ICICI Prudential AMC, Meesho lead Rs 40,000-cr IPO wave in next two months

The primary market is gearing up for a strong finish to the year as around two dozen companies, including ICICI Prudential AMC, Meesho and Juniper Green Energy, prepare public issues that could together mobilise nearly Rs 40,000 crore over December and January, merchant bankers said.

They added that the upcoming slate also included names such as artificial intelligence firm Fractal Analytics, home and sleep solutions brand Wakefit Innovations, technology-led surveillance company Innovatiview India and hospital chain Park Medi World.

The large pipeline reflected confidence among issuers and continued investor interest from those looking for listing-day gains as well as long-term opportunities. Companies across the spectrum — large-cap, mid-cap and small-cap — are expected to tap the market in the coming weeks.

Experts attributed the momentum to rising retail participation and steady domestic inflows, which have supported sustained fundraising.

So far this year, 96 companies have listed on the stock exchanges, raising Rs 1.6 lakh crore, with more than 40 of these debuts occurring over the past three months. In 2024, 91 public issues collectively raised the same amount, supported by strong retail participation, private capex and a resilient economic backdrop.

With several issues lined up for December, total fundraising in 2025 could reach Rs 2 lakh crore, said Thomas Stephen, Head – Preferred, Anand Rathi Share and Stock Brokers.

“This is remarkable given the global volatility and a muted secondary market. Strong domestic liquidity has supported high valuations, and mutual funds, earlier cautious on pre-IPO deals, are now meaningfully increasing allocations,” Stephen said.

He noted that India’s consumption story, strengthened by GST and income-tax rationalisation, has encouraged many consumer-facing businesses to consider public listings.

Shantanu Awasthi, Co-founder & CEO of Mavenark, said companies that had earlier avoided the public markets now recognised the need for large-scale capital infusion to maintain growth.

The ongoing fundraising activity is expected to help firms finance expansion, capex, debt repayment and other corporate requirements.

Among the key offerings, ICICI Prudential AMC plans to raise Rs 10,000 crore in the second half of December. According to its draft red herring prospectus, the issue will be an offer for sale of 1.76 crore shares by UK-based promoter Prudential Corporation Holdings.

SoftBank-backed Meesho is set to open its issue on December 3, aiming to raise Rs 5,421 crore, comprising a fresh issue of Rs 4,250 crore and an offer for sale of 10.55 crore shares valued at Rs 1,171 crore at the upper band. Meanwhile, Aequs will seek Rs 922 crore, and Vidya Wires plans a Rs 300 crore offering.

Other sizeable issues expected in December include Clean Max Enviro Energy Solutions (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore) and Juniper Green Energy (Rs 3,000 crore).

Firms preparing to enter the market between December and January also include Manipal Payment, Kanodia Cement, Corona Remedies, Milky Mist, Amagi Media Labs, Nephrocare Health Services, Veeda Clinical, LCC Projects, Waterways Leisure, KSH International, Skyways Air Services, Ardee Engineering, PNGS Reva Diamond and CIEL HR Services. Together, they are expected to mobilise Rs 40,000 crore, merchant bankers said.

Among the biggest main-board listings this year, Tata Capital led with Rs 15,512 crore, followed by LG Electronics (Rs 11,607 crore), Lenskart Solutions (Rs 7,278 crore) and Billionbrains Garage Ventures, the parent of Groww, which raised Rs 6,632 crore.

Awasthi advised investors to stay mindful of valuations and underlying business narratives while evaluating new issues.

(With inputs from agencies)