Markets Brace for ₹40,000-Crore IPO Wave Till End of November

India’s equity markets are gearing up for a massive ₹40,000-crore IPO wave, with ten major companies planning to tap the primary markets by the end of November 2025. The upcoming listings highlight the strong momentum in India’s primary market, even as the secondary market remains relatively subdued.

Ten Companies in Line for Big IPO Launches

According to sources, the upcoming IPO list includes some of India’s most prominent names — Billionbrains Garage Ventures (Groww’s parent company), Lenskart Solutions, ICICI Prudential AMC, Pine Labs, PhysicsWallah, Tenneco Clean Air, Prestige Hospitality, Orkla India, Boat, and Park Medi World.

Together, these ten companies are expected to raise over ₹41,000 crore, marking one of the busiest IPO seasons of the year.

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Major IPO Details

Among the largest issues, ICICI Prudential AMC is expected to lead the pack with an IPO size of around ₹9,000 crore. It is followed by Billionbrains Garage Ventures (Groww’s parent), which aims to raise ₹6,500 crore, and Lenskart Solutions, which is planning an IPO of ₹6,000 crore.

Other major offerings include:

• Pine Labs – ₹5,500 crore

• PhysicsWallah – ₹3,800 crore

• Tenneco Clean Air – ₹3,000 crore

• Prestige Hospitality – ₹2,500 crore

• Boat – ₹2,000 crore

• Orkla India – ₹1,668 crore

• Park Medi World – ₹1,200 crore

ICICI AMC’s issue will likely be the largest, while Park Medi World will be among the smaller ones in the upcoming line-up.

Orkla India’s IPO Kicks Off the Season

The first among these is Orkla India’s IPO, which opens for subscription on October 29 and closes on October 31. The anchor book opens on October 28, and the issue will be a pure offer for sale worth ₹1,668 crore.

The price band is set at ₹695–₹730 per share, marking the start of what looks like a packed IPO calendar through November.

Blackstone-Backed IPOs and Retail Focus

Sources added that Groww’s parent (Billionbrains Garage Ventures) and Lenskart Solutions are expected to hit the market later this month. Both issues will include a 10% quota for retail investors, reflecting efforts to attract broader market participation.

The fresh equity component and promoter sales will help companies like Lenskart and Groww’s parent strengthen their capital base and expand operations.

Continued Strength in India’s Primary Market

Despite muted trends in the secondary market, India’s primary market activity remains vibrant.
So far in 2025, around 88 companies have gone public, raising over ₹1.24 lakh crore in total.

However, listing performance has been mixed. Of the 85 mainboard IPOs listed this year:

• 29 opened below the issue price,

• 27 posted modest gains between 1–10%,

• 12 gained 11–20%,

• 13 delivered 25–50%, and

• Only 3 stocks gained over 50% on the listing day.

This pattern shows that while investor enthusiasm for IPOs remains strong, valuation discipline and selectivity are becoming key themes for market participants.

A Busy IPO Season Ahead

With multiple IPOs queued up through November, analysts expect robust investor interest, particularly from institutional and retail segments looking for growth opportunities.

The ₹40,000-crore IPO pipeline signals continued investor confidence in India’s growth story, even amid global market uncertainty.

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