Indian primary market quiet: 80 IPOs raise US$14 billion so far this year

In reports by Kotak Institutional Equities, India’s primary-market activity has raised about US$14 billion through 80 IPOs to date in 2025, down from US$19 billion in the same period in 2024. The trend signals growing investor selectivity and caution around valuations and business fundamentals. Smaller issuances dominate the pipeline as companies defer large-scale listings amid global macro-uncertainty and muted secondary-market performance. Experts indicate that investor appetite is returning, but only for firms with demonstrable earnings and credible corporate governance.