IPO Rush Ahead: Markets Gear Up For Rs 40,000-Crore Listing Wave By November-End

Indian equity markets are gearing up for a busy IPO season, with ten companies expected to collectively raise over Rs 40,000 crore through public offerings by the end of November, according to people familiar

with the matter.

The upcoming IPO pipeline includes Billionbrains Garage Ventures (parent of Groww), Lenskart Solutions, ICICI Prudential AMC, Pine Labs, PhysicsWallah, Tenneco Clean Air, Prestige Hospitality, Orkla India (known for MTR Foods), Boat, and Park Medi World, which operates the Park Hospitals network.

Orkla India has already announced its IPO, which will open for subscription on October 29 and close on October 31, with anchor book bidding starting on October 28. The Rs 1,668-crore offer will be a pure offer for sale (OFS) at a price band of Rs 695–730 per share.

According to sources, Billionbrains Garage Ventures and Lenskart are likely to hit the market later this month. Groww’s parent is expected to raise about Rs 6,500 crore, while Lenskart may mop up around Rs 6,000 crore through a mix of fresh issuance and promoter OFS. Both issues are expected to reserve 10% for retail investors.

Meanwhile, Pine Labs is reportedly planning to raise around Rs 5,500 crore, and ICICI Prudential AMC could mobilize over ₹9,000 crore, making it one of the largest offerings in this wave.

Other IPOs in the pipeline include PhysicsWallah (Rs 3,800 crore), Tenneco Clean Air (Rs 3,000 crore), Prestige Hospitality (Rs 2,500 crore), Boat (Rs 2,000 crore), and Park Medi World (Rs 1,200 crore).

Despite volatility in the secondary market, India’s primary market has remained active through 2025. So far this year, 88 companies have gone public, raising over Rs 1.24 lakh crore. However, listing performance has been mixed — of the 85 mainboard IPOs this year, 29 debuted below issue price, 27 saw modest gains (1–10%), 12 gained 11–20%, 13 rose 25–50%, and only three delivered listing gains above 50%.