Upcoming in December: Following a hectic year thus far, the last few weeks of 2025 are expected to feature numerous noteworthy initial public offerings (IPOs).
As per reports, industry analysts project a pipeline ranging from ₹35,000 to ₹40,000 crore in December, assuming there are no significant declines in the secondary market. With ₹1.5 lakh crore already raised this year, the total for the full year could fall between ₹1.8 lakh crore and ₹1.9 lakh crore, signaling India’s highest fundraising year since 2024’s almost ₹1.6 lakh crore.
According to data from Primedatabase, India generated ₹59,302 crore through the primary market in 2022 and raised ₹49,436 crore in 2023, said a news report. The trend reversed dramatically in 2024 when ₹1.59 lakh crore was collected, marking a threefold increase from the previous year.
By November 21, 2025, the market has already achieved ₹1.54 lakh crore through 93 issues, nearly exceeding the total for the previous year. The projected December pipeline guarantees that 2025 will conclude significantly ahead of 2024, according to reports.
IPOs in the pipeline
Approximately 10 firms that have obtained approval are preparing to initiate IPOs in the upcoming weeks of the year, according to multiple media reports.
Meesho
E-commerce platform Meesho is set to raise ₹6,000 crore. Of this amount, ₹4,250 crore will be generated from the IPO as new capital, while ₹1,750 crore will come from current stakeholders divesting their holdings.
Meesho operates the largest social commerce platform in India in terms of user base, boasting 21.3 crore users engaged in buying and selling products.
Imagine Marketing (boAt)
Imagine Marketing, the parent company of boAt, has announced an IPO valued at ₹1,500 crore. This offering consists of a ₹500 crore fresh issuance and a ₹1,000 crore offer for sale. Promoters Sameer Ashok Mehta and Aman Gupta are set to sell shares worth ₹75 crore and ₹225 crore, respectively.
South Lake Investment is planning to offload shares valued at ₹500 crore. Fireside Ventures Investment Fund – I will sell shares worth ₹150 crore, while Qualcomm Ventures intends to sell shares totaling ₹50 crore.
Hero FinCorp
The offering includes a new issuance of ₹2,100 crore and an Offer for Sale (OFS) amounting to ₹1,568 crore from current shareholders. The lender, which focuses on retail and MSME, is anticipated to generate significant interest due to the general increase in financial services listings.
ICICI Prudential Asset Management Co
The ₹10,000 crore initial public offering will involve UK-based Prudential divesting a 10% ownership stake via 17.65 million shares. This transaction values the asset management company at approximately $11 billion and is nearing the final approval from Sebi. As of June, the fund management firm oversaw assets worth ₹9.44 lakh crore and generated annual revenue of ₹4,977 crore, with a profit of ₹2,650 crore.
Fractal Analytics
The offering will comprise a new issue valued at ₹1279 crore alongside an offer for sale (OFS) amounting to ₹3621 crore.
The analytics company with a focus on AI intends to utilize the funds for repaying debt at its subsidiary in the US, expanding its offices in India, and boosting research efforts in generative AI. Approximately 75% of the IPO serves as a means for existing investors, such as TPG Fett Holdings and Apax’s Quinag Bidco, to exit their investments.
Milky Mist Dairy Food
The issue comprises a new issuance of ₹1,785 crore along with an offer for sale (OFS) of ₹250 crore. The funds raised will be allocated for settling debts, expanding and upgrading its Perundurai facility, installing retail infrastructure like visi-coolers and freezers, and fulfilling other corporate needs.
CleanMax Enviro
The initial public offering (IPO) will feature a new issue amounting to ₹1,500 crore alongside an offer for sale (OFS) of ₹3,700 crore from current shareholders, which includes private equity backers and founder Kuldeep Pratap Jain. The firm offers green energy and decarbonization services to large businesses throughout India and certain international markets.
Juniper Green Energy
The IPO will consist entirely of a fresh issue amounting to ₹3,000 crore, without any offer-for-sale segment. The funds raised will be allocated for the repayment or prepayment of borrowings at the company level, reduction of debt across key subsidiaries, such as Juniper Green Gamma One, Three, Field, Beam, Kite, and Ray Two, as well as for general corporate purposes.
As of December 31, 2024, Juniper Green is listed among India’s top 10 renewable independent power producers (IPPs) based on total capacity.
Park Medi World
Park Medi World IPO valued at ₹1,260 crore, which consists of a fresh issue of shares worth ₹960 crore and an offer-for-sale (OFS) of ₹300 crore.
The funds raised from the IPO are intended to be allocated for settling debts and financing capital expenditures related to the construction of a new hospital and the expansion of an existing facility through its subsidiaries, Park Medicity (NCR) and Blue Heavens. Additionally, a portion of the capital will be dedicated to acquiring medical equipment for the company and its subsidiaries, Blue Heavens and Ratangiri.
Innovatiview India
Innovatiview India’s initial public offering consists solely of an Offer-For-Sale (OFS) of equity shares valued at up to ₹2,000 crore by its promoters, as stated in the Draft Red Herring Prospectus (DRHP).
As the IPO is completely an OFS, the company will not obtain any capital from this offering, and the funds will instead be directed to the selling shareholder.
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