Listings for Initial Public Offerings (IPOs) in the Indian market have reached an eight-month peak, with the industrial sector taking the lead in new listings according to NSE Market Pulse report.

Listings for Initial Public Offerings (IPOs) in the Indian market have reached an eight-month peak, with the industrial sector taking the lead in new listings according to NSE Market Pulse report.

In the world of finance, June 2025 has been a significant month for Initial Public Offerings (IPOs) on the National Stock Exchange (NSE) Emerge platform. The month marked a continuation of the strong, yet moderating, trend observed in SME IPOs for the year.

Mainboard and SME IPO Performance

On the Mainboard, two companies posted listing gains, three opened below issue price, and one debuted flat. This mixed performance was also reflected on the SME-focused Emerge platform, where twelve companies saw gains on their listing day, two recorded losses, and one remained unchanged. A total of 21 companies debuted on the exchanges in June, with six on the Mainboard and fifteen on the Emerge platform.

Sectoral and Regional Trends

Gujarat emerged as a regional leader in SME IPO listings and capital raised during the second quarter of 2025. Nine Gujarat-based firms listed on NSE Emerge and the Mainboard combined, raising about ₹3,374 crore, topping other states including Maharashtra and the National Capital Territory (NCT) of Delhi. On the BSE SME platform in the same quarter, Gujarat led in company count with five firms raising ₹121.6 crore, which was about a third of total SME IPO proceeds on BSE SME in that period.

Maharashtra had a comparable number of NSE-listed companies but slightly less fundraising at ₹3,300 crore. NCT of Delhi companies raised the highest capital overall at ₹3,657 crore, though with fewer listings.

The consumer discretionary segment saw the highest amount of funds raised among sectors, with eight companies mobilising Rs 9,033 crore. The energy sector, though smaller in terms of the number of listings, stood second in IPO proceeds, with two companies raising Rs 2,873 crore. The industrial sector led in terms of the number of companies that raised funds, with 13 companies collectively raising Rs 2,176 crore.

Capital Raising Trends

For the 2024-25 period overall, Mainboard IPOs saw fresh issuances at only 35%, with Offers for Sale (OFS) dominating at 65%. However, in June 2025, fresh equity constituted 83% in Mainboard IPOs, lower than the 93% seen in May but higher than June 2024's 40%. In contrast, the SME Emerge platform continued to be driven by new equity capital, with fresh issuances constituting 96% of total proceeds in 2025-26 so far.

Comparison with 2024

The SME IPO segment experienced a blockbuster year in 2024 with 240 IPOs raising ₹8,760 crore, significantly higher than the current 2025 pace. However, average listing gains have moderated from the highs of 2024. In 2024, NSE Emerge SME IPOs had high average listing gains (~64.6%), whereas in 2025 these average gains have moderated to about 11.9% through mid-year. Subscription levels have remained healthy in 2025, signaling continuing investor interest despite the overall slowdown compared to the exceptional 2024.

In summary, NSE Emerge saw robust SME IPO activity in June 2025 as part of a broader strong but moderating trend for the year, with Gujarat being the most active and successful state regionally and a diverse range of sectors participating. While the fundraising quantum and listing gains are lower than in 2024’s peak, demand remains strong reflected in subscription levels and positive listing returns.

1. Despite a slight decrease in listing gains compared to 2024, the business sector, in particular the consumer discretionary and energy sectors, have continued to be active in raising finance through Initial Public Offerings (IPOs) on the National Stock Exchange (NSE) Emerge platform in 2025.
2. In the field of personal-finance, investing in businesses has shown a strong but moderating trend in 2025, with Gujarat leading in both the number of IPOs and capital raised, making it a significant region for investors to consider.
3. For those interested in the finance and business sector, the opinion on the performance of Initial Public Offerings (IPOs) in June 2025 and the broader trend for the year is that, while fundraising amounts and listing gains may be lower than the exceptional year of 2024, the demand remains robust as indicated by healthy subscription levels and positive listing returns.

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