IPO boom continues! December set to be another big month; ICIC Pru, Juniper & more

India's primary market is set for a massive year-end, with December poised to raise nearly Rs 30,000 crore from around 25 IPOs. Major listings like ICICI Prudential AMC and Meesho are leading the charge. This surge, fueled by strong business confidence and discerning investors, signals robust market momentum extending into 2026.
India’s primary market is gearing up for a blockbuster year-end, with a string of public offerings in December signalling that the IPO boom of 2025 is far from over. The last month alone is expected to raise almost Rs 30,000 crore, making it one of the hottest month in what has already become a landmark year of record breaking equity issuances. December, the number of IPOs is set to soar to about 25, led by five major listings: ICICI Prudential Asset Management Co (Rs 10,000 crore), Meesho (Rs 5,400 crore), Clean Max Enviro Energy Solutions (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore) and Juniper Green Energy (Rs 3,000 crore). Meanwhile, October saw 10 IPOs, attracting Rs 45,188 crore, followed by nine issues in November that raised Rs 23,613 crore. Market watchers describe the momentum as evidence of both strong business confidence and a selective yet optimistic investor base. Neha Agarwal, managing director and head of equity capital markets at JM Financial Institutional Securities Ltd, told ET that the strength of the pipeline reflects more than a rush to close the year. “The IPO rush is driven not by indiscriminate issuance but by a meaningful confluence of entrepreneurial energy and discerning investor appetite,” she said, pointing to the sharp investor preference for high-quality companies. “What's encouraging is the quality-first filtration investors are applying - strong management, governance and credible business models are being rewarded, while anything with uncertainty rightly faces pushback.” Alongside large offers, a second wave of mid-sized IPOs is also poised to raise capital. Wakefit Innovations (Rs 1,500 crore), Innovatiview (Rs 1,500 crore), Park Medi World (Rs 1,200 crore), Nephroplus (Rs 1,000 crore) and precision engineering player Aequs (Rs 1,000 crore) are among the next set of issuers. Meesho and Aequs have already confirmed their subscription window for December 3–5, while the rest are awaiting final calendar announcements. The surge has also been helped by the depth of liquidity in domestic markets. Systematic investment plan (SIP) contributions of about Rs 30,000 crore every month continue to offer a dependable capital base as foreign flows fluctuate. Domestic institutional investors have also delivered steady participation for two straight years, giving investment bankers confidence that the surge of issuance can be absorbed without market disruption. Another defining feature of the current cycle has been the dominance of offer for sale (OFS) deals, with close to two-thirds of recent IPO funding coming from shareholder exits. Despite this, the market has remained stable, said Gaurav Sood, managing director and head of equity capital markets at Avendus Capital. “We believe this is not just a year-end rush but the culmination of a record year for India’s primary markets,” he said. He added that the system’s liquidity strength has ensured smooth execution of large deals across multiple sectors. “When you combine this domestic flow strength with the proven ability to execute large and diverse deals across sectors, it’s clear why the market is comfortable running a heavy December calendar and why promoter confidence, filing volumes and broader IPO momentum are likely to stay elevated into 2026,” he told ET. The fundraising numbers reflect the same optimism. According to Agarwal, main-board IPO issuances have already crossed last year’s milestone of Rs 1.5 lakh crore, and the month has only just begun.
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