line with the previous fiscal year. A total of 100 basis points in rate cuts since February, including a surprise 50-bps reduction in June, is expected to boost liquidity and lending conditions.
The report also pointed to strong listing potential in sectors such as financial technology, AI-driven firms, and industrial tech, with the broader macroeconomic setup favouring renewed issuance.
With a dynamic stock market, supportive monetary policy, and an improving global backdrop, India’s IPO environment appears poised for a more robust second half, with the NSE continuing to establish itself as a major global listing venue.
Also read | NSE, NSDL shares slide up to 21% from peaks. What’s behind the selling pressure in unlisted market?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Despite a slower start compared to the same period last year, Indian markets saw 119 IPOs in the first six months of 2025, raising a total of Rs 51,150 crore, S&P data showed. This compares with Rs 37,682 crore raised from 157 listings in the first half of 2024.
Indian exchanges closed 2024 with Rs 1.71 lakh crore raised across 333 IPOs, buoyed by landmark deals such as Hyundai Motor India’s $3.3 billion share sale.
The S&P report suggested that while the primary market started 2025 on a slower note, amid global and domestic equity volatility, a rebound is underway. The report said that EY analysts see a strong pipeline of IPOs likely to hit the market over the next three to six months.
Big-ticket deals and upcoming listings
The year’s largest deal so far came from HDB Financial Services, a subsidiary of HDFC Bank, which raised Rs 12,500 crore in June. Among the top ten IPOs by size, three originated from consumer discretionary companies and two from financial services.Several high-profile filings are in the pipeline, including Credila Financial Services Ltd’s Rs 5,000 crore draft prospectus filed with Securities and Exchange Board of India (Sebi) in late June, and Anthem Biosciences’ submission in early July.
Other companies such as Oravel Stays, Fabindia Ltd, and Hero FinCorp, which had delayed listings in prior years, may revive their plans depending on market conditions.
S&P said that if macroeconomic stability holds, IPO activity is expected to accelerate in the second half of 2025. Investor appetite remains firm, especially for reasonably valued and fundamentally strong companies.
India’s broader economic momentum is also supporting capital markets. The Reserve Bank of India expects the economy, currently valued just under $4 trillion, to grow at 6.5% in FY26, in line with the previous fiscal year. A total of 100 basis points in rate cuts since February, including a surprise 50-bps reduction in June, is expected to boost liquidity and lending conditions.
Markets and sectoral tailwinds
India’s benchmark Nifty 50 index has rebounded strongly, closing at 25,082.30 on July 14, a 5.6% gain so far this year. S&P noted that this recovery, along with rising retail investor participation, is contributing to renewed enthusiasm in the primary market.The report also pointed to strong listing potential in sectors such as financial technology, AI-driven firms, and industrial tech, with the broader macroeconomic setup favouring renewed issuance.
With a dynamic stock market, supportive monetary policy, and an improving global backdrop, India’s IPO environment appears poised for a more robust second half, with the NSE continuing to establish itself as a major global listing venue.
Also read | NSE, NSDL shares slide up to 21% from peaks. What’s behind the selling pressure in unlisted market?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
