IPO flurry: Diwali may continue for primary market investors as mega issues to hit D-st

After a busy IPO season in September and October 2025, Indian primary markets are set for another flurry of issues in the next two months. A number of companies are lined up to mobilize funds from investors via their initial public offerings (IPOs) in the next few weeks. According to the sources, a score of companies in the pipeline to launch their issues.

This includes a number of issues which have already been announced including names like MTR Foods-parent Orkla India, new-age eyewear major Lenskart Solutions and two-wheeler safety solutions provider Studds Accessories. These three companies are eyeing to raise a little more than Rs 9,400 crore from the investors. November may see IPO launches worth Rs 40,000 crore.

Besides this, number of other new age companies and new-themed businesses including Groww-parent Billionbrains Garage Ventures, PhysicsWallah, Pine Labs, Wakefit Innovations, Innovatiview India, Tenneco Clean Air India and Emmvee Photovoltaic Power are also in the fray to launch their primary market offerings.

Besides this, Veeda Clinical Research, Casagrand Premier Builder, ICICI Prudential AMC Clean Max Enviro Energy, Fujiyama Power Systems, Pranav Construction, Innovision, KSH International, Vidya Wires, Juniper Green Energy and Park Medi World are also lined up to mop funds from IPO investors.

Market participants believe that decent success of recently listed companies like LG Electronics, Urban Company, NSDL and others is adding to the IPO flavor even as the benchmark indices have traded range-bound lately. Overall, the recent listings have reported a mixed performance, reflecting heightened investor caution on valuations and global risk sentiment.

The diversity of these upcoming IPOs—from fintech to consumer brands—signals broad-based confidence in India’s domestic growth story, even as global equities remain volatile. Market experts believe strong anchor participation and improving liquidity post-RBI’s rate cuts could support healthy subscription levels, said Harshal Dasani, Business Head at INVasset PMS.

"However, with several IPOs from October still trading near issue price, investors may need to be more discerning, focusing on profitability and governance over short-term hype. November, therefore, could be the month that defines whether India’s primary market momentum sustains or cools off after an exuberant first half of FY26," he added.

On the other hand, some analysts believe that a flurry of IPOs may temporarily suck out the liquidity from the secondary markets, which may extend the period of consolidation for the secondary markets. However, experts believe that only reasonably priced IPOs will outshine the peers and investors should avidly filter diamonds from the dust.

The strong pipeline of IPOs shows continued investor participation and trust in India’s growth story. This supply of equity is going to soak up the cash temporarily from institutional and retail investors. As mutual funds and FPIs divert a part of their buying power to these new issues, there may be a short-term weakness or consolidation in the secondary market, said Trivesh D, COO at Tradejini.

"From a sector perspective, fintech and consumer-facing IPOs could open new valuation levels for the listed peers. In general, even though liquidity may tighten for a short time during the subscription phase, the overall sentiment is still positive and these listings will probably deepen market participation after the initial adjustment phase has been ​‍​‌‍​‍‌​‍​‌‍​‍‌completed," he added.