India's IPO Filings Soar to Near-Record High in March Despite Market Downturn

• India recorded its second-highest month ever for IPO filings in March, with 30 companies seeking to raise approximately Rs 60,000 crore.
• This surge defies subdued broader equity markets and cautious investor sentiment, trailing only July 2025's 32 filings for Rs 67,000 crore.
• Despite 65% of recent listings trading below issue prices, prospective issuers anticipate a demand rebound later this year.
• Experts like Pratik Loonkar and Amrendra Singh foresee a robust pipeline reviving primary markets and a record year for IPOs.
• Notable filings include SBI Funds Management Ltd. (up to $1.5 billion) and Manipal Hospitals (about $1 billion), alongside confidential filings from Zetwerk Pvt., PGP Glass Pvt., and Torrent Gas Ltd.

Key Questions Answered

Will IPO market rebound in India this year?

The IPO market in India faces uncertainty due to geopolitical tensions and a recent downturn in the secondary market, with a potential repeat of 2022's high failure rate.

What factors influence India's IPO market sentiment?

India's IPO market sentiment is influenced by geopolitical tensions, secondary market supply, and investor caution.

How do recent IPOs perform post-listing?

Recent IPOs are performing poorly, with approximately 66% trading below their issue price, leading to investor losses.