Indian IPO market gains momentum with 7 cos launching offerings in May

Mumbai: After a three-month pause, the Indian equity capital primary market is showing signs of revival. Seven companies are launching initial public offerings (IPOs) in May, and another 10-12 plan to enter the market in June. On Wednesday, Schloss Bangalore, operator of The Leela luxury hotels, announced the start date of its ₹3,500-crore IPO. Aegis Vopak Terminals, which owns and operates storage facilities for liquefied petroleum gas and other liquid commodities, also unveiled the schedule for its ₹2,800-crore share sale.

Both open for public subscription on May 26 and close on May 28. Belrise Industries and Borana Weaves have already launched IPOs.

Stabilising Secondary Market

Prostarm Info Systems will kick off its offering on May 27. Two more companies-ArisInfra Solutions and Scoda Tubes-are expected to announce their public offering schedule this week.

According to bankers, several firms that had postponed their IPO plans are now gearing up for roadshows, buoyed by a stabilising secondary market, easing geopolitical tensions, and the successful execution of several large block deals in the last two weeks.

Activity in the primary market, they added, is now back to the levels seen during September-October last year, but most have reduced valuations.

"The recent stabilisation in geopolitical issues and easing trade uncertainties have reinforced international investor confidence, enabling a robust recovery in IPO activity," said Ranvir Davda, co-head of investment banking at HSBC India. "With strong domestic liquidity, improving macroeconomic indicators, and a renewed appetite from dual pockets-local and international institutional investors-India's equity capital market deal momentum across IPOs and follow-ons remains well-positioned for sustained growth."

According to bankers, several others, including Continuum Green Energy, IndiQube, CIEL HR, Paramesu Biotech, Solarworld, Brigade Hotel Ventures, All Time Plastics, Regreen Excel, Smartworks and NSDL are also gearing up to hit the market as early as June.

"The IPO revival isn't occurring in isolation as India's benchmark indices have outperformed most global peers in 2025, driven by strong domestic flows, improving macro indicators and a resilient services sector," said Neha Agarwal, managing director and head, equity capital markets, at JM Financial Institutional Securities. "Also, IPOs are no longer being driven by speculative euphoria. The market is rewarding real businesses with strong fundamentals, steady earnings and realistic valuations."

The likes of Tata Capital, LG Electronics India, HDB Financials, ICICI Prudential AMC, Lenskart, Manipal Hospital and PhonePe, among others, are planning $1 billion-plus public offerings this fiscal year.

About 60 companies have received approval from the Securities and Exchange Board of India (Sebi), while another 75 have filed draft papers.

The revival of the primary market was preceded by a series of large secondary block deals executed in the first half of May. On May 16, Singapore Telecommunications (Singtel) sold shares worth ₹13,180 crore in Bharti Airtel via a block trade.

Earlier this month, US private equity firm Carlyle Group exited its 10.44% in PNB Housing Finance, raising ₹2,700 crore. Similarly, General Atlantic offloaded 10% in financial services company KFin Technologies for Rs 1,790 crore. Ant Financial, the fintech arm of Alibaba Group, sold a 4% stake in One97 Communications, raising ₹2,100 crore.