The IPO market is set to pick up pace with around 25 launches in December, compared to 10 in October (raised ₹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 (₹4,90 crore and ₹300 crore). The companies did not respond to queries.
Neha Aggarwal, MD and Head of Equity Capital Markets, JM Financial Institutional Securities Ltd, said the share sale marked a strong finish to the year.
“The IPO rush is driven not by haphazard issuance but by a meaningful confluence of entrepreneurial energy and savvy investor appetite,” she said.
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Structural liquidity comfort
“What’s encouraging is that quality-first filtration investors are applying – strong management, governance and a credible business model are being rewarded, while anything with uncertainty faces a fair amount of pushback.”
A strong mid-cap pipeline follows, including Wakefit Innovations (₹1,500 crore), edtech-turned-exam player InnovativeVue (₹1,500 crore), healthcare player Park Medi World (₹1,200 crore), NephroPlus (₹1,000 crore) and precision manufacturing company, Aequs (₹1,000 crore).
Companies like Meesho and Aequs have already announced IPO dates – December 3-5 – while others are yet to announce their timetables.
Gaurav Sood, managing director and head of equity capital markets at Avendus Capital, said, “This is a confirmation of a structural bull market.
“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 that structural liquidity underpinning this supply of issues is comforting the Street.
Systematic Investment Plan (SIP) flows continue to provide steady domestic demand at around ₹30,000 crore inflows per month as global flows remain volatile, while domestic institutional investor (DII) participation has remained strong over the past two years.
OFS transactions
About two-thirds of recent IPO funding has come through offers-for-sale (OFS) driven transactions, indicating that the market can frequently exit large shareholders without destabilizing secondary market liquidity, Sood said.
“When you combine the strength of this domestic flow with a proven ability to execute large and diversified deals across sectors, it’s clear why the market is comfortable riding a heavy December calendar and why promoter confidence, filing volumes and broader IPO momentum are likely to remain elevated through 2026,” he said. Main-board equity issuance this year has crossed ₹1.5 lakh crore in 2024, Agarwal said.
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