The stock market may have had its ups and downs, but that did not stop Indian companies from stepping confidently onto the IPO stage in the first three months of 2025. A total of 62 companies raised a whopping $2.8 billion, according to EY’s latest Q1 IPO Trends Report.
From a billion dollar tech listing to a rise in retail investor interest, India’s IPO market has started the year on a high, despite a drop in the number of listings compared to last year.
Here is the five key takeaways from EY’s report that show how India’s IPO market is buzzing with action
India’s IPO market and the global attention
Imagine this, out of all the IPOs in the world during the first quarter of 2025, nearly 1 in 4 happened in India. As per the EY report, India accounted for 22% of global IPO activity, indicating that the country is becoming a global hotspot for companies going public.
Hexaware’s Rs 8,000 crore tech debut was the showstopper
Another notable highlight from the report was the tech giant Hexaware Technologies limelight. The company raised a massive $1 billion (over Rs 8,000 crore), the largest IPO of the quarter. As per EY report, this shows there is still a demand for tech companies in the Indian market.
Fewer IPOs, but bigger in size
Looking at the numbers, although the IPOs went down by about 20% compared to Q1 last year but there is a twist. As per the EY report, companies coming to the market now are stronger financially, which means investors are choosing quality over quantity.
Retail investor are still in the relief mode
More and more everyday investors from salaried professionals to small business owners are jumping into the IPO wave. According to the EY report, retail investor participation remains strong, especially in IPOs from companies that are already making profits.
From hospitality to hostels, the top sectors
The IPO activity in India was not just limited to just tech. As per the EY report, there was steady action in sectors like Industrials, Real Estate, Hospitality & Construction, and Health and Life Sciences.
In fact, the health sector is expected to be a major contributor to upcoming IPOs, with many companies preparing to go public in the coming months.