India’s IPO Boom Hits Record ₹1.8 Lakh Crore in 2025 as Wakefit and ICICI Prudential AMC Anchor a Blockbuster December

India’s primary market crossed a historic milestone on 8 December 2025, with IPO fundraising for the year touching about ₹1.77–1.8 lakh crore (₹1.77 trillion, roughly $19.6 billion), surpassing the previous record of ₹1.73 lakh crore set in 2024. ^[1] A packed December calendar led by Wakefit Innovations and ICICI Prudential Asset Management Company (AMC) is set to push the tally even higher, cementing 2025 as one of the most frenetic years ever for India’s IPO market. ^[2]

A Record Year for India’s IPO Market

By the close of trade on 8 December, companies had raised about ₹1.77 trillion through initial public offerings, edging past the 2024 record and marking an all‑time high for India’s primary market. ^[3] Data compiled by Bloomberg and reported by Indian business media shows that the new high was achieved even before several large issues, including ICICI Prudential AMC’s ₹10,000 crore-plus offering, open fully for subscription in mid‑December. ^[4]

Several features define this 2025 boom:

Deepening capital markets: Commentators note that the surge reflects how India’s equity markets are maturing into a major fundraising hub, with a broad retail investor base and steady institutional appetite even as secondary market returns have been more muted. ^[5]
Large deals, heavy oversubscription: For IPOs above ₹5,000 crore, average subscription has been about 17.7 times, the strongest showing since the 2021 frenzy. ^[6] Big offers from LG Electronics India, Lenskart, HDB Financial Services and Groww have all seen blockbuster demand. ^[7]
Global ranking: Analysts quoted by market trackers estimate that India is on course to exceed the roughly $20.5 billion raised via IPOs in 2024, putting it among the world’s most active listing venues in 2025. ^[8]

However, the boom comes with a sting in the tail. Around half of the more than 300 companies that listed this year are already trading below their issue price, including large names such as Tata Capital, JSW Cement and WeWork India. ^[9] That disconnect between feverish subscription and patchy post‑listing performance is a key theme shaping how investors are looking at December’s crowded pipeline.

8 December: When Records Fell and a New IPO Wave Began

The calendar date 8 December 2025 has become a symbolic turning point for India’s IPO market.

On that day:

Angel One’s analysis confirmed that IPO fundraising had touched ₹1.77 trillion by 8 December, breaking the prior year’s record. ^[10]
Economic Times data, based on Bloomberg numbers, echoed the same figure and highlighted how primary market activity remains robust despite subdued broader indices. ^[11]
Simultaneously, a fresh batch of IPOs opened for subscription, setting up one of the busiest weeks of the year for primary markets.

According to the Economic Times, the week of 8–17 December features around 11 IPOs across mainboard and SME segments, together aiming to raise nearly ₹13,800 crore, with Wakefit Innovations and ICICI Prudential AMC positioned as anchor offerings. ^[12] LiveMint separately counts 13 new IPOs scheduled to open over this period, spanning consumer, healthcare, pharma and niche SME plays. ^[13]

Data from IPO tracking portal IPO Central shows that between 8 and 16 December alone, investors will be offered: ^[14]

5 mainboard issues including Wakefit Innovations, Corona Remedies, Park Medi World, Nephrocare Health and ICICI Prudential AMC
A string of SME IPOs such as Riddhi Display, KV Toys India, Prodocs Solutions, Shipwaves Online, Unisem Agritech, Pajson Agro India and Ashwini Container Movers

For many investors, 8 December is therefore both a record‑book date and the start of an unusually dense final stretch of the 2025 IPO season.

Wakefit Innovations IPO: A High‑Growth D2C Brand Tests the Waters

Business Snapshot

Wakefit Innovations, best known for its mattresses and home furniture, has quickly grown from a Bengaluru‑based online mattress seller into one of India’s largest direct‑to‑consumer (D2C) home and furnishings brands. ^[15]

Key business metrics from its IPO documents and independent analyses:

Product portfolio: Three main lines — mattresses, furniture and home furnishings/decor — each now generating more than ₹100 crore in annual revenue, making Wakefit one of the only D2C brands to scale all three categories. ^[16]
Revenue growth: Revenue from operations has grown from about ₹812–813 crore in FY23 to roughly ₹1,274 crore in FY25, implying a mid‑20s CAGR and outpacing many organised peers. ^[17]
Channel mix: Wakefit follows an omnichannel model. Around 57–65% of revenue comes from its own channels (website plus company‑owned stores), with the rest via marketplaces like Amazon and Flipkart, quick‑commerce platforms and 1,500‑plus multi‑brand outlets. ^[18]
Footprint: The company says it reaches over 700 districts across India and has expanded its Company‑Owned, Company‑Operated (COCO) store count from 23 in FY23 to about 125 by Q2 FY26, with plans for more than 100 additional stores by FY28. ^[19]

The company is vertically integrated — designing, manufacturing, distributing and selling largely in‑house — a model aimed at protecting margins and controlling customer experience.

IPO Structure and Valuation

Wakefit’s IPO opened for subscription on 8 December and closes on 10 December 2025. ^[20]

Key terms:

Price band: ₹185–195 per share
Issue size: Around ₹1,289 crore, including
- Fresh issue: About ₹377 crore
- Offer for sale (OFS): Roughly ₹912 crore by existing shareholders, including early PE backers
Implied market cap: At the top end, the IPO values Wakefit at about ₹6,300–6,373 crore. ^[21]

This valuation puts Wakefit in the same ballpark as established mattress leader Sheela Foam in terms of market capitalisation, even though Wakefit is smaller by revenue and has a shorter operating history. On Sales and Earnings multiples, analysts estimate a price‑to‑sales of around 5x and an implied forward P/E north of 40–50x, assuming FY26 earnings projections play out. ^[22]

Growth vs Profitability: What Finshots and Others Highlight

Analysts have been quick to point out a tension at the heart of the Wakefit story: rapid growth on one side, uneven profitability and operational risks on the other.

From recent commentary and Wakefit’s own disclosures: ^[23]

Profitability is recent and fragile.
- Wakefit reported net losses of about ₹145 crore in FY23, ₹15 crore in FY24 and ₹35 crore in FY25.
- In H1 FY26 (April–September 2025), it swung to a net profit margin of around 4.9%, translating into roughly ₹35 crore in profit. Annualised, that suggests about ₹70 crore of profit — but this is based on just half a year of data.
Accounting and store expansion weigh on margins.
- Heavy COCO expansion since 2022 has sharply increased lease‑related depreciation expenses because long‑term store leases are treated as “right‑of‑use” assets under Ind AS 116.
- Depreciation on these leased assets and rising employee and marketing spends have depressed reported earnings, even as operating metrics improve.
Returns on capital and balance sheet quality are under scrutiny.
- Return on capital employed (ROCE) was negative in FY25, and net asset value per share has slipped compared with FY23, suggesting value creation has not kept pace with capital deployed. ^[24]
- LiveMint’s analysis also flags rising inventory (34.7% of revenue as of September 2025 versus 22.8% a year earlier), high employee attrition historically and a working‑capital improvement driven partly by delayed vendor payments — all issues the company will have to manage carefully post‑listing. ^[25]

In short, Wakefit offers high growth in a roughly ₹3 trillion home and furnishings market, but demands investor comfort with elevated valuations, rising operating complexity and the risk that profitability may not ramp as quickly as revenue. ^[26]

ICICI Prudential AMC IPO: A Core Play on India’s Savings Boom

If Wakefit represents the new‑age, brand‑heavy consumer story, ICICI Prudential Asset Management Company embodies the financialisation theme driving much of India’s long‑term equity story.

Deal Size and Structure

According to its red herring prospectus and subsequent regulatory filings, ICICI Prudential AMC plans to raise about ₹10,602–10,603 crore via a pure offer-for-sale IPO. ^[27]

Key terms:

Issue period: 12–16 December 2025, with anchor book on 11 December. ^[28]
Price band:₹2,061–2,165 per share, as per a filing reported by Reuters on 8 December. ^[29]
Stake sale: UK‑based Prudential, which co‑owns the AMC with ICICI Bank, will sell roughly 10% of its stake, more than originally planned after a bonus issue expanded the share count earlier this year. ICICI Bank is not selling shares in this offering. ^[30]
Indicative valuation: At the top of the band, the IPO values ICICI Prudential AMC at around ₹1.07 trillion (about $11.9 billion), making it one of the most valuable listed asset managers in India. ^[31]

Business Fundamentals

ICICI Prudential AMC is India’s largest mutual fund manager by assets, with around ₹10 trillion in assets under management (AUM) as of September 2025. ^[32]

Some financial highlights:

Profit growth: Profit for the six‑month period ended 30 September 2025 rose about 22% to ₹16.2 billion, indicating resilient earnings even as markets turned more selective. ^[33]
Capital‑light model: As with most AMCs, the business is relatively capital‑light, with high operating leverage and cash‑generative fee income.
Sector tailwinds: Systematic investment plan (SIP) flows of roughly ₹30,000 crore a month across the mutual fund industry provide a structural tailwind, giving AMCs visibility on long‑term fee streams. ^[34]

Because the IPO is entirely OFS, no new money enters the business — proceeds go to the selling shareholder. That often leads investors to focus more heavily on valuation, dividend policy and growth prospects than on immediate capital deployment plans.

Market commentators expect the listing to become a benchmark for valuation of India’s AMC sector, alongside existing giants like HDFC AMC and Nippon Life India AMC, and to push overall IPO fundraising well beyond last year’s dollar tally. ^[35]

Other Key December IPOs in the Spotlight

Beyond Wakefit and ICICI Prudential AMC, several other offerings are vying for investor attention in the second week of December: ^[36]

Mainboard IPOs

Corona Remedies
- Sector: Mid‑sized pharmaceutical company with strong domestic growth in women’s health, cardio‑diabetes and pain management
- Issue period: 8–10 December
- Price band & size: ₹1,008–1,062 per share; about ₹655 crore
Park Medi World
- Sector: Hospital chain with a multi‑speciality footprint
- Issue period: 10–12 December
- Price band & size: ₹154–162; about ₹920 crore
Nephrocare Health Services
- Sector: Dialysis and chronic kidney‑care focused healthcare provider
- Issue period: 10–12 December
- Price band & size: ₹438–460; about ₹871 crore
Meesho (recently closed IPO)
- Sector: E‑commerce marketplace
- Raised roughly $604 million (about ₹5,400 crore) and received bids worth ₹2.5 trillion, making it one of India’s most heavily subscribed IPOs ever, with strong institutional and retail demand. ^[37]
- Shares are due to list in the coming days, and their performance will be closely watched as a barometer for new‑age tech listings.

SME IPOs

On the SME side, IPO Central and exchange data point to a flurry of smaller issues in the 8–15 December window, including: ^[38]

Riddhi Display Equipments
KV Toys India
Prodocs Solutions
Shipwaves Online
Unisem Agritech
HRS Aluglaze
Pajson Agro India
Ashwini Container Movers

Individually modest in size (roughly ₹20–100 crore each), together these SME offerings add another layer of supply to an already crowded market, while offering niche exposures to investors willing to stomach higher risk and lower liquidity.

Why India’s IPO Boom Is Still Going Strong

Several structural factors explain why 2025 has turned into a record‑breaking IPO year even as valuations are rich and secondary market indices are more cautious: ^[39]

Domestic Liquidity and SIP Culture
- Monthly SIP contributions of about ₹30,000 crore have given equity markets a steady base of domestic capital. This has helped absorb large equity issuances without triggering deep corrections. ^[40]
Maturing Investor Base
- Times of India data shows large IPOs (over ₹5,000 crore) averaged 17.7x subscription in 2025, led largely by institutional demand. Experts say risk appetite has not diminished, but become “more intelligent,” with investors rewarding scale, profitability and strong governance rather than pure narratives. ^[41]
Regulatory Reforms and Easier Listings
- Successive changes in listing norms and disclosure standards have made it simpler and faster for companies to tap public markets, lowering friction in the capital‑raising process. ^[42]
Global Capital Looking for Growth
- Foreign portfolio investors have often been net sellers in secondary markets this year, but they have remained active in primary issues, drawn by India’s growth prospects and relatively stable policy environment. ^[43]
Robust IPO Pipeline into 2026
- Reports frequently cite potential mega‑deals in the pipeline, including listings from Jio Platforms, the National Stock Exchange (NSE) and Flipkart, suggesting that 2025’s momentum could extend into 2026 if market conditions remain favourable. ^[44]

Where the Risks Are: Valuations, Post‑Listing Performance and Supply Glut

Even as the headlines focus on record fundraising, a number of red flags are capturing the attention of more cautious investors: ^[45]

Underperforming New Listings
Around 50% of this year’s IPOs trade below issue price despite strong demand during the offer period. High‑profile laggards include some of the year’s largest deals, underscoring how listing‑day enthusiasm doesn’t always translate into sustained returns. ^[46]
Rich Valuations in New‑Age and Consumer Plays
Companies like Wakefit are seeking valuations that often sit between traditional consumer brands and recent tech listings — sometimes at a premium to incumbent leaders despite shorter track records and weaker profitability. ^[47]
Heavy Supply in a Short Window
With more than 20–25 IPOs crowding December, including multiple billion‑dollar‑plus deals, there is a risk that investor attention and liquidity could be stretched, potentially affecting subscription levels or post‑listing support for less well‑known issuers. ^[48]
Sector‑Specific Operational Risks
- For new‑age consumer brands: rising inventories, high logistics and marketing spends, regulatory changes (for example, furniture quality norms) and heavy dependence on leased store networks can put pressure on margins. ^[49]
- For financials like AMCs: market volatility and potential fee‑compression pressures are always in the background, even if long‑term household financialisation trends are supportive. ^[50]

What This Means for Investors Watching December’s IPOs

For investors scanning the crowded IPO calendar that kicked off in earnest on 8 December 2025, the big picture looks like this:

Macro conditions are supportive. Domestic liquidity and strong retail participation continue to underpin demand.
2025 is already a record fundraising year, and December’s deals — particularly ICICI Prudential AMC and remaining large offerings — are likely to lift the final tally closer to, or beyond, the ₹1.8 lakh crore mark highlighted in recent coverage. ^[51]
Selectivity is crucial. With many 2025 IPOs now trading below offer price, simply chasing subscription multiples or grey‑market premiums has proven risky.

From a general, educational perspective (not investment advice), market experts repeatedly emphasise a few common filters when evaluating these offers: ^[52]

Business quality: Understand the company’s core business model, competitive positioning and industry structure — especially for new‑age or D2C names.
Profitability and cash flow: Look beyond revenue growth to margins, cash generation, debt levels and return ratios like ROCE.
Valuation vs peers: Compare multiples (P/E, P/B, P/S) with listed peers to judge whether the premium or discount is justified by growth and quality.
Use of proceeds: Check how much of the issue is fresh capital versus OFS and where the fresh money will be deployed — expansion, debt reduction, or something less tangible.
Promoter and governance track record: Assess promoter skin in the game post‑issue, board quality and any red flags from auditors or regulators.

As December’s IPO wave plays out, Wakefit and ICICI Prudential AMC together capture the two faces of India’s 2025 primary market: high‑growth, valuation‑rich consumer disruptors on one side, and large, cash‑rich incumbents riding structural savings trends on the other. How these marquee issues list — and trade in the months after — will go a long way in determining whether India’s record‑breaking IPO boom ends 2025 on a euphoric note or a more sober, stock‑specific one.