Winning Bizness Economic Desk

Mumbai. After a strong surge in the secondary market, the primary market has witnessed a significant revival. The BSE Sensex approached the 84,000 mark for the first time since October, and the IPO segment saw its busiest month in six months. In June 2025, eight companies collectively raised Rs 17,688 crore. This is the highest monthly collection since December 2024, when Rs 26,021 crore was raised through IPOs.

Sudden surge after quiet fortnight

Interestingly, there were no IPOs in the first 12 days of June. However, between June 13 and June 28, eight companies hit the market. The largest among them was HDB Financial Services with a Rs 12,500 crore issue. The momentum is expected to continue into July as well, with two companies set to raise Rs 2,860 crore on July 2 and 3.

Overall IPO fundraising climbs in 2025

So far this year, 24 companies have raised Rs 45,374 crore from the main board. While March and April witnessed minimal activity with only one company getting listed, the pace has accelerated since May. The SME segment is also seeing continued enthusiasm. As of now, 100 SMEs have raised a total of Rs 4,395 crore in 2025.

Retail participation remains weak in large IPOs

Despite the revival in volumes, retail investors seem wary of large IPOs. Data shows that IPOs above Rs 800 crore have seen poor retail subscription. Kalpataru’s IPO was subscribed 2.31 times overall, but retail participation was only 0.76 times. Similarly, in Allenberry's issue, subscribed 17 times in total, retail investors accounted for just 2.91 times. Oswal Pumps saw 34 times subscription, with retail at only 3.60 times. Agis’s issue was subscribed 2.20 times, but the retail quota was filled only 0.81 times.

NSE IPO could shatter records

Investor attention is now fixed on the highly anticipated NSE IPO. As the cornerstone of India’s stock market ecosystem, NSE’s public issue is expected to be historic. SEBI Chairman Tuhin Kant Pandey recently confirmed that there are no regulatory hurdles from SEBI’s side. Sources revealed NSE has offered a Rs 1,388 crore settlement in the co-location and dark fiber cases. Valued at Rs 6 lakh crore, a 10% public offering could fetch up to Rs 60,000 crore, making it the largest IPO in Indian history. The stock is already gaining traction in the unlisted market, rising from Rs 1,500 in May to Rs 2,500 now.

Market sentiment driving IPO trend

According to Pranav Haldea, MD of Prime Database, the IPO market is closely tied to the performance of the secondary market. From October to March, falling indices had stalled IPO activity. As markets began to rebound from April onward, IPO activity followed suit. With geopolitical tensions like Trump’s tariffs, India-Pakistan, and Iran-Israel crises cooling down, the bullish trend is expected to continue.

SEBI clearance awaited for more IPOs

As per Prime Database, 105 companies have filed draft papers with SEBI so far in 2025, seeking to raise Rs 1.45 lakh crore. Out of these, 67 companies have already received approval for IPOs worth Rs 1.23 lakh crore. These figures hint at a robust pipeline that could sustain IPO activity in the coming months.

Summary Pointers

1. June 2025 saw record IPO activity with Rs 17,688 crore raised by 8 firms.

2. No IPOs were launched in the first 12 days of June, then 8 hit in 15 days.

3. HDB Financial’s Rs 12,500 crore issue was the largest this month.

4. Retail investors kept away from large IPOs despite overall strong subscription.

5. NSE IPO expected to raise up to Rs 60,000 crore, could be a record.

6. IPO market revival driven by bullish stock markets and easing global tensions.

7. 105 companies have filed IPO drafts in 2025; 67 have SEBI approval.