December is shaping up to be a busy month for India’s primary market, as nearly Rs 30,000 crore worth of IPOs are set to open for bidding over the coming weeks. This follows a successful period in 2024 and 2025, where both local and global investors displayed significant interest in new listings despite global economic uncertainties. Data from investment banks and exchanges indicate that around 25 companies are gearing up to enter the market in December 2025.
Among the notable names planning IPOs are Meesho, ICICI Prudential Asset Management Company (ICICI Pru AMC), Clean Max Enviro Energy Solutions, Fractal Analytics, Juniper Green Energy, and various mid-size and SME firms. Collectively, these offerings are projected to raise close to Rs 30,000 crore. This surge follows a record-breaking December 2024, where 15 companies raised approximately Rs 25,425 crore, including renowned entities such as Vishal Mega Mart, International Gemological Institute India, One MobiKwik Systems, and DAM Capital Advisors.
Ratiraj Tibrewal, CEO of Choice Capital, emphasized that the upcoming fundraising activities signal ongoing market strength. He highlighted the success of the Rs 25,425 crore raised in December 2024 as a positive precedent for the current IPO landscape. Tibrewal expressed optimism about the market’s resilience and indicated strong investor demand and corporate confidence despite global challenges.
Regarding the current IPO lineup, Tibrewal suggested that companies like Meesho and ICICI Prudential Asset Management Company could surpass the previous fundraising levels, underscoring sustained investor interest and corporate optimism. He noted that a busy IPO month reflects the diverse investment opportunities available in the Indian market across different themes and risk profiles.
The spotlight this month falls on Meesho, which began bidding on December 3 with a Rs 5,421 crore issue that has garnered significant interest due to its foothold in India’s rapidly growing value e-commerce sector. Aequs, a manufacturing and aerospace supplier, aims to raise Rs 921 crore through a mix of fresh issue and offer for sale (OFS), while Vidya Wires, a producer of copper and aluminum wire products, targets a Rs 300 crore fundraising. All three IPOs saw full subscription on the first day and are scheduled to close on December 5, with listing expected on December 10.
Despite robust demand, analysts caution investors to be vigilant about valuations, noting that listing gains have cooled compared to previous years. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, advised investors to manage their expectations. He highlighted the shift in average listing gains from around 30% in 2023 and 2024 to 9% in 2025, emphasizing the importance of valuation in determining IPO success. Vijayakumar emphasized the need for well-priced IPOs with clear earnings visibility to attract investor interest in the current market landscape.
Analysts stress that while demand remains strong, pricing is a critical concern. With numerous IPOs in the market, retail investors are advised to evaluate factors such as profitability, OFS percentage, anchor allotment patterns, debt levels, cash flow, and growth prospects before making investment decisions.