JPMorgan: India Set To Outpace 2024 IPO Record As Big Issues Line Up

JPMorgan Chase notes that the remaining four months of 2025 in the primary market will remain very busy as big offerings are gearing up to launch their issues. It will add the number of IPOs and proceeds that have been launched in 2025 already outpacing last year’s record.

JPMorgan Chase said that this year is poised to go even higher in terms of numbers of IPOs being launched compared to 2024, driven by easing regulations and buoyant equity valuations.

Firms have already raised $8.2 billion across 49 IPOs till August, according to Prime Database. Indian companies raised $20.5 billion through 91 IPOs in 2024, making it the second active primary market after USA.

The momentum has been supported by quicker approvals and reduced float requirements

for large IPOs. Big names like LG Electronics’ India unit and fintech players Pine Labs and Groww are gearing up to hit the market. However, the enthusiasm is weighed down by global headwinds, with foreign investors pulling out $15.7 billion from Indian equities this year on worries over earnings and broader economic pressures.

EY’s latest Global IPO Trends report also calls India one of the most active IPO markets in terms of the number of listings. In the first half of 2025, Indian markets saw 108 IPOs raise $4.6 billion—accounting for just 8% of global IPO proceeds, compared to 28% for the US and 34% for China. While fundraising dipped marginally by 2% year-on-year, the number of IPOs declined 30%, indicating a strategic shift toward fewer but higher-quality listings.

The EY report notes that issuers are becoming more selective about timing and structure, while investors are prioritising companies with strong fundamentals and clear growth visibility. The subdued activity comes against a backdrop of global uncertainty, with many firms delaying IPO plans or revising valuations amid geopolitical and macroeconomic volatility.