Author: Aditya Pareek | EQMint | Market News
India’s capital markets are on the verge of a record-breaking year. According to Citigroup, the country could see initial public offerings (IPOs) worth as much as $20 billion over the next twelve months — a figure that would place India among the most active IPO markets in the world. The surge in listings is expected to be driven by a mix of new-age technology firms, consumer brands, and established conglomerates seeking to unlock value in their subsidiaries.
The Strongest IPO Pipeline Yet
Citigroup’s analysts say the current IPO pipeline is the largest India has ever seen. It spans technology, finance, manufacturing, and consumer sectors, reflecting the depth of opportunities across the economy. Companies like Pine Labs, Meesho, and Reliance Jio are already finalizing their listing plans, while several other firms are lining up approvals from the market regulator.
The key driver behind this enthusiasm is the rise of domestic capital participation. Retail investors, mutual funds, and local institutions have steadily increased their appetite for equities, providing a cushion against the recent withdrawal of foreign funds. While global investors have trimmed exposure due to concerns over high US interest rates and trade tensions, India’s internal investor base has stepped up — signaling growing confidence in the country’s long-term growth story.
So far in 2025, Indian companies have already raised close to $12 billion through IPOs, with another $5 billion worth of deals expected in the coming months. If momentum continues, total fundraising could easily exceed the $20 billion mark by mid-2026.
The Stars of the Upcoming IPO Season
Among the most anticipated names in the queue is Pine Labs, a leading fintech and merchant payments platform. The company, which serves millions of retailers across India and Southeast Asia, is reportedly targeting an IPO worth around $1 billion. The funds raised are expected to fuel its international expansion and enhance its digital payments infrastructure.
Another high-profile candidate is Meesho, the Bengaluru-based e-commerce platform known for empowering small sellers and entrepreneurs across India. Meesho has already restructured itself into a public limited company — a key step before going public. Industry reports suggest the company could raise up to ₹4,250 crore (about $500 million) through fresh issuance. Its listing is being closely watched as a potential benchmark for the broader Indian startup ecosystem, particularly after several muted tech listings in previous years.
And then there’s Reliance Jio, the telecom behemoth whose IPO, if executed, could become India’s largest-ever listing. Market experts believe that a Jio IPO would not only attract massive investor attention but could also redefine India’s position in global capital markets.
Other firms reportedly exploring IPOs include Tata Capital, Haldiram’s, Swiggy, and OYO, all looking to leverage robust investor sentiment and favorable liquidity conditions.
Opportunities and Market Dynamics
India’s stock markets have seen consistent growth for nearly a decade, supported by strong corporate earnings, a growing middle class, and an expanding digital economy. This long bull run has boosted investor wealth and created a healthy environment for IPOs.
However, experts warn that such a heavy supply of new offerings could test the market’s absorption capacity. The key challenge, they say, will be valuation discipline. With so many companies seeking to list, issuers and bankers must strike a balance between ambition and realism. Overpricing could lead to tepid demand or post-listing corrections, as witnessed in several high-profile cases during 2021–2023.
Citigroup’s analysts caution that while liquidity is strong, investors are becoming increasingly selective. Companies with strong fundamentals, clear profitability paths, and governance transparency are likely to command higher premiums. Those still struggling to demonstrate sustainable margins may find it harder to attract investors at lofty valuations.
Global and Domestic Influences
External factors could also play a decisive role. Persistent global uncertainties — from trade policy changes and geopolitical risks to potential US tariff hikes on Indian exports — may influence investor mood. Likewise, any further tightening in US monetary policy could drain capital from emerging markets.
Despite these headwinds, India’s structural resilience remains a bright spot. Domestic mutual funds continue to record steady inflows, and retail participation has deepened, especially through SIPs (Systematic Investment Plans) and discount brokerage platforms. This homegrown liquidity has become one of the strongest pillars supporting the current equity boom.
The Road Ahead
If the next 12 months unfold as projected, India could enter a new era of capital market maturity — one where local and global investors alike see Indian IPOs as high-quality, high-growth opportunities.
The upcoming listings of Meesho, Pine Labs, and potentially Jio will serve as bellwethers for this evolving landscape. Their success could ignite a new wave of investor confidence, encouraging more firms to tap the market.
But the test will lie in execution: balancing valuations, timing the offerings, and maintaining investor trust. Should India manage that balance, the $20 billion figure may not just be a projection — it could mark the dawn of India’s next big financial milestone.
Disclaimer: This article is based on information available from public sources. It has not been reported by EQMint journalists. EQMint has compiled and presented the content for informational purposes only and does not guarantee its accuracy or completeness. Readers are advised to verify details independently before relying on them.
