India’s IPO landscape is witnessing a slowdown as global economic concerns and geopolitical tensions take center stage. On May 6, 2025, it was reported that several Indian firms, including Avanse Financial and Anthem Biosciences, have put their IPO plans on hold due to weak investor sentiment and market instability. The upcoming IPO of Ather Energy will likely serve as a gauge for investor confidence in these uncertain times.
India’s initial public offering (IPO) market is experiencing a notable deceleration as companies postpone their listing plans in response to global economic jitters and subdued investor interest. Among the firms delaying IPOs are Mumbai-based Avanse Financial, a non-banking financial company focused on education loans, and Anthem Biosciences, a Bengaluru-based biopharmaceutical research and manufacturing firm.
At least two IPOs valued at approximately USD 759 million are expected to be pushed back. Investment bankers attribute this trend to weakening investment sentiment driven by global economic uncertainty and persistent geopolitical tensions, including ongoing friction between India and Pakistan.
The broader environment—marked by global trade disruptions, inflationary concerns, and recession fears—has already led nearly 58 Indian companies with regulatory clearance to postpone their IPOs. Many of these approvals, granted by the Securities and Exchange Board of India (SEBI), are nearing expiration, creating pressure for companies to act swiftly or refile applications.
A key IPO that investors are closely monitoring is that of Ather Energy, an Indian electric vehicle company based in Bengaluru. Its public listing is being viewed as a critical barometer of investor appetite amid uncertain market conditions.
Adding to the complexity, regulatory delays and unstable capital flows are pushing firms to reassess fundraising strategies. As market confidence teeters, India’s capital market momentum is at risk of losing ground. The performance of upcoming IPOs may determine whether companies proceed or continue to sit on the sidelines.
