India’s IPO Pipeline Set To Surge Past ₹2.58 Lakh Crore, Led By Startups, Unicorns, And Financial Giants
India’s primary market is bracing for a massive wave of IPOs in the second half of 2025, with heavyweight names such as Tata Capital (₹17,200 crore), LG Electronics (₹15,000 crore), and Groww (₹5,950 crore) preparing to hit the markets. The lineup reflects strong participation from financial service providers, new-age startups, and tech unicorns.
Data from Prime Database reveals that IPOs worth ₹1.15 lakh crore have already secured SEBI approval and are awaiting launch, while another ₹1.43 lakh crore worth of proposals are still under regulatory review. Together, these push the total pipeline to a staggering ₹2.58 lakh crore.
Between January and June 2025, 26 companies have already raised ₹52,200 crore through public offerings. HDB Financial Services led the charge with a ₹12,500 crore issue. The remainder of the year promises even more action, with upcoming IPOs from the likes of Meesho, PhonePe, Lenskart, Physics Wallah, WeWork India, and Shadowfax. Expected issue sizes range between ₹1,500 crore and ₹9,000 crore. Other names in the queue include Pine Labs, Urban Company, Amagi, Wakefit, TableSpace, and Shiprocket.
In comparison, 2024 saw 90 IPOs that raised ₹1.60 lakh crore overall, with 34 issues in H1 mobilizing ₹29,608 crore, and 56 in H2 raising ₹1.30 lakh crore.
What’s driving this IPO frenzy?
A buoyant investor sentiment, led by surging participation from mutual funds, is one major factor. “The growth in fundraising through IPOs has been on the back of growing investor participation—both retail and institutional—as well as mutual funds,” said Bhavesh Shah, MD and Head of Investment Banking at Equirus Capital.
With equity assets under management jumping 22% over the past year, from ₹26.82 lakh crore to ₹32.69 lakh crore as of June 30, mutual funds are flush with capital. Nearly ₹27,000 crore flows into equity-oriented schemes monthly through SIPs alone.
Another key driver is the increasing pressure on private equity (PE) firms to exit investments as their fund cycles near completion. “IPOs are picking up as many PE funds are nearing the end of their life cycle and need exits,” noted Mihir Vora, CIO at Trust Mutual Fund.
GNG Electronics IPO Opens with 44% Grey Market Premium: Should You Subscribe?
GNG Electronics has opened its ₹460 crore initial public offering (IPO) on a strong note, riding high on a 44% grey market premium (GMP) that signals robust investor interest. The offering includes a fresh equity issue of ₹400 crore and an offer for sale (OFS) worth ₹60.44 crore by existing shareholders. The price band is set at ₹225–₹237 per share, valuing the company at a P/E of 33.3x on projected FY25 earnings.
Prior to the IPO, GNG secured ₹138 crore from anchor investors on July 22, allotting over 58 lakh shares.
A key player in the refurbished ICT (Information and Communication Technology) segment, GNG operates under the brand name “Electronics Bazaar.” The company provides comprehensive lifecycle solutions, from sourcing and refurbishment to distribution, after-sales support, and buyback programs. Its clientele includes major OEMs and retailers like HP, Lenovo, and Vijay Sales.
The bulk of the IPO proceeds, ₹320 crore, will be used to repay borrowings, including those of its UAE-based subsidiary, Electronics Bazaar FZC. The remainder will go toward general corporate purposes.
Motilal Oswal Investment Advisors is the sole book-running lead manager, while Bigshare Services is the registrar to the issue.
With digital adoption surging and growing demand for affordable computing devices, GNG aims to scale its operations and consolidate its leadership in the refurbished electronics space.
Should You Subscribe?
Brokerages including SBI Securities and Canara Bank Securities have issued a “Subscribe” rating on the IPO, highlighting GNG’s growth potential, market positioning, and scale.
“GNG operates in a fragmented yet rapidly formalising market. With a presence in 38 countries, refurbishment of over 5.9 lakh devices in FY25, and a revenue CAGR of 46% between FY23 and FY25, the company is well-positioned to tap into affordability-driven demand and ESG tailwinds,” noted the brokerage reports.
