Indian IPOs primed for record-breaking year 

Hello,

Deal Street is bustling again, and it’s not just IPOs grabbing attention (though we cover this in the Market Trends section below). 

Adani is back to the M&A table with a move to acquire Jaiprakash Associates via its bankruptcy for $1.4 billion – some distressed assets, those.

Meanwhile, the much speculated acquisition of consumer durables major Haier India is seeing Airtel’s Sunil Mittal and Warburg Pincus circle around as suitors for a joint $720 million proposal. And Manipal is plotting a takeover of Sahyadri Hospitals through a mix of internal and institutional capital, showcasing how homegrown players are scaling smartly. 

Finally, Multiples PE is buying a 32% stake in VIP Industries to bring order to a well-loved legacy brand with new and shrewder leadership.

I hope you enjoy this week’s roundup, and please do connect with me on LinkedIn to find out how I can help with your next M&A deal.

Let’s dive in.

Deal Tracker

Our weekly roundup of confirmed M&A deals in India.

Market Trends

India’s IPO moment

This week, the Financial Times reported that India’s IPO markets are having a moment. The paper flagged India’s IPO momentum this H1 was already shaping up to be a ‘record-breaking’ 2025. 

With over $6.7 billion raised so far, India ranks second only to the US in IPO proceeds, ahead of Hong Kong, South Korea, and Japan, though Hong Kong topped in terms of new listing volume. India’s place in these leagues was almost unimaginable two years ago. 

And if this is a bubble, it appears too well-formed. 

The real story isn’t just in the numbers – it’s the regulator, too, bringing more rigour to the former pandemonium. 

In a recent update, it introduced rules to improve transparency around market ‘rumours’ and demanded that the top 100 listed companies (to expand to 250 soon) confirm or deny material news reports as India’s bourses are a place where speculation drives a lot of the volume.

Big name debuts

Meanwhile, India’s IPO pipeline is thick with weighty names. LG Electronics India, Dorf Ketal, Hero Fincorp, NSDL and large institutional investor ICICI Prudential Asset Management (filing for a $1.2 billion listing) – all expected to tap public markets soon, with estimated offerings ranging from $400 million to $1.8 billion (see chart).

That 90% of India’s listings were profitable at listing – up from 56% in Q1 2024 – speaks of rising stock quality. In the US only 59% of issuers were profitable at the time of listing, while just less than half (46%) delivered first-day gains, against 63% in India.

So what is driving India’s markets while others hesitate?

Three possible factors:

1. Domestic mutual funds are in full force, offsetting foreign outflows and increasing participation across mid-cap offerings. 

2. Many young, lean, tech-forward firms are building digital infrastructure for financial services, and capital goods’ firms are listing, ones that have proven chops but are still in their high-growth phase. As EY notes, Europe’s average IPO firm age has doubled to 42 years. 

3. There is also growing regulatory confidence in the subcontinent, and the practical principles-based light-touch approach is gradually building accountability into the system.  Guidelines for IPO grading, price band disclosures, and AIF transparency are calibrating for fund size. 

In contrast, the SEC in the US is undergoing pushback on new private fund rules, raising compliance costs and deterring listings. The result: while the US IPO market remains large, its participation and profitability are fragmented with little institutional interest in early-stage tech stories.

A perfect storm

With SEBI chipping away and investor profiles maturing, the country may finally be positioned to deliver predictable, scaled public-market exits. The market is pricing in calibre, the regulator is keeping pace, and the pipeline shows no signs of fatigue. 

India’s markets are open but also, increasingly methodical.