Upcoming IPOs: The primary market is abuzz with 12 initial public offers (IPOs) underway on Dalal Street, signalling a revival after a subdued trend in the initial few months of 2025.

It was only in May that the IPO market saw any decent activity, following the launch of the much-awaited Ather Energy IPO towards the end of April. Since then, some 15 mainboard IPOs have already hit the primary market, with another two set to open in the first week of July.

The revival in the IPO market coincided with the strength returning to Indian stock market bulls, amid improving macro trends, strong retail and strong institutional participation. A good monsoon and RBI’s rate cut action are also supportive of the market and liquidity, driving the buoyant IPO market trend in 2025.

Robust IPO Pipeline Ahead

This setup is creating room for more companies to hit the market with a IPO pipeline robust. According to Prime Database, some 74 companies are sitting on SEBI approval to float their IPOs, suggesting a steady influx of public issues in the year ahead.

“Rate cuts, a stabilising rupee, falling crude prices, and the return of global liquidity have created fertile ground for capital raising. Promoters — especially in consumer, manufacturing, defence, and speciality sectors — are seizing this window of optimism to monetise value at fair valuations,” Harshal Dasani, Research Analyst at Invasset PMS, said.

It’s also a matter of catching the cycle right — 2024’s uncertainty had deferred many listings, and now that markets have absorbed geopolitical noise and macro shocks, pent-up IPO supply is finally flowing through, Dasani added.

High-profile names like NSDL, Hero Fincorp, JSW Cement, LG Electronics, Kent RO Systems, Bluestone Jewellery and Vikram Solar, among others, are lining up to make the most of the market sentiment, suggests data.

LG Electronics’ proposed ₹15,000 crore IPO, if floated, could be the biggest listing of 2025. According to a Bloomberg report, the company has revived IPO plans after indicating its intent to put the public offer on hold amid unfavourable market conditions.

NSDL IPO is another such awaited public offer. While the IPO is entirely an offer for sale of ₹3,400 crore by IDBI Bank, NSE, SBI, HDFC Bank and Union Bank of India. NSDL offers a wide range of products and services to the financial and securities market. The company is the largest depository in India in terms of the number of issuers, number of active instruments, market share in demat value of settlement volume, and value of assets held under custody.

Hero Fincorp ( ₹3668 crore), Vikram Solar ( ₹7000 crore), JSW Cement ( ₹4000 crore), Dorf-Ketal Chemicals ( ₹5000 crore) and Avanse Financial ( ₹3,000 crore) are some of the biggest IPOs lined up to hit the primary market.

According to Dasani, the success of recent listings, particularly the marquee ones in financial services and exchanges, has further reinforced confidence among issuers and investors alike. “Importantly, we’re seeing quality businesses come to the market—many with strong profitability, niche positioning, or structural tailwinds. Valuation discipline remains important, but the current wave feels more broad‑based and less frothy than the 2021 cycle,” he opined.

Will IPO market’s bull run continue?

Commenting on the outlook for the IPO market, Mahesh Ojha, AVP Research and Business Development, at Hensex Securities, said the IPO market can remain abuzz and continue till January 2026. Any concerns on the valuation front could act as a deterrent for the IPO investors.

Echoing a similar view, Dasani said that if market sentiment and liquidity remain intact, and volatility remains within range, the IPO engine could well sustain into early 2026. “From an investor perspective, selectivity will be key, but India’s capital market deepening story seems to be entering a very healthy phase,” he added.