This year so far Rs. 1.5 lakh crore has already been collected, the full year figure of Rs. 1.8 lakh crore and Rs. 1.9 lakh crore, which by 2024 will be around Rs. 1.6 lakh crore is India’s biggest fundraising year since then.
PrimeDatabase data shows that in 2022, India will spend Rs. 59,302 crore and in 2023 Rs. 49,436 crore was raised. In 2024 Rs. The cycle turned quickly with 1.59 lakh crore raised, 3 times more than the previous year. In 2025, as of November 21, the market has already traded in 93 issues at Rs. 1.54 lakh crore has been recorded, almost surpassing the previous year’s full-year total. The December pipeline ensures that 2025 will be completed well before 2024.
Marquee names are expected in December
The bulk of December’s expected fundraising comes from a slate of high-profile deals. E-commerce platform Meesho is about Rs. 53,000 crore or is planning to list in early December with an estimated valuation of around $6 billion.
The company is also in discussions with SBI Fund Management for a pre-IPO placement which could change the final issue size. As per the draft prospectus, the IPO will raise Rs. Includes fresh issue of 4,250 crore shares and offer for sale of 175.7 million shares held by existing investors.
Also Read: Is Fractal India’s Palantir? Decoding the first homegrown AI IPO from the firm that powers Nvidia, Tesla and Apple
ICICI Prudential Asset Management Company, India’s second largest mutual fund house, is preparing one of the largest domestic listings in the financial sector. Rs. 10,000 crore IPO will see UK-based Prudential sell 10% stake through 17.65 million shares.
The deal values ​​AMC at around $11 billion and is close to receiving SEBI’s final approval. By June, the fund house had raised Rs. 9.44 lakh crore in assets under management and Rs. 2,650 crore with a profit of Rs. 4,977 crore in annual revenue.
Its Rs. Fractal Analytics is also going to launch in December after getting SEBI’s nod for a Rs 4,900 crore IPO. In this issue Rs. 1279 crore new issue and Rs. 3621 crores OFS will be involved.
The AI-focused analytics firm plans to use the capital to pay down debt at its US subsidiary, expand an office in India and accelerate research in generative AI. About three-quarters of the IPOs are exits for existing investors, including TPG Fat Holdings and Apax’s Quinag Bidco.
Clean Max Enviro Energy Solutions, one of the country’s largest commercial and industrial renewable power providers, after receiving SEBI approval for Rs. 5,200 crore issue is being prepared. The IPO was raised by private equity investors and existing shareholders including founder Kuldeep Pratap Jain at Rs. 1,500 crore new issue and Rs. 3,700 crore will include OFS.
The company provides green energy and decarbonization solutions to large corporations across India and select overseas markets.
Another household name targeting a December IPO is Milky Mist Dairy Foods. 2,035 crore, this could be the largest IPO of the dairy sector so far. In this offer Rs. 1,785 crore fresh issue and Rs. 250 crore OFS is included. The proceeds will be used for debt repayment, expansion and modernization of its Perundurai plant, deployment of retail infrastructure like visi-coolers and freezers and other corporate purposes.
Hero Fincorp had to pay its Rs. 3,668 crore IPO has also received regulatory approval and could be listed by mid-December, according to industry executives. In this issue, the existing shareholders paid Rs. 2,100 crore a new increase and Rs. 1,568 crore of OFS involved. Retail and MSME-focused lenders are expected to attract strong interest due to the broad growth in financial services listings.
“With some recent IPOs in terms of subscriptions and listings and some encouraging signs in the secondary market, the momentum in the primary market is likely to continue till the month of December,” said Pranav Haldia, CMD, PrimeDatabase.
2026 also looks strong
After December, India’s IPO pipeline looks equally strong for 2026. Estimates from Equirus Capital suggest that the country could witness up to $20 billion in new listings next year. The marquee pipeline includes Jio, NSE, SBI Mutual Fund, OYO, PhonePe and Flipkart, marking what could be the deepest and most diverse issue calendar in Indian market history.
If the December deal closes as planned, 2025 will not only surpass 2024 by a wide margin but will also cement India’s position as one of the world’s busiest primary markets, supported by strong domestic liquidity, resilient secondary markets and a growing pipeline of companies listing tech, consumer, renewables and financial services companies.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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