India’s surging IPO activity in 2025 is a reflection of market maturity, structural depth, and investor confidence—not speculative excess, according to Venugopal Garre, Managing Director at Bernstein India. Speaking to ETMarkets on October 16, 2025, Garre emphasized that the country’s IPO pipeline, which has already seen 78 mainboard listings and raised over $14.2 billion this year, is being driven by earnings recovery, policy stability, and sectoral diversification, rather than irrational exuberance.
Garre dismissed comparisons to past IPO bubbles, stating that “India’s IPO factory is absorbing liquidity efficiently, pricing deals rationally, and attracting long-term capital.” He highlighted AI infrastructure, financials, and consumption-led businesses as key themes powering the next wave of public offerings. With 13 more IPOs expected in October alone—including Tata Capital and LG India, both targeting billion-dollar raises—Garre believes the market is entering a “healthy growth phase.”
🧠 Key Highlights from Venugopal Garre’s Market Outlook
| Element | Details |
|---|---|
| Speaker | Venugopal Garre, MD, Bernstein India |
| Date | October 16, 2025 |
| Platform | ETMarkets Interview |
| Core Message | IPO surge reflects maturity, not mania |
| IPO Volume (2025 YTD) | 78 mainboard listings, $14.2 billion raised |
| October Forecast | 13 IPOs, $5 billion+ expected |
Garre noted that foreign institutional investors (FIIs) are selling in secondary markets but subscribing aggressively to primary issues, indicating confidence in India’s growth story.
📊 Timeline of India’s IPO Evolution and 2025 Milestones
| Year | Milestone Description |
|---|---|
| 2020 | Post-COVID IPO revival begins |
| 2022 | Tech and fintech IPO wave |
| 2023 | Regulatory reforms streamline listing norms |
| 2024 | Manufacturing and infra IPOs dominate |
| October 2025 | India leads Asia in IPO volume and deal size |
India’s IPO ecosystem now includes anchor investors, retail participation, and global fund flows, making it one of the most dynamic in emerging markets.
🗣️ Reactions from Market Participants and Analysts
- Kotak Institutional Equities: “IPO pricing is rational, not frothy.”
- Retail Investors: “More transparency and digital access have boosted confidence.”
- Global Funds: “India’s IPO pipeline is well-structured and sectorally diverse.”
| Stakeholder Group | Reaction Summary |
|---|---|
| Domestic Institutions | Supporting IPOs with long-term capital |
| Retail Investors | Participating via UPI and app-based platforms |
| FIIs | Selective but bullish on primary issues |
| Analysts | Tracking sectoral rotation and valuation trends |
Garre emphasized that IPOs are no longer just liquidity events—they’re strategic capital formation tools.
🧾 Sector-Wise Breakdown of India’s 2025 IPO Pipeline
| Sector | Share of IPO Volume | Key Listings (2025) | Investor Sentiment |
|---|---|---|---|
| Financials | 28% | Tata Capital, Muthoot FinCorp | Strong demand, stable earnings |
| AI & Tech Infra | 22% | HCL AI Cloud, Zoho Infra | High growth, global interest |
| Consumer Goods | 18% | LG India, Emami Naturals | Brand-driven, retail-heavy |
| Manufacturing | 15% | JSW Renewables, Bharat Forge | Policy-backed, ESG appeal |
| Healthcare | 10% | Apollo Diagnostics, MedPlus Labs | Defensive, innovation-led |
| Others | 7% | Logistics, EdTech, AgriTech | Mixed performance, niche appeal |
Garre believes the next phase will see mid-cap IPOs, REITs, and green bonds entering mainstream investor portfolios.
🧭 What to Watch in India’s IPO Landscape
- October IPO Calendar: Tata Capital, LG India, and 11 others to list
- SEBI Reforms: Faster approvals and retail protection measures
- FII Strategy: Shift from secondary exits to primary entries
- Retail Trends: UPI-based IPO applications crossing 10 million
Garre concluded, “India’s IPO factory is not a bubble—it’s a blueprint for capital market evolution.”
Disclaimer
This news content is based on verified financial interviews, market data, and regulatory updates as of October 17, 2025. It is intended for editorial use and public awareness. The information does not constitute investment advice, financial forecasting, or stock recommendations and adheres to ethical journalism standards.
