India ranks among top IPO markets with US$ 2.8 billion raised in Q1 2025: EY Report

• 62 IPOs listed on the National and Bombay Stock Exchanges raised US$ 2.8 billion in proceeds in Q1 2025.
• India secured a 22% share of global IPO activity.
• Despite a decline in volume, the percentage of profitable IPO companies surged, reflecting strong market fundamentals.

Mumbai, 29 April 2025 – According to the Q1 2025 IPO Trends Report by EY, India’s Initial Public Offering (IPO) market continues to demonstrate resilience, securing a 22% share of global IPO activity in the first quarter of 2025. With 62 IPOs raising a total of US$ 2.8 billion, India remains a leading destination for companies seeking to go public, even amidst a backdrop of global market uncertainties.

As per the EY report, the largest IPO during this period was by Hexaware Technologies Ltd., which successfully raised US$ 1.0 billion, highlighting the ongoing demand for technology-related offerings in the Indian market. However, the overall IPO activity in India saw a decline of approximately 20% compared to the previous year, reflecting a cautious investor sentiment as the BSE SENSEX index experienced a slight decrease of 1.1%.

Prashant Singhal, Partner - IPO and Markets Leader, EY India, stated, "While the impressive IPO proceeds in Q1 2025 highlight the strength of India's capital markets, the record-breaking Mergers and Acquisitions (M&A) market further demonstrates its maturity. Q1 2025 saw all-time high M&A deal volumes with transactions valued at billions of dollars, reflecting strong investor confidence and strategic investments. This M&A surge, driven by domestic activity and international interest, complements the IPO market, showcasing a healthy and dynamic Indian financial landscape. We anticipate continued momentum in both public and private markets as companies pursue growth."

The EY report highlights that the IPO landscape in India remains diverse, with significant activity across sectors such as Industrials, Real Estate, Hospitality & Construction, and Health & Life Sciences. The health sector, in particular, recorded notable growth, with a substantial increase in the IPO pipeline. Despite the mixed performance in completed listings, the strong fundamentals of many companies are expected to attract investor interest.

India’s dynamic stock market, coupled with favourable economic indicators, continues to bolster investor confidence. The growing participation of retail investors is evident, as the market adapts to shifting dynamics and investor preferences.

Adarsh Ranka, Partner and Financial Accounting Advisory Services Leader, Indian member firm of EY Global, commented, "India's IPO market continues to be a beacon of resilience and growth. The strong performance in Q1 2025, despite global uncertainties, highlights the robust fundamentals and investor confidence in our market. We are optimistic that this momentum will carry forward, driven by supportive policies and a dynamic economic environment.”

The EY report further states that the outlook for India’s IPO market in 2025 appears promising, with a healthy pipeline of companies preparing to enter the market. The resilience shown in Q1 2025 sets a positive tone for the remainder of the year, as companies continue to adapt to the evolving market landscape.

Key highlights from EY’s Q1 2025 IPO Trends Report:

• Global dominance: India secured a 22% share of global IPO activity in Q1 2025.
• Main market performance: 62 IPOs raised US$ 2.8 billion, showcasing continued interest from investors.
• Sectoral leaders: Active sectors included Industrials, Real Estate, Hospitality & Construction, and Health & Life Sciences.
• Retail investor participation: A notable increase in the percentage of profitable IPO companies, reflecting strong market fundamentals.
• Market dynamics: Despite a decline in volume, the growth in deal size indicates a robust pipeline of financially sound candidates.

India’s IPO market showcased resilience and growth in Q1 2025, underscoring a bright financial outlook and strong investor confidence. With a promising pipeline of high-profile companies set to go public, 2025 is poised to be another landmark year for India's capital markets.

Notes to Editors

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