Key Highlights
- India’s initial public offering (IPO) market is poised for a blockbuster November, with over Rs 76,000 crore (≈ US$8.57 billion) worth of issues expected across sectors including technology, renewables, healthcare and consumer.
- Flagship listings expected:
- Lenskart — ~Rs 7,200 crore issue opening 31 October 2025.
- Groww — ~Rs 6,600 crore IPO in early November 2025.
- Other major upcoming IPOs/Losses include ICICI Prudential AMC (~Rs 10,000 crore), Pine Labs (~Rs 6,100 crore), CleanMax Enviro (~Rs 5,200 crore), and Juniper Green Energy (~Rs 3,000 crore).
- The IPO rush is being supported by an improved secondary market — the benchmark indices gained over 5% in October 2025 and were near all-time highs.
- A regulatory driver: The US Securities & Exchange Commission’s 135-day rule (audited financials cannot be older than 135 days) is creating urgency for Indian issuers targeting US investors.
Implications & What to Watch
- The heavy IPO pipeline signals strong capital-raising activity and could fuel liquidity flows into new issues.
- For investors: With such large issues lined up, watch for subscription levels, listing gains, and how market sentiment holds after launch.
- For issuers: Timing matters — companies are rushing to list before year-end and ahead of seasonal slowdowns and US regulatory deadlines.
- Risk factors: If market conditions deteriorate, the sheer quantum of supply could test investor appetite and secondary market stability.
