IPO Rush: 25 Companies to List in Dec; A finale to 2025?
“December to Remember” is the theme in the Indian primary market. As a farewell to the year 2025, the primary market is set to witness a massive influx of listings. Around 25 public issues are aiming to raise close to ₹30,000 cr this month.
The aggressive IPO pipeline includes industry heavyweights across sectors. These are new-age tech, renewable energy, financial services and more. The diversity of listings signal that the appetite for high-quality Indian assets is voracious, even with the secondary market consolidating.
Till now, in 2025, Dalal Street has already absorbed 93 mainboard IPOs. With this, it has mobilised >₹1.54 lakh cr. This is the highest ever for this period in any calendar year.
Funds worth ₹45,188 cr were raised in Oct 2025 alone. Mega-listings like Tata Capital and LG Electronics drove the fundraising figures. Now, Dec 2025 is all set to keep the momentum alive.
Marquee names like Meesho, Clean Max Enviro, and ICICI Prudential Asset Management are hitting the street. With a heavy supply of fresh equity hitting the market in a single month, there is an important question for investors. Is this a sign of a structural bull market, or a peak-cycle rush to cash out before liquidity tightens?
The IPO Big Guns
In the Dec first week, there are three mainboard IPOs viz., Meesho, Aequs, and Vidya Wires, opening for subscription between Dec 3 and Dec 5. The three IPOs are collectively targeting ₹6,642 cr. Here are the details of a few popular IPOs landing in Dec 2025.
-
Meesho - The Flipkart-rival is aiming to raise ₹5,421 cr . Meesho is a fast-growing consumer-tech player. Its listing can be a litmus test for new-age internet valuations in the current climate.
-
Clean Max Enviro Energy Solutions - It is backed by Brookfield and is a renewable energy major eyeing a ₹5,200 cr issue. It has a C&I (Commercial & Industrial) segment focus. This makes Clean Max a unique play on India's green transition.
-
ICICI Prudential AMC - The asset management giant is expected to be one of the largest listings of the month.
-
Fractal Analytics - The AI unicorn Fractal Analytics is also lining up a public issue worth nearly ₹4,900 cr, adding a flavour of deep-tech.
These "big ticket" issues are offering investors distinct plays in e-commerce, green energy, and artificial intelligence.
A Diverse Mid-Cap Parade Beyond the Giants
The breadth of the Dec 2025 pipeline is equally impressive. The mid-cap list includes a diverse mix of companies tapping into the "India consumption" and "capex" themes.
- Hero Fincorp - Hero Group’s NBFC arm is aiming to raise ~₹3,358 cr. This IPO highlights the renewed investor appetite for well-run shadow banks.
- Juniper Green Energy - Juniper, another renewable player, is planning a ₹3,000 cr issue.
- Consumer and Healthcare listings: The list includes Milky Mist Dairy Food (₹2,035 cr), sleep-solutions brand Wakefit Innovations (₹1,400 cr), and pharma player Corona Remedies (₹800 cr).
The Dec IPO pipeline is reflecting a broad-based economic recovery across sectors, from precision manufacturing (Aequs, ₹921 cr) to logistics (Skyways Air Services, ₹600 cr).
Why Is the Primary Market So Hot While Nifty Consolidates?
There is a disconnect between a sluggish secondary market and a booming primary market. However, the DIIs (Domestic Institutional Investors) have remained the driving force.
- The FPIs (Foreign Portfolio Investors) pulled out a net ₹2.67 lakh cr from the secondary market year-to-date.
- Meanwhile, Domestic institutions have pumped in over ₹7 lakh cr in the primary market
- This domestic liquidity wall is cushioning volatility and finding its way into "good quality IPOs" for better price discovery.
So, the smart money is still buying India but are becoming increasingly choosy. They are preferring the fresh pricing of an IPO over the potentially stretched valuations of the secondary market.
Source
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.