India IPO Market Q1 2025: 62 Listings Secure 22% Global Share, Hexaware Leads Surge
India's IPO market captured a 22% share of global activity in Q1 2025 with 62 listings raising $2.8 billion, as per EY’s latest report, signaling sustained investor confidence.
Key Highlights:
India IPO Market Q1 2025: 62 Listings Secure 22% Global Share, Hexaware Leads Surge
India’s Initial Public Offering (IPO) market showcased robust resilience in the first quarter of 2025, securing a 22% share of global IPO activity, according to EY’s Q1 2025 IPO Trends Report. Despite global uncertainties, India continued to be a preferred destination for companies seeking to go public.
With 62 IPOs raising a cumulative USD 2.8 billion, India’s capital markets maintained their momentum, bolstered by rising domestic participation and strong fundamentals across multiple sectors.
Key Highlights of India’s IPO Market in Q1 2025
- Global Share: 22% of all IPOs globally came from India.
- Number of IPOs: 62 completed listings.
- Total Capital Raised: USD 2.8 billion.
- Largest IPO: Hexaware Technologies Ltd., raising USD 1.0 billion.
The technology sector continued to dominate, underscoring investor appetite for innovative, tech-driven companies.
Sectoral Breakdown and Trends
The IPO landscape in India remained diverse, with significant activity across:
- Industrials
- Real Estate
- Hospitality & Construction
- Health & Life Sciences
The health sector, in particular, showed substantial growth in the IPO pipeline, with companies preparing aggressive entry strategies.
Challenges Amid Growth
While India’s IPO performance remains impressive, the report also noted:
- A 20% decline in IPO activity compared to Q1 2024, reflecting cautious investor sentiment.
- The BSE SENSEX experienced a modest 1.1% dip, suggesting market volatility amid global tensions.
Nevertheless, retail investor participation continued to grow, offering resilience against short-term market shocks.
M&A Market at Record Highs
Complementing the IPO boom, India’s Mergers and Acquisitions (M&A) activity surged to record levels in Q1 2025:
- Historic highs in deal volumes.
- Significant inbound international investments.
According to Prashant Singhal, Partner and Markets Leader at EY India:
“The M&A surge, driven by domestic and international interest, complements the IPO market, showcasing a healthy and dynamic Indian financial landscape.”
Expert Outlook: Strong Pipeline for 2025
Adarsh Ranka, Partner and Financial Accounting Advisory Services Leader, EY India, commented:
“India’s IPO market continues to be a beacon of resilience and growth. We are optimistic that this momentum will carry forward, driven by supportive policies and a dynamic economic environment.”
The EY report suggests that a healthy pipeline of companies is gearing up for public listings through the remainder of 2025, keeping investor sentiment buoyant.
What Lies Ahead
With India’s stock markets demonstrating depth and adaptability, 2025 could witness an even more dynamic IPO season. Strategic investments, strong policy support, and economic resilience position India as a global leader in public market activity for the foreseeable future.
Investors, companies, and regulators alike are gearing up for a landmark year.
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