India's IPO Surge: Anticipating a Bullish Uptick in 2025

Indian Initial Public Offerings (IPOs) are poised for an upswing as per the latest projections by S&P Global Market Intelligence. The financial firm points to favorable equity market conditions and a robust pipeline of impending share sales in India as catalysts for this expected surge.

The country witnessed a total of 119 IPOs during the first half of 2025, accumulating an impressive ₹511.50 billion, data from S&P Global shows. This marks a substantial increase from the corresponding period in 2024, which saw ₹376.82 billion raised from 157 IPOs.

A notable mention was the IPO of Hyundai Motor's Indian unit, the largest on record, which played a crucial role in boosting 2024's total IPO contributions to ₹1.713 trillion. Meanwhile, in June 2025, HDB Financial Services Ltd. marked the year's largest IPO thus far, securing ₹125 billion.

The National Stock Exchange of India secured the fourth position on the global IPO leaderboard, raising USD 5.51 billion and accounting for 8.9% of global IPO fundraising in early 2025, S&P Global noted.

(With inputs from agencies.)