MUMBAI: India IPO rankings, global IPO market, SEBI reforms, confidential filings, Axis Capital, IPO pipeline India, Reliance Retail IPO, Indian startups, public markets, capital markets, retail investors, valuation sensitivity
India has rapidly emerged as a major force in the global initial public offering (IPO) market, now ranking as the world’s third-largest hub for public listings—and at times, even surpassing China. Not more than a decade ago, India sat outside the top ten. Today, it is one of the leading forces in the world when it comes to reshaping domestic capital markets and altering how global investors view growth, innovation, and capital access across emerging economies.
Fueling this rise is a confluence of global and domestic tailwinds. Indian mutual funds and retail investors now contribute over half of the capital raised in public issues, signalling a deepening pool of local capital that insulates the market from external volatility. Regulatory reforms have added momentum: the Securities and Exchange Board of India (SEBI) has introduced faster listing timelines, confidential filings, and T+1 settlements—shrinking the IPO cycle from nearly two years to under nine months.
The confidential route, adopted by companies such as boAt, Physics Wallah, and Shadowfax, has widened the IPO pipeline to include more mature and strategically timed listings. This reformdriven flexibility has been crucial in attracting a diverse set of issuers.
As of mid-2025, more than 140 IPOs are in the queue with a combined estimated value of $26 billion, cutting across sectors including financial services, renewables, and fast-moving consumer goods (FMCG). Unlike the last IPO boom, which leaned heavily on tech, the current wave reflects a more balanced mix. Major players like LG Electronics India, Credila, and JSW Cement are already preparing to list.
India raised $6.6 billion through IPOs in 2023, enough to claim third place globally after China and the United States. That momentum only accelerated in 2024, with India not only surpassing China in IPO proceeds but also setting a national record for deal count. In the first half of 2025 alone, Indian issuers have raised nearly $6 billion—accounting for more than 10 per cent of global IPO proceeds and 22 per cent of total global deal volume.
A recent report by law firm White & Case noted that the country’s IPO momentum is largely domestic: billion-dollar offerings are being funded by local institutions rather than relying on foreign inflows.
That said, challenges persist. Valuation sensitivity remains top of mind, with investment bankers cautioning that deals priced more than 10–15 per cent above listed peers are unlikely to find favour. Some companies have already revised pricing expectations downward. Additionally, global market turbulence can still affect timelines. SEBI is also under pressure to streamline its approval processes, a task it is addressing through increased automation and digitisation.
Despite these headwinds, the outlook remains strong. Goldman Sachs estimates that India could raise $25 billion in IPO proceeds in calendar 2025, especially if large mandates like Reliance Retail or Hyundai Motor India materialise. Even without those mega-deals, India’s deepening investor base, policy stability, and sectoral diversity suggest it will retain its global standing.
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