Revival Signs Show Up In Primary Market

New Delhi: After a sluggish start to 2025, the primary market is showing signs of revival with over a dozen companies having lined up their IPOs in the next three to six months buoyed by a stabilizing secondary market and easing geopolitical tensions, merchant bankers said.

Among the companies preparing to tap the capital markets are HDB Financial Services, a subsidiary of HDFC Bank, National Securities Depository Ltd (NSDL), Kalpataru, Rubicon Research, All Time Plastics, Regreen-Excel EPC India, and Paramesu Biotech, they added. Additionally, Credila, SK Finance, Veritas Finance, Paras Healthcare, CIEL HR Services, Avanse Financial Services, Drof-Ketal Chemicals India, Brigade Hotel Ventures and Shreeji Shipping are looking to launch their IPOs. All these companies have already received clearance from the markets regulator Securities and Exchange Board of India (Sebi). These companies are mobilising funds to support capital expenditure requirements especially for expansion plans, repayment of borrowings, and for general corporate purposes. This renewed activity follows the launch of six IPOs last month.

The overall IPO activity in 2025 has slowed, with only 16 firms coming out with public issues so far, compared to 29 IPOs in the same period last year. In contrast, 2024 saw 91 maiden public issues collectively raised Rs 1.6 lakh crore. Pranjal Srivastava, Partner, Investment Banking, Centrum Capital, noted that the Indian IPO market’s sluggish beginning in 2025 reflects cautious investor sentiment amid global economic uncertainties and domestic market volatility. “ We expect activity to pick up gradually during the rest of the year as market conditions stabilize and confidence returns,” he added.