The IPO frenzy in 2025 is no doubt shifting gears. What seemed like a slow and steady start is gradually picking up pace, and the trajectory is seeing a sharp upmove. A recent compilation of data from the Prime Database indicates that 2025 is on track for another bumper IPO year after the stunning gains in 2024. But that’s where the similarity seems to end. While the number of DRHP filings is surging, investors also seem more value-conscious. Not every issue deserves similar excitement, and even the most talked about IPOs are being deprived of unreasonable investor euphoria.
Here is a look at 5 of the most striking aspects of the IPOs in 2025 so far –
1. Number of IPOs – Close to 2024 today, well past 2021
In the first 7 months of 2025, 38 new IPOs have been launched. The data, as provided by the Prime Database, pointed out that February, June and July saw the maximum amount of money raised. Interestingly, June and July saw some big-ticket IPO launches as well. These include the likes of HDB Financial, NSDL and JSW Cement. Rs 17,688 crore has been raised in June, and July too saw a similar fundraising via IPOs. February was a marquee month too, in terms of IPO action, when over Rs 10,000 crore was raised via IPOs.
2. Listing day gains: 11 of 25 see less than 5% listing day gains
Though the amount raised via IPOs thus far exceeds Rs 55,000 crore, not many IPOs managed to deliver listing day gains for the investors. As per the Prime Database analysis, of the 38 issues so far this year, close to 15 of them saw less than 5% listing gain/loss. Highway Infrastructure, Aditya Infotech, Quadrant Future Tek and GNG Electronics are among the few which saw a 40% plus gain on listing day.
The high-profile IPOs like HDB Financial, JSW Cement and NSDL saw comparatively quiet listings, but the share price saw a modest 10-15% jump from the issue price.
3. Investors cautious – Looking for value
However, one interesting aspect of the IPO action this year is an overarching sense of caution. Unlike the euphoria seen in the latter half of 2024, the GMP for most saw modest gains before listing. Apart from some SME issues like Flysbs Aviation IPO or Globe Civil Projects, where the GMP soared past the 50% mark, most issues saw moderate excitement and steady gains after listing. The big listing pop that 2024 had become synonymous with hasn’t been seen much so far this year.
| Year | No of IPOs |
| 2019 | 27 |
| 2020 | 23 |
| 2021 | 126 |
| 2022 | 89 |
| 2023 | 84 |
| 2024 | 157 |
| 2025 (Till July 10, 2025) | 129 |
Source: Prime Database
According to Pranav Haldea, MD- Prime Database, the “GMP is a function of several factors including the overall sentiment in the market. In bullish times, you typically will have high GMPs as chances of positive listing are higher. However, one must remember that the GMP is not always the right yardstick and can be misleading at times.”
4. Fund raised so far
Over Rs 50,000 crore has been raised, and close to 150 DRHPs have been filed so far in 2025. The Prime Database analysis shows that this is significantly higher than the last 5-year average. Data shows 157 DRHPs were filed in 2024, while 2022 and 2023 saw 89 and 84 DRHP filings. 2021 clocked 123 DRHP filings. Essentially this means 2025 is on track to exceed the 2024 numbers at the current rate.
What’s particularly striking is the IPO pipeline that comprises several big-ticket issues across sectors spanning capital markets, quick commerce, telecom. Additionally, a note by Jefferies in June indicates that “achieving the disinvestment target of Rs 47,000 crore for the FY26 is critical for the government.”
5. Big issue line-up towards end of year
What’s making the timeline even more exciting is the lineup ahead. Several big-ticket names like Tata Capital, Hero Fincorp, LG Electronics, Lenskart, Fab India, Snapdeal, Fractal, and defence firm SMPP are all set to launch issues over the remaining few months of the year. The fund likely to be raised could be equal to what’s already been raised so far in 2025.
Haldea added that “the primary market is a function of the secondary market. When the trajectory is bullish in the secondary market, IPO activity too is strong. As borne out by data and the IPOs which have filed DRHP or have received SEBI approval, the IPO pipeline is the strongest it has ever been. However, there is still a lot of uncertainty with regard to tariffs. Clarity on that count will surely help with the momentum in the IPO market.”
A study by E&Y’s Global IPO Trends, 8% of global IPO funds in H1 2025 was from India. While China and US saw some hectic IPO action, the Indian primary market saw a significantly sedate session, with focus definitely on quality.