After a slow start to 2025, the Indian IPO market has come roaring back in June. A total of eight big IPOs and 30 SME launches have helped raise a massive ₹19,000 crore, marking the strongest month for public issues in the last six months.
This sharp comeback comes after months of market silence. Earlier this year, IPOs had taken a back seat due to geopolitical tensions, weak investor mood, and valuation worries. But with inflation cooling and FII inflows returning, companies are wasting no time getting back on the IPO train.
Mainboard IPOs Lead the Charge
According to exchange data, eight large IPOs raised ₹17,688 crore in June. Leading the pack was HDB Financial Services, which alone brought in ₹12,500 crore. Other big names included:
- Kalpataru Projects – ₹1,590 crore
- Oswal Pumps – ₹1,387 crore
- Ellenbarrie Industrial Gases, Sambhv Steel Tubes, and Arisinfra Solutions also joined the list.
Many of these were fresh issues, not just offer-for-sale deals, which shows that companies urgently needed capital and couldn’t wait for “perfect” market timing.
Also Read NSE Offers $160 mn to Settle SEBI Dispute, Paves Way for IPO
SME IPOs Hit a Nine-Month High
The SME IPO space also saw action heat up. 30 companies launched their IPOs, aiming to raise ₹1,329 crore—the highest since September last year. Some of the biggest SME IPOs were:
- Safe Enterprises Retail Fixtures – ₹161 crore
- Pushpa Jewellers – ₹94 crore
- Monolithisch India, Neetu Yoshi, and Patil Automation also raised healthy sums.
Analysts say this surge is due to SEBI deadlines pushing companies to file quickly, combined with rising confidence among smaller firms.
But Not Everything is Rosy
Despite the buzz, investor excitement has been muted. Analysts warn that if any large IPO lists below expectations, it could drag down overall market mood. Since IPOs often suck liquidity out of the secondary market, a poor debut can hurt broader sentiment.
And let’s not forget—valuations remain stretched. Many sectors don’t show strong earnings growth to support their price tags.
What’s Next for IPOs in India?
Looking ahead, the IPO momentum may face speed bumps. Geopolitical risks, especially in West Asia, are still in play. Also, FIIs are still selling, even as DIIs keep buying to hold markets steady.
Still, as long as macro numbers stay healthy, and listing performance holds up, IPOs will likely remain the flavour of the season.
Also Read HDB Financial Services IPO Subscribed 51% on Day 2; NII Portion Fully Booked – Key Takeaways
