Mumbai — After a sluggish spell in the primary market, India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), has approved Initial Public Offerings (IPOs) worth ₹1.4 lakh crore from 72 companies, indicating renewed momentum in the IPO landscape.
Key IPOs that have received the green signal include:
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HDB Financial Services – ₹12,500 crore
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Dorff Ketal Chemicals – ₹5,000 crore
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Vikram Solar – ₹1,500 crore
In addition to these, another 68 companies are awaiting SEBI’s nod to raise a combined ₹95,000 crore through IPOs. If approvals continue at this pace, nearly 140 companies may collectively raise up to ₹2.35 lakh crore in the coming months.
Market Sentiment Still Recovering
The IPO market had seen lukewarm investor response recently due to volatile secondary market conditions and underwhelming debuts. For instance, Ather Energy listed only 2.18% above its issue price, while Aegis Vopak and Schloss Bangalore ended up listing over 6% lower. Skoda Tubes had a flat listing.
Despite these setbacks, market interest appears to be returning. As per SEBI’s records, around 90 companies filed draft red herring prospectuses between January and May 2025. These include major players such as:
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Canara HSBC Life Insurance
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Anand Rathi Share and Stock Brokers
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Canara Robeco Asset Management
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WeWork India
Analysts note that market fluctuations and weak Nifty movement have contributed to the slowdown. Over the past six months, the Nifty index has shown minimal gains, delivering just about 1% return in the last month.
SEBI’s recent approvals could mark the beginning of a recovery phase for India’s primary markets, with strong IPO volumes anticipated in the second half of 2025.
