The IPO market is set to accelerate in December with around 25 launches, compared with 10 in October (raising ₹45,188 crore) and nine in November (₹23,613 crore).
Leading the pack are five mega issues – ICICI Prudential Asset Management Co (Rs 10,000 crore), ecommerce unicorn Meesho (₹5,400 crore), renewable energy platform Clean Max Enviro Energy Solutions (₹5,200 crore), AI-driven Fractal Analytics (₹4,900 crore) and Juniper Green Energy (₹3,000 crore). The companies didn’t respond to queries.
These share sales will mark a strong finish to the year, said Neha Agarwal, MD and head of equity capital markets, JM Financial Institutional Securities Ltd.
“The IPO rush is driven not by indiscriminate issuance but by a meaningful confluence of entrepreneurial energy and discerning investor appetite,” she said.
Agencies Structural Liquidity Comfort
“What’s encouraging is the quality-first filtration investors are applying – strong management, governance and credible business models are being rewarded, while anything with uncertainty rightly faces pushback.”
A strong mid-cap pipeline follows, including Wakefit Innovations (₹1,500 crore), edtech-turned-exams player Innovatiview (₹1,500 crore), healthcare player Park Medi World (₹1,200 crore), Nephroplus (₹1,000 crore) and precision manufacturing company Aequs (₹1,000 crore), among others.
Companies such as Meesho and Aequs have already announced IPO dates – December 3-5 – while others are yet to announce their timetable.
This is validation of a structural bull market, said Gaurav Sood, managing director and head of equity capital markets at Avendus Capital.
“We believe this is not just a year-end rush but the culmination of a record year for India’s primary markets,” he said.
Investment bankers said the street is getting comfort from the structural liquidity underpinning this supply of issuances.
Systematic investment plan (SIP) inflows trending at around ₹30,000 crore a month continue to provide steady local demand as global flows remain choppy, while domestic institutional investor (DII) participation has been consistently strong over the past two years.
OFS transactions
Nearly two-thirds of recent IPO fundraising has come via offer for sale (OFS) led transactions, demonstrating that the market has repeatedly absorbed large shareholder exits without destabilising secondary market liquidity, Sood said.
“When you combine this domestic flow strength with the proven ability to execute large and diverse deals across sectors, it’s clear why the market is comfortable running a heavy December calendar and why promoter confidence, filing volumes and broader IPO momentum are likely to stay elevated into 2026,” he said. Main-board equity issuances this year have already surpassed 2024’s ₹1.5 lakh crore, Agarwal said.
