India Set to See $23 Billion in IPOs in 2025

India is reportedly set to see initial public offerings (IPOs) with a total value topping that of 2024, when the value of the country’s IPOs was the highest in Asia and was second only to the United States globally.

The total equity fundraising through IPOs in India could top $23 billion in 2025, up from $19.6 billion in 2024, the Financial Times (FT) reported Saturday (Feb. 1).

This year’s IPOs in India could include seven companies that aim to raise at least $1 billion each, according to the report. Last year, three companies had $1 billion-plus offerings.

The companies that are expected to launch IPOs of that size in India in 2025 include online brokerage Groww, FinTech company Pine Labs, eyewear brand Lenskart and the Indian arm of South Korea’s LG, the report said.

Some investment bankers believe the telecommunications business of the conglomerate Reliance Industries, Reliance Jio, could launch an IPO by the end of the year and that such an IPO would be the year’s largest, per the report.

The report attributes India’s strength among the world’s IPO markets to the strong debuts seen in 2024 and the growing number of households investing their savings in local markets.

When reporting in June that Pine Labs was considering a $1 billion IPO in India, Bloomberg said the amount raised via IPOs in the country as of that time had tripled from the same period the previous year and made India one of the world’s hottest markets for share sales.

It was reported Jan. 10 that investment bankers are preparing for a dealmaking uptick in equity capital markets this year in the United States, as there is a promising stable of IPOs by high-profile companies.

Rising capital markets activity, fueled by greater economic confidence, is expected to bolster several of these private equity-backed companies after two years in which steep interest rates and rocky market conditions hampered dealmaking.

It was reported Jan. 5 that a number of private equity-backed firms had already filed IPO paperwork, with a revival in the IPO market fueled by a strong stock market and hopes that the Trump administration will reduce taxes and roll back regulations.