India’s IPO market is showing renewed activity in May, with nine companies, including eight SMEs, listing shares amid improving stock market sentiment. Despite mixed performance, retail participation has picked up, with some SME IPOs seeing high subscription rates. Four more companies are expected to debut later this month, while June looks active with several mainboard listings planned. So far in 2025, 79 companies have listed, down from last year’s record pace but signaling cautious optimism among issuers.
India’s IPO market is showing renewed activity in May, with nine companies, including eight SMEs, listing shares amid improving stock market sentiment. Despite mixed performance, retail participation has picked up, with some SME IPOs seeing high subscription rates. Four more companies are expected to debut later this month, while June looks active with several mainboard listings planned. So far in 2025, 79 companies have listed, down from last year’s record pace but signaling cautious optimism among issuers.
India’s primary market is witnessing a resurgence in IPO activity as improving sentiment in the stock market encourages companies to raise capital. In May 2025 alone, nine companies have already listed their shares on Indian exchanges, signaling a positive shift after a period of muted market enthusiasm. Among these, eight are from the Small and Medium Enterprises (SME) segment, while Ather Energy remains the only mainboard company to debut this year since February.
The renewed interest from companies coincides with signs of recovery in the broader market, raising hopes that demand for new issues will strengthen in the coming months. Retail participation has notably picked up, with some SME IPOs seeing extraordinary subscription levels. Srigee DLM and Virtual Galaxy Infotech, for instance, were subscribed 456 times and 178 times respectively, demonstrating a return of investor confidence. Even Ather Energy witnessed its retail portion getting subscribed twice.
However, the performance of these recent listings has been mixed. While Srigee DLM’s shares have soared over 125% above its issue price, and Virtual Galaxy Infotech trades 23% higher than its IPO price, other companies have struggled to maintain their listing gains. Arunaya Organics is currently trading 30% below its IPO price, marking it as the biggest loser among recent listings. Kenrik Industries and Accretion Pharmaceuticals are also trading around 20% below their issue prices.
Looking ahead, four more companies are poised to enter the market later this month. Among these, Belrise Industries and Borana Weaves will list on the mainboard, with their bidding already underway and debut dates scheduled for May 27 and May 28. Unified Data Tech Solutions and Dar Credit Capital, both SME segment companies, have also opened their bidding.
June promises to keep the momentum going, with three mainboard companies—Prostarm Info Systems, Aegis Vopak Terminals, and Schloss Bangalore Limited—expected to open bidding by the end of May and debut in early June.
Year-to-date, 79 companies have entered the Indian stock exchanges in 2025. While this is a decline from the 131 listings recorded during the same period in 2024, it reflects a market that is cautiously optimistic. The previous year was a landmark period for the Indian primary market, witnessing a record-breaking 340 IPOs, which substantially increased the size and depth of the stock market.
The slow start to 2025 saw many companies postponing or downsizing their IPO plans due to weak market sentiment earlier in the year. Demand for IPOs was generally subdued, especially in the SME segment, where retail investor interest rarely crossed the 100-times subscription threshold—a sharp contrast to the oversubscription frenzy seen in 2024.
With the market showing signs of revival, the IPO pipeline looks promising, and investors are keeping a close eye on upcoming offerings as a gauge of market confidence and economic recovery.
