India’s IPO market is set to witness a significant uptick, with more than half a dozen companies planning to launch initial public offerings (IPOs) between October and November. According to merchant bankers, major players like Hyundai Motor India, Swiggy, and NTPC Green Energy are preparing to raise approximately Rs 60,000 crore during this period.
These companies are leveraging the primary market to fund expansion plans, repay debts, support working capital, and provide exit opportunities for existing shareholders.
Hyundai Motor India to Lead with Largest-Ever IPO
Hyundai Motor India Ltd, the Indian arm of South Korea’s Hyundai Motor Company, is leading the IPO wave with a massive Rs 25,000 crore offer-for-sale (OFS). This IPO is expected to surpass LIC’s Rs 21,000 crore initial share sale, making it the largest IPO in India’s history. According to Hyundai’s draft red herring prospectus (DRHP), the entire issue will consist of an OFS of 14.21 crore shares by Hyundai Motor Company, with no fresh issue component.
Other Major Players in the IPO Line-Up
Apart from Hyundai, several other prominent companies are set to launch IPOs. Swiggy, the food delivery giant, plans to raise Rs 10,414 crore, with a fresh issue worth Rs 3,750 crore and an OFS of Rs 6,664 crore. NTPC Green Energy, the renewable energy arm of state-owned NTPC, is also gearing up for its Rs 10,000 crore IPO in early November.
Shapoorji Pallonji Group’s Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, and One Mobikwik Systems are among the other companies expected to join the IPO rush, collectively raising thousands of crores to meet various business goals.
Positive Outlook for the IPO Market
According to Munish Aggarwal, Managing Director at Equirus, more than 30 IPOs are expected to launch between September and December, across various sectors. This strong momentum is supported by favorable macroeconomic conditions, increasing mutual fund inflows, and a robust capital formation across corporate India.
Looking ahead, the outlook for India’s IPO market remains positive, with SEBI approving 22 IPOs for 2025, amounting to Rs 25,000 crore. Over 50 companies are awaiting approval, with plans to raise over Rs 1 lakh crore. However, potential risks like market corrections and regulatory changes could impact the current enthusiasm.
