India’s IPO market is ending 2025 in overdrive. By early December, companies have raised around ₹1.75–1.77 lakh crore (about USD 19.6 billion) through initial public offerings, already surpassing last year’s record and setting up a second consecutive all‑time high for IPO fundraising. [1]
On 9 December 2025, the story in India’s primary market is a mix of record-breaking headlines and stock‑specific reality checks:
- A flat SME listing for Helloji Holidays despite heavy oversubscription. [2]
- Slow subscription and cooling grey‑market premium at mattress‑to‑furniture brand Wakefit Innovations. [3]
- Strong demand and upcoming listings for Aequs, Meesho and Vidya Wires. [4]
- A busy IPO calendar for December, capped by the jumbo ICICI Prudential Asset Management IPO and a ₹5,200‑crore issue from renewables player Clean Max Enviro Energy. [5]
At the same time, secondary markets are wobbly: benchmark indices are down and foreign investors have pulled over USD 1.3 billion from Indian equities in just the first six trading sessions of December. [6]
Below is a detailed, news‑driven look at how India’s IPO market stands as of 9 December 2025, and what it could mean for 2026.
1. India’s IPO Market in 2025: A Record Year
1.1 Fundraising hits fresh highs
Several data sets converge on the same message: 2025 is another record IPO year for India.
- According to Times of India, Indian IPOs have raised about ₹1.77 lakh crore so far in 2025, surpassing last year’s ₹1.73 lakh crore. With more deals set to close by mid‑December, fundraising is projected to go even higher. [7]
- Fortune India estimates total IPO fundraising is set to cross around ₹1.75 lakh crore by mid‑December, with 93 mainboard issues already raising more than ₹1.54 lakh crore. [8]
- In dollar terms, Dealogic data compiled by ION Analytics shows USD ~19.6 billion across 312 IPOs in India as of 14 November 2025, up from USD 16.3 billion in the same period of 2024 and roughly USD 6 billion in 2023. [9]
In other words, volumes have more than tripled in three years, driven by a broad mix of sectors—consumer, tech, financial services, healthcare, industrials and real estate. [10]
1.2 India leads the global IPO league tables
A new SEBI report, highlighted by The Economic Times, underscores how central India has become to global IPO activity: [11]
- In October 2025, two of the top five IPOs worldwide were from India—Tata Capital and LG Electronics India—together driving IPO fundraising that month to a record ₹41,783 crore.
- Globally, 139 IPOs raised USD 22 billion in October. India’s share, particularly via those two marquee deals, helped position the country as the world’s leading market for IPO issuance, ahead of China and Japan on key metrics. [12]
This builds on a multi‑year trend of domestic capital markets deepening, with strong retail participation, systematic investment plan (SIP) flows and institutional appetite for new issuances. [13]
1.3 The rise of OFS and private‑equity exits
One striking feature of the 2025 IPO wave is who is actually cashing out:
- Fortune India notes that of the estimated ₹1.75 lakh crore raised via IPOs this year, about 62.7% (₹1.10 lakh crore) is via Offer for Sale (OFS)—existing shareholders selling down stakes—rather than fresh capital raising. [14]
- This continues a pattern where OFS has consistently contributed over half of IPO fundraising in recent years, often exceeding 60%. [15]
That composition matters for investors: a high OFS share can signal more liquidity events for promoters and private equity, and proportionally less new money going into the company’s growth plans.
2. What Moved the IPO Market on 9 December 2025
2.1 Helloji Holidays: Hot demand, flat listing
The headline listing of the day was Helloji Holidays, a travel and tourism SME offering customised holidays and end‑to‑end travel services. [16]
Key details:
- Issue size: Around ₹11 crore, entirely a fresh issue of about 9.3 lakh shares.
- Price band: ₹110–₹118 per share; final issue price at the upper band of ₹118. [17]
- Subscription: The IPO was heavily oversubscribed—Mint and ET report an overall subscription of 30.16x, with strong demand from QIBs (34.4x), NIIs (over 40x), and retail investors (over 20x). [18]
Listing outcome (9 December):
- The stock listed flat at ₹118 on the BSE SME platform, exactly at its issue price, implying no listing gain despite an active grey‑market premium (GMP) beforehand. [19]
- Prior to listing, GMP indications suggested a 7–8% premium, with some estimates pointing toward a notional listing level around ₹143, which clearly did not materialise. [20]
Takeaway:
Helloji Holidays showcases a recurring theme of 2025: strong IPO demand doesn’t guarantee a big pop on listing. With valuation levels elevated and investors more selective about post‑listing returns, oversubscription is no longer a reliable shortcut to quick gains.
2.2 Wakefit Innovations: Slow build‑up, cautious sentiment
Wakefit Innovations, the well‑known D2C mattresses and furniture brand, is one of the most talked‑about consumer IPOs this week. Its public issue opened on 8 December and remains open until 10 December. [21]
As of Day 2 (9 December):
- Overall subscription stood at about 15% of the total shares on offer. [22]
- Retail participation is comparatively stronger, with roughly 73% of the retail quota taken, but:
- Non‑institutional investors (NIIs) had subscribed only about 7% of their portion.
- Qualified Institutional Buyers (QIBs) had not yet started bidding in a meaningful way. [23]
- The grey‑market premium has cooled sharply to around ₹5 per share—about 2.5% above the top of the price band—down from earlier double‑digit implied premiums. [24]
IPO structure and fundamentals:
- Issue size: About ₹1,288.9 crore, including a fresh issue of around ₹377 crore and an OFS of around ₹912 crore. [25]
- Price band: ₹185–₹195 per share. [26]
- The company generated FY25 revenue of roughly ₹1,305 crore but remained loss‑making, with a net loss of about ₹35 crore and modest EBITDA margins under 7%. [27]
Several brokerage houses have flagged stretched valuations, persistent losses and dependency on online channels, with at least one major broker assigning an “Avoid” rating despite acknowledging Wakefit’s brand strength. [28]
Takeaway:
Wakefit’s tepid early subscription and softening GMP show how investors in late‑2025 are demanding clearer profitability visibility from consumer‑tech and D2C stories, especially after a spate of new‑age listings with uneven post‑IPO performance. [29]
2.3 Corona Remedies: Healthcare demand, steady but not euphoric
The IPO of Corona Remedies, a pharmaceutical company, also opened for subscription on 8 December. [30]
- Issue size: About ₹655.37 crore. [31]
- Price band: ₹1,008–₹1,062 per share. [32]
- Early subscription data from 9 December indicates the issue was roughly 60%–65% subscribed by the end of Day 1, with better traction coming from HNI and retail categories than from QIBs. [33]
The deal sits within a cluster of healthcare IPOs—Nephrocare Health Services (₹871 crore) and Park Medi World (₹920 crore) open later this week—suggesting that investors are still willing to back defensive growth stories in pharma and healthcare services, even as valuations remain rich. [34]
2.4 Aequs, Meesho & Vidya Wires: Heavily subscribed, set to list
While Wakefit and Corona Remedies are open for bidding, three recently closed IPOs are now moving toward listing:
Aequs: Aerospace manufacturing play
Aequs, a precision manufacturing and aerospace components specialist, closed its IPO earlier in December and has finalised allotment on 8 December, with listing set for 10 December. [35]
Key numbers:
- Issue size: About ₹921.8 crore, including a fresh issue and OFS. [36]
- Price band: ₹118–₹124 per share. [37]
- Subscription: An eye‑popping 104.3x overall, with QIBs at 122.9x, NIIs at 83.6x and retail at 81.0x. [38]
- Grey‑market premium around the time of allotment indicated a potential 30–35% listing premium over the issue price. [39]
Analysts like the company’s position in aerospace precision manufacturing with high entry barriers, but caution about loss‑making financials and leverage, which make Aequs a classic high‑growth, higher‑risk listing. [40]
Meesho & Vidya Wires
According to Fortune India, Meesho, Aequs and Vidya Wires together raised about ₹6,642 crore in the first week of December and are all slated to list on 10 December. [41]
- Meesho, the e‑commerce and quick‑commerce platform, is among the largest tech IPOs of the year and is widely watched as a bellwether for new‑age consumer internet valuations. [42]
- Vidya Wires is a smaller industrial manufacturer, but its listing is part of a broader wave of engineering, wires and cables, and speciality manufacturing IPOs that have tapped the market in 2025. [43]
Early GMP indications across the three suggest positive listing expectations, but, as seen with Helloji, investors will be watching carefully to see whether those premiums hold once trading begins. [44]
2.5 SME pipeline: Encompass Design, Flywings, Unisem Agritech and more
Beyond mainboard deals, the SME IPO pipeline remains busy.
Encompass Design India
- Specialty home‑textiles and décor company Encompass Design India opened its SME IPO on 5 December and closes on 9 December, aiming to raise about ₹40.2 crore via a fresh issue on the NSE SME platform. [45]
Flywings Simulator Training
- Flywings Simulator Training Centre, an aviation‑training provider, also has an SME IPO open from 5–9 December, with plans to list on the BSE SME board. It focuses on flight simulation and aviation training services, benefiting from rising demand in India’s fast‑growing aviation market. [46]
Unisem Agritech: Agri‑inputs growth story
Another notable SME issue is Unisem Agritech Limited, which develops and sells hybrid seeds for vegetables, flowers and field crops. [47]
- Issue size: Around ₹21.45 crore, entirely fresh, comprising 33 lakh shares.
- Price band: ₹63–₹65 per share; face value ₹5. [48]
- Anchor book: Opens 9 December; public issue runs from 10–12 December, with listing expected on 17 December on BSE SME. [49]
The company has shown steady growth in revenue and profits over the past three years, supported by an expanding farmer network and seed R&D capabilities. [50]
2.6 ICICI Prudential AMC & Clean Max Enviro: Big‑ticket issues on the way
ICICI Prudential Asset Management Company (AMC)
Arguably the most important upcoming IPO is ICICI Prudential AMC, India’s second‑largest mutual fund house by parentage.
- IPO dates: Anchor on 11 December, main offer from 12–16 December, with listing slated for 19 December. [51]
- Issue size: About ₹10,603 crore, entirely OFS, making it one of the largest deals of 2025 and expected to rank fourth after Tata Capital, HDB Financial Services and LG Electronics India. [52]
- Price band: ₹2,061–₹2,165 per share, implying a target valuation of around USD 12 billion. [53]
- British insurer Prudential plc plans to sell up to 49 million shares, or roughly 10% of ICICI Prudential AMC’s equity, while ICICI Bank retains its stake and the company does not issue new shares. [54]
This IPO will be a key test of investor appetite for asset‑management platforms, which benefit from structural growth in financialisation but are also sensitive to market cycles and fee pressures.
Clean Max Enviro Energy Solutions
Renewable‑energy firm Clean Max Enviro Energy Solutions has filed an updated DRHP with SEBI for an IPO of about ₹5,200 crore, expected in the third week of December. [55]
- Structure: Fresh issue of ₹1,500 crore and an OFS of ₹3,700 crore by existing shareholders. [56]
- As of March 2025, Clean Max operated 2.54 GW of renewable capacity with a further 2.53 GW contracted, primarily serving commercial and industrial customers looking to decarbonise. [57]
Given global ESG flows and India’s net‑zero ambitions, this IPO will be closely watched by both renewables investorsand mainstream institutional funds.
Gaja Capital: A landmark alternative‑assets listing
Separately, Gaja Alternative Asset Management (Gaja Capital) has filed an updated DRHP with SEBI to raise ₹656.2 crore, including a fresh issue of ₹549.2 crore and an OFS of ₹107 crore. [58]
- If successful, it would be India’s first IPO of a home‑grown, standalone private equity & alternative‑asset manager, marking an important milestone for the AIF industry. [59]
- AIF commitments in India have grown at about 30% CAGR between FY19 and FY25, reaching ₹13.49 lakh crore, and could more than triple to ₹53–56 lakh crore by 2030, according to a CRISIL‑backed estimate cited in the DRHP. [60]
3. Macro Backdrop on 9 December 2025: Hot Primary, Nervy Secondary
While IPO volumes are hitting records, secondary markets are showing signs of fatigue.
On 9 December, Reuters reported that: [61]
- The Nifty 50 fell 0.58% to 25,810.82, and the Sensex dropped 0.55% to 84,629.69 by late morning trade.
- Small‑cap and mid‑cap indices each slid about 0.5%.
- Foreign portfolio investors sold around USD 1.32 billion in the first six sessions of December, three times the outflows seen in all of November.
- Concerns over delays in an India–US trade deal and caution ahead of the US Federal Reserve’s rate decisionare weighing on sentiment.
At the same time, many IPOs that listed earlier in the year are struggling:
- Times of India notes that about half of the 300‑plus companies that listed in 2025 are now trading below their IPO price, including some marquee names like Tata Capital, JSW Cement and WeWork India Management. [62]
This divergence—booming primary market, choppy secondary market—is a classic late‑cycle pattern and a key risk factor for anyone chasing fresh IPOs purely for listing gains.
4. 2026 Outlook: Will the India IPO Wave Continue?
4.1 A “blockbuster 2026” in the making?
ION Analytics describes 2025 as a year where Indian IPO volumes are already past 2024 levels and are likely to keep rising, with expectations of a “blockbuster 2026”: [63]
- YTD 2025 IPO returns have cooled to about 14% on average, down from 25% for 2024 listings and 71% for 2023, indicating a more valuation‑sensitive and selective market. [64]
- Yet the pipeline for 2026 is exceptional, with potential big‑ticket issuers such as Jio Platforms, Zepto, Meesho (secondary rounds), Carlsberg India and the National Stock Exchange (NSE) under active consideration or already in various stages of preparation. [65]
Bankers quoted in the report argue that India can now sustainably absorb 1.7–2.0% of its free‑float market cap via primary issuance each year, without entering bubble territory, though they warn that new‑age tech IPOs remain an area of heightened risk and social‑media scrutiny. [66]
4.2 Macro “math turning favourable” for India
From a macro perspective, Bank of America sees the environment improving for Indian equities in 2026:
- BofA India Research head Amish Shah told NDTV Profit that the brokerage expects roughly 11% upside for Indian markets in calendar 2026 under its base case. [67]
- The thesis hinges on expectations that the US dollar will weaken and the US Federal Reserve will cut interest rates, historically supportive of capital flows to emerging markets like India. [68]
- A successful India–US trade deal with moderate tariff outcomes is also seen as a key positive; a disappointing outcome or delay could trigger a repricing of risk. [69]
Put together, the macro and deal pipeline suggest no immediate end to India’s IPO run—provided earnings growth materialises and global risk sentiment does not sharply deteriorate.
5. Key Risks Behind the IPO Euphoria
Even as headlines celebrate fundraising records, several warning lights are flashing:
- Post‑listing performance is weakening
- High share of OFS
- With roughly two‑thirds of capital raised via OFS, a big chunk of the money goes to exiting shareholders, not into company coffers, raising questions about how much fresh growth the market is really funding. [72]
- New‑age tech fatigue
- Tech and consumer‑internet IPOs have faced backlash on social media and greater scrutiny of unit economics, governance and profitability, leading to more cautious valuations and in some cases a freeze in follow‑on issuance. [73]
- Global and domestic macro risks
- Trade tensions, particularly over India–US tariffs, and uncertainty over the precise path of Fed rate cutsleave room for volatility in foreign portfolio flows—already visible in December’s FPI outflows. [74]
6. What Investors Should Watch in India’s IPO Market Now
For investors trying to navigate this busy IPO calendar, especially around 9–16 December 2025, a few practical guardrails can help:
- Look past subscription and GMP
- Heavy oversubscription and a high grey‑market premium did not stop Helloji Holidays from listing flat. Treat these as sentiment indicators, not guarantees. [75]
- Scrutinise use of proceeds
- Assess how much of the issue is fresh capital vs OFS, and whether the new money clearly supports growth (e.g., Clean Max Enviro’s debt reduction and capacity expansion) versus just facilitating exits. [76]
- Check profitability and cash flows, not just revenue growth
- In names like Wakefit or some tech platforms, rapid top‑line growth comes with ongoing losses and thin margins. Understand the path to sustainable profitability before assigning high multiples. [77]
- Compare valuations with listed peers
- For financials like ICICI Prudential AMC, compare the implied P/E and price‑to‑AUM metrics to existing asset‑management companies and banks to gauge whether the IPO is priced at a justified premium. [78]
- Diversify across sectors and deal sizes
- The 2025 boom spans large‑cap mainboard deals, mid‑size industrials, consumer names, and SME listingslike Encompass Design, Flywings and Unisem Agritech. A balanced approach can help mitigate the risk of overexposure to any one theme. [79]
- Align IPO strategy with long‑term asset allocation
- Given macro uncertainties (trade, rates, global growth), treating IPOs as part of a long‑term equity allocation—rather than short‑term punts—can better align expectations with reality, especially as average listing gains compress.
7. Bottom Line
On 9 December 2025, India’s IPO market finds itself at a fascinating crossroads:
- By the numbers, it is the world’s most vibrant listing venue, with record fundraising, deepening domestic participation and a pipeline stretching into a potentially “blockbuster” 2026. [80]
- On the ground, individual IPOs are seeing more discriminating investor behaviour—flat listings for some heavily subscribed issues, slow builds for high‑profile consumer names and strong demand for select industrial and financial plays. [81]
For issuers, the message is clear: the window is open, but investors are no longer writing blank cheques. For investors, the takeaway is equally important: in a market where headline fundraising is at all‑time highs, sustainable returns will likely depend less on chasing the latest hot IPO—and more on careful selection, valuation discipline and a long‑term view.
Disclaimer: This article is based on publicly available news, data and broker commentary as of 9 December 2025. It is for informational purposes only and does not constitute investment advice or a recommendation to subscribe to, or avoid, any specific IPO. Investors should consult a qualified financial advisor and read the relevant offer documents before investing.
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