The initial public offering (IPO) market is all set to see a flurry of activity, with at least three unicorns – Groww, Pinelabs and Physics Wallah – expected to announce IPOs next week.
The IPO of Grow, India’s largest brokerage by clients, is expected to raise around Rs 7,000 crore, including ₹5,940 crore in offer for sale (OFS). Fintech unicorn, Pine Labs, is also expected to raise above Rs 6,000 crore, after a scale down in size. Edtech company Physics Wallah is preparing to raise approximately ₹3,820 crore.
At the same time, ₹ 7,278 crore fundraise of Lenskart will close for public bids on November 4, the same week. According to investment bankers, total fundraises and launches for the next week could be to the tune of around $2 billion.
The IPO pipeline has been quite strong in the past year. So much as that Citibank CEO K Balasubramanian told moneycontrol.com on Tuesday that he expects around $10 billion – $15 billion fundraise through this route in the next two months.
Others in the pipeline are Cleanmax Enviro Energy (Rs 5,200 crore), Casagrand Premier Builder (Rs 1,100 crore), and KSH International (Rs 745 crore) are awaiting IPO launch soon. Veeda Clinical Research, Capillary Technologies and Pranav Construction are also planning to launch within weeks, depending on market favorability, said sources.
The recent success of three large IPOs including WeWork, Tata Capital and LG Electronics India this month had charged up the primary markets. The party will continue through November, with several large floats including those of e-commerce firm Meesho and asset manager ICICI Prudential AMC in pipeline.
ICICI Prudential’s Rs 10,000 crore offering “will launch end-November, pending Sebi approval” , said an investment banker assisting its float. SoftBank-backed Meesho aims to raise up to ₹8,500 crore, assisted by JP Morgan, Morgan Stanley and Citi. Apart from these other major IPOs awaiting launch include boAt and Hero Fincorp.
The Rs 1,667-crore issuance of Orkla India, the subsidiary of Norway-based Orkla ASA, will be open for bids this week, along with hel͏me͏t-maker Stu͏͏dds ͏͏A͏c͏͏cessorie͏͏s’s IPO. Few smaller issuances such as Jayesh Logistics and Game Changers are also open this week.
Market experts expect the ongoing IPO momentum to continue into early 2026, supported by strong domestic liquidity and increasing retail participation.
Kotak Equities noted that over 200 companies are to raise around $35 billion in the next one-year. In another evaluation, a prominent Citigroup banker said $20 billion worth of IPOs are expected in the next one-year. This includes the mega-IPO of Reliance Jio, which could set a new record on issuance size.
While the US leads IPOs globally with about $53 billion raise, Hong Kong is second with $23.4 billion and China third with $16.2 billion. India ranks fourth in IPO volumes in 2025.
On Monday, Sebi approved IPOs of Steamhouse, two food firms MilkyMist and Cure Foods, manufacturer Kanodia Cement and asset management firm Gaja Alternative. The regulator however placed the IPO of power solutions provider Sterlite Electric Ltd, part of the Vedanta Group, on hold.