September 2025 is busiest month for IPOs in India since January 1997

Of the 25 IPOs in September, 15 have collectively raised nearly $1 billion, while the remaining 10 are are expected to raise a total of about $500 million.

India could see 25 companies launch their IPOs in September on the National Stock Exchange, making it the busiest month for such kind of deals in nearly three decades.

The National Stock Exchange building in Bandra Kurla Complex, Mumbai. (Livemint)

More precisely, it would be the highest since there were 28 in January 1997, according to primedatabase.com. Of the ones this month, 15 companies have collectively raised nearly $1 billion, while the remaining 10 are are expected to raise an a total of about $500 million, according to India’s National Stock Exchange.

September 2025 will see the highest number of IPOs for any month since January 1997. (HT)

It’s an annual ritual for Indian firms to try to cram in their IPOs by the end of September because dragging their deals into October would force them to audit an extra set of earnings, then update them into their draft prospectuses.

But this year’s batch of last-minute entries is unusually high thanks to a confluence of tailwinds, according to Dharmesh Mehta, chief executive officer at DAM Capital Ltd. He cited robust business prospects, buoyant equity capital markets, attractive valuations and ample domestic liquidity for driving so many firms to try to go public.

He also pointed to the increase of foreign investors participating in local stock offerings. Foreign institutional investors have bought almost ₹42,900 crore of stock via IPOs or placements this year. By contrast, they were net sellers equivalent to ₹1.8 lakh crore in the broader stock market, according to the National Securities Depository Ltd.