The Mother of All Indian IPO’s : Will 2025 Witness the Largest-Ever Listing?
The year 2024 has been remarkable for India’s stock market, with initial public offerings (IPO’s) dominating the financial landscape. Companies such as Hyundai Motors India, Bajaj Housing Finance, Swiggy, NTPC Green Energy, and OLA Electric raised significant funds, contributing to a record-breaking year. As of now, eight IPO’s are opening this week alone, pushing equity fundraising by Indian corporations through IPO’s, qualified institutional placements (QIPs), and rights issues beyond the Rs 3 lakh crore mark. This represents a 64% surge from the previous high of Rs 1.88 lakh crore in 2021, according to a report by Economic Times. The momentum, fueled by favorable macroeconomic conditions, robust equity markets, and investor confidence, is expected to extend into 2025.
A Booming IPO Market in 2024
Pinak Bhattacharya, Head of Corporate Finance at IIFL Capital, attributes this fundraising euphoria to India’s stable policies and growth-oriented environment. “India Inc’s significant fundraising in 2024 can be attributed to a favorable macroeconomic environment, a robust equity market, and increased investor confidence driven by stable policies and growth,” he said. Fresh issues have enabled companies to secure capital for expansion, deleverage balance sheets, and explore growth opportunities, while also monetizing existing stakes.
Investment banker DAM Capital, under the leadership of Dharmesh Mehta, underscored this trend by launching its maiden public issue this week. So far, 90 companies have either raised or announced plans to raise Rs 1.62 lakh crore this year, more than doubling last year’s Rs 49,436 crore, according to data compiled by industry analysts.
The IPO Boom Likely to Extend Into 2025
Experts believe that the IPO boom will continue into 2025, with major players such as LG India and Flipkart gearing up for listings. LG India is reportedly aiming for a valuation of up to $15 billion based on early feedback from analysts and investors, according to Bloomberg. Meanwhile, Flipkart, India’s largest e-commerce platform valued at $36 billion, is preparing for its IPO’s, marking a significant milestone for the country’s startup ecosystem—now the third-largest globally. The Walmart-owned company has secured internal approvals to shift its domicile from Singapore to India, a crucial step toward its listing.
Subsidiary Public Issues on the Rise
In addition to new-economy companies, 2025 is expected to witness a surge in subsidiary IPOs by listed firms. Over a dozen firms, including HDFC Bank, Hero MotoCorp, Reliance Industries, Manappuram Finance, Muthoot Finance, Brigade Enterprises, Canara Bank, and Greaves Cotton, are planning to take their subsidiaries public. Subsidiary listings enable these companies to independently raise capital, benchmark valuations, and generate cash for their parent firms through offers for sale (OFS). These funds can then be utilized for deleveraging, capital expenditures, or dividend payouts.
For investors, such listings provide access to focused, growth-oriented businesses. For instance, Greaves Cotton’s board recently approved an IPO for its subsidiary, Greaves Electric Mobility. Similarly, HDFC Bank’s NBFC arm, HDB Financial Services, filed a draft red herring prospectus (DRHP) for a Rs 12,500 crore IPO, marking India’s largest NBFC offering. Other notable filings include Brigade Hotel Ventures, a subsidiary of Brigade Enterprises, which plans to raise Rs 900 crore, and Hero FinCorp, the financial arm of Hero MotoCorp, which is eyeing a Rs 3,668 crore IPO through a mix of fresh issues and OFS.
Additionally, Canara Bank has approved a 13% stake sale in its mutual fund arm, Canara Robeco, via a public offering. Prestige Estates Projects has also announced plans to list its hospitality business and has appointed bankers for the same. Banking sources further indicate that Reliance Industries and Tata Motors are preparing to list their subsidiaries—Reliance Jio and Tata Passenger Electric Mobility, respectively.
Will 2025 Witness the Largest IPO in Indian History?
In 2024, Hyundai Motor India’s Rs 27,870 crore IPO’s set a new benchmark as the largest-ever listing in India’s primary market, surpassing LIC’s Rs 20,557 crore IPO’s in 2022. However, 2025 could see an IPO’s that eclipses this record. Billionaire Mukesh Ambani is targeting a 2025 listing for his telecom business, Reliance Jio, which analysts have valued at over $100 billion. Sources indicate that Reliance aims to launch Jio’s IPO’s after achieving a stable business and revenue stream, positioning itself as India’s top telecom player.
Although Ambani has not updated the timeline for Jio’s IPO’s since 2019, recent reports suggest that the company’s internal evaluations are complete, and plans are firming up for a listing in 2025. This IPO’s is expected to surpass Hyundai Motor India’s record $3.3 billion IPO’s and could become the largest in Indian history. Reliance Retail’s IPO’s is also on the cards, but it is likely to follow much later. Ambani has already raised $25 billion collectively for his digital, telecom, and retail businesses from global investors such as KKR, General Atlantic, and Abu Dhabi Investment Authority, further strengthening these ventures’ valuations.
A Promising Year Ahead
The year 2025 promises to be another landmark year for India’s IPO’s market. With a mix of new-age startups, established corporations, and subsidiary listings, the pipeline is robust. Flipkart’s IPO’s could herald a new era for India’s startup ecosystem, while Reliance Jio’s listing has the potential to redefine the scale of fundraising in the country. Meanwhile, subsidiary IPOs from companies like HDFC Bank, Hero MotoCorp, and Brigade Enterprises will add diversity and depth to the market, offering investors a wide array of opportunities.
If the macroeconomic conditions remain favorable and investor confidence continues to grow, 2025 could well be the year India witnesses its largest-ever IPO—cementing its position as a burgeoning hub for global capital markets.
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