Sat, Jun 14, 2025
Tech Start-Ups, Unlisted Firms Like NSE, NSDL Lead India's Resilient IPO Market
IPOs have begun well on the NSE, BSE in 2025, increasing optimism amid global uncertainties
Jun 09, 2025 · 4 min read
India’s stock market has recovered well from the recent crashes. Similar drops were seen in major Asian benchmarks, including Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi. Within a few days, though, all of them recovered. And India was no exception.
The BSE Sensex is currently well above the 80,000 mark, up from the levels around 73,000 in early March and early April. The benchmark index closed at 82,445 today. Still, volatility remains, particularly in intra-day movements, underlining global and domestic economic uncertainty.
Despite this, India’s initial public offering (IPO) market continues to show resilience after a record-breaking performance in 2024. More than 317 IPOs managed to raise an unprecedented Rs 1.3 trillion in 2024.
Positive Long-Term Trend In India's Stock Market
A joint study by ICRA and Assocham said that between April 2020 and February 2025, the country’s primary market equity mobilisation was Rs 12.35 lakh crore, of which 49 per cent has been achieved through public and rights issues.
In this period, India witnessed 247 main board IPOs that raised Rs 4.2 lakh crore. Notably, seven of the top 10 all-time largest equity raises, amounting to a total of Rs 1.31 lakh crore, happened during the past five years.
A main board IPO (Initial Public Offering) is floated by a large, established private company for the first time, which is displayed on the main boards of Indian stock exchanges.
A prominent market analyst told The Secretariat, “Fundraising through qualified institutional placements (QIPs) and preferential placements also remained strong, generating around 26 per cent and 25 per cent of the overall fund raise, respectively, between April 2020 and February 2025.”
A Steady IPO Opening In 2025
The 2024 performance came after a tepid finance-raising of Rs 576 billion in 2023, but commendably surpassed the previous high of Rs 1.3 trillion in 2021. In 2022, the IPO fundraising was around half of 2021, at Rs 594 billion. The average listing day gain also fell from 32 per cent in 2021 to 10 per cent in 2022.
Compare that with a 105 per cent average listing day gain in the January-March quarter of 2025, and that is the resilience of the Indian IPO market in times of global uncertainties. Around 11 IPOs raised Rs 165 billion in this quarter.
So, one can say the year 2025 has begun well for the IPOs floated in the NSE (National Stock Exchange) and the BSE (Bombay Stock Exchange).
New Tech Start-Ups In The IPO Line
Indian stock market showing IPO resilience amid volatility is important, as several tech-based new-age companies are making a beeline for the IPO market in the latter part of the year. Prominent ones among them are Flipkart, PhonePe, RazorPay, Zepto, Lenskart, Groww and Physicswallah.
There are more than 37 such companies that will be debuting in the Indian stock market with their IPOs. The combined valuation of these companies is well above US$ 100 billion. These new kids on the block are showing healthier financial performance in growth and profitability than some of their predecessors, like Paytm and Nykaa.
Other Unlisted IPO-Bound Companies Also Doing Well
Then, there is another set of hot unlisted companies, which are set to float their IPOs in 2025. Their sectors vary from fintech to green energy, including NSE, NSDL (National Securities Depository Limited), Tata Capital, Hero FinCorp, HDB Financial Services, and Vikram Solar.
Interestingly, many of these unlisted stocks, with an upcoming IPO, are sold and bought in the unlisted markets like hot cakes. The unlisted stock market usually operates through brokers, private placements, or direct transactions with existing shareholders.
Leading the charge in this surge in unlisted stock prices is the NSE, which has zoomed to Rs 2,370 per share from Rs 1,575 — a 50 per cent rise in the last one month. NSDL, a 20 per cent gainer in the same time, from Rs 995 to Rs 1,200 per share, is the other surprise gainer.
While the Hero FinCorp share price jumped 31.5 per cent in the same period, HDB Financial Services and Tata Capital gained 31 per cent and 15 per cent in their individual share prices, respectively. Vikram Solar is the champion from the green energy sector, gaining 14.5 per cent, to Rs 435 from Rs 380.
Overall, there is a sense of optimism in the IPO segment of the Indian stock market. It is a good omen for economic and business growth in 2025-26.
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