Indian equity IPOs lose steam: 80 listings raised $14 bn so far, investors becoming selective

The Indian primary market has raised about $14 billion through 80 IPOs in 2025 so far, down from ~$19 billion a year ago, according to Kotak Institutional Equities. The drop reflects growing investor caution and selectivity amid weaker listing performance and higher valuation scrutiny. While volumes remain healthy, companies and underwriters are expected to increase focus on fundamentals, pricing and post-listing liquidity.