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The National Stock Exchange of India (NSE) has emerged as a significant player in the global IPO landscape, securing the fourth position worldwide in terms of fundraising during the first half of 2025. According to data released by S&P Global Market Intelligence, the NSE facilitated the raising of $5.51 billion through initial public offerings during this period. This achievement places the NSE behind only the Nasdaq Global Market, NYSE, and the Nasdaq Global Select Market, showcasing the growing prominence of the Indian stock market on the international stage. The NSE's contribution accounted for a noteworthy 8.9% of the total global IPO proceeds during the first six months of 2025, highlighting its increasing influence in the global financial ecosystem. This impressive ranking underscores the attractiveness of the Indian market to both domestic and international investors seeking opportunities for growth and value creation.
Despite a somewhat subdued start compared to the previous year, the Indian markets witnessed a substantial number of IPOs in the first half of 2025. S&P data reveals that a total of 119 IPOs were launched during this period, collectively raising Rs 51,150 crore. While this figure represents a slight decrease in the number of listings compared to the first half of 2024, which saw 157 IPOs raising Rs 37,682 crore, the total amount of capital raised indicates a positive trend in investor confidence and market activity. The relatively lower number of IPOs in the first half of 2025 can be attributed to various factors, including global and domestic equity volatility, which may have led some companies to delay their listing plans. However, the significant amount of capital raised despite the fewer listings suggests that the Indian market continues to be a favorable destination for companies seeking to raise funds through IPOs. The presence of several large and successful IPOs further reinforces this perception.
Looking back at the full year of 2024, the Indian exchanges demonstrated remarkable performance, with a total of Rs 1.71 lakh crore being raised through 333 IPOs. This impressive performance was significantly boosted by landmark deals such as Hyundai Motor India’s $3.3 billion share sale, which attracted considerable attention from investors worldwide. The success of Hyundai Motor India's IPO, along with other significant listings, contributed to the overall positive sentiment in the Indian market and encouraged other companies to pursue IPOs. The robust IPO activity in 2024 underscored the resilience and attractiveness of the Indian stock market as a destination for capital raising.
The S&P report indicates that while the primary market experienced a slower start in 2025 due to global and domestic equity volatility, a rebound is anticipated. EY analysts foresee a strong pipeline of IPOs poised to enter the market within the next three to six months. This optimistic outlook is based on several factors, including improving market conditions, increasing investor confidence, and a favorable regulatory environment. The expected influx of new IPOs in the coming months is likely to further boost the Indian stock market and contribute to its continued growth.
One of the largest deals in 2025 so far was HDB Financial Services, a subsidiary of HDFC Bank, which raised Rs 12,500 crore in June. This substantial capital infusion demonstrates the strong appetite for well-established and financially sound companies in the Indian market. Among the top ten IPOs by size, consumer discretionary companies and financial services firms dominated, suggesting a strong focus on sectors that are expected to benefit from India's growing consumer base and expanding financial sector. The presence of multiple companies from these sectors in the top IPOs list indicates a positive outlook for these industries and their potential for future growth.
Several high-profile filings are currently in the pipeline, signaling a continued interest in IPOs. Credila Financial Services Ltd, for instance, filed a draft prospectus with the Securities and Exchange Board of India (Sebi) in late June, seeking to raise Rs 5,000 crore. Similarly, Anthem Biosciences submitted its filing in early July. These filings, along with others, indicate a strong pipeline of companies preparing to go public in the near future, further contributing to the positive outlook for the Indian IPO market. The regulatory environment in India, overseen by Sebi, plays a crucial role in ensuring transparency and investor protection, which is essential for attracting both domestic and international investors.
Furthermore, companies such as Oravel Stays (OYO), Fabindia Ltd, and Hero FinCorp, which had previously delayed their listings, may revive their plans depending on prevailing market conditions. These companies, having observed the positive trends in the Indian stock market, may decide that the time is right to proceed with their IPOs. The decision to revive their listing plans will depend on various factors, including market sentiment, investor confidence, and their own financial performance. The potential revival of these delayed listings could further boost the IPO activity in the Indian market.
S&P projects that if macroeconomic stability is maintained, IPO activity is expected to accelerate in the second half of 2025. Investor appetite remains strong, particularly for reasonably valued and fundamentally sound companies. The overall economic health of a country plays a crucial role in influencing investor sentiment and market activity. Stable macroeconomic conditions, such as low inflation, steady economic growth, and favorable interest rates, create a conducive environment for businesses to thrive and attract investment. In such an environment, investors are more likely to be confident in the long-term prospects of companies and are therefore more willing to invest in IPOs.
India’s broader economic momentum is also providing support to capital markets. The Reserve Bank of India (RBI) forecasts the economy, currently valued at just under $4 trillion, to grow at 6.5% in FY26, aligning with the previous fiscal year's growth rate. This sustained economic growth is a major factor driving investor confidence and attracting capital to the Indian market. A growing economy provides a favorable environment for businesses to expand, increase their profitability, and generate returns for investors. The RBI's role in maintaining macroeconomic stability and promoting sustainable economic growth is crucial for the continued success of the Indian stock market.
A total of 100 basis points in rate cuts since February, including a surprise 50-bps reduction in June, are expected to enhance liquidity and lending conditions. Lower interest rates generally encourage borrowing and investment, leading to increased economic activity. The RBI's decision to cut interest rates is aimed at stimulating the Indian economy and supporting businesses by making it cheaper for them to borrow money. This, in turn, is expected to boost corporate earnings and increase investor confidence in the stock market.
India’s benchmark Nifty 50 index has rebounded strongly, closing at 25,082.30 on July 14, reflecting a 5.6% gain so far this year. This positive performance of the stock market is a significant factor driving investor sentiment and attracting new investors to the market. A rising stock market generates wealth for investors and creates a sense of optimism, which encourages further investment and participation. The Nifty 50 index serves as a barometer of the overall health of the Indian stock market and provides a valuable indicator of investor confidence.
S&P noted that this recovery, coupled with increasing retail investor participation, is fueling renewed enthusiasm in the primary market. The growing participation of retail investors in the stock market is a significant trend that is contributing to its overall growth and stability. Retail investors, who are individuals investing their own money, are becoming increasingly sophisticated and knowledgeable about the stock market. Their participation helps to diversify the investor base and reduce the market's dependence on institutional investors.
The report also highlights the strong listing potential in sectors such as financial technology (fintech), AI-driven firms, and industrial tech, with the broader macroeconomic setup favoring renewed issuance. These sectors are considered to be high-growth areas with significant potential for future development. The Indian government's focus on promoting innovation and technology is creating a favorable environment for companies in these sectors to thrive and attract investment. The strong listing potential in these sectors is expected to drive IPO activity in the coming years.
In conclusion, with a dynamic stock market, supportive monetary policy, and an improving global backdrop, India’s IPO environment is poised for a more robust second half, with the NSE continuing to establish itself as a major global listing venue. The Indian stock market's resilience, coupled with the government's focus on economic growth and stability, is creating a favorable environment for companies to raise capital through IPOs and for investors to generate returns. The NSE's growing prominence as a global listing venue is a testament to the increasing importance of the Indian economy in the global financial landscape.
Source: NSE ranks fourth in global IPO table with $5.51 billion fundraising: S&P