Lal Ghai & Associates | Practicing Company Secretaries
India’s capital markets are experiencing a powerful resurgence, driven by renewed investor confidence and strong fundamentals. The Main Board IPO segment — representing listings on NSE and BSE — has emerged as a key growth engine between 2023 and 2025, signaling a new era of opportunity for promoters and investors alike.
For Lal Ghai & Associates, a leading firm of Practicing Company Secretaries and IPO advisory experts in Punjab, understanding these market dynamics is crucial in guiding businesses toward successful public listings and sustainable growth.
Why Main Board IPOs Matter
Listing on the Main Board of NSE or BSE is more than a capital-raising milestone — it represents a company’s maturity, credibility, and governance strength. Main Board IPOs offer:
- Greater liquidity and institutional participation
- Enhanced brand credibility and valuation transparency
- Access to long-term investors and diversified funding sources
These IPOs also serve as barometers of market confidence and economic momentum, reinforcing India’s leadership in emerging market equities.
IPO Momentum: FY 2025 Snapshot
The Indian IPO market in FY 2025 continues its strong uptrend.
- 70 Main Board IPOs launched so far
- Combined issue size: ₹1,04,926 crore
- 48 companies debuted at a premium, reflecting strong demand
- Peak activity in Q2 FY25, raising over ₹56,000 crore
This surge highlights not just favorable market sentiment but also investor appetite for quality offerings across industries.
Emerging IPO Trends (2023–2025)
1️⃣ Large Deals Dominate
Promoters are increasingly using IPOs to fund business expansion, debt repayment, and acquisitions, leveraging strong valuations and liquidity.
2️⃣ Strong Listing Performance
A majority of IPOs have seen premium listings, indicating robust retail and institutional participation and renewed market optimism.
3️⃣ Sector Diversification
While finance, FMCG, and manufacturing remain strong, new leaders have emerged in green energy, fintech, EV, and healthcare — showcasing the broadening base of India’s capital markets.
4️⃣ ESG and Sustainability Focus
With ESG reporting and sustainability disclosures becoming standard, institutional investors are actively supporting transparent, responsible businesses.
5️⃣ High Subscription Levels
Retail and HNI investors continue to demonstrate confidence, resulting in high oversubscription rates for fundamentally sound companies.
Key Lessons for Promoters
Success in the IPO landscape depends on:
- Timing — aligning the issue with market momentum
- Transparent storytelling — building investor trust through clear communication
- Fair pricing strategy — balancing valuation and long-term performance
- Post-listing compliance — ensuring sustained investor confidence
Companies that optimized these aspects, especially during Q2 FY25, saw superior demand and consistent post-listing performance.
The Role of Lal Ghai & Associates
At Lal Ghai & Associates, we specialize in end-to-end IPO and corporate compliance solutions. From due diligence and DRHP drafting to valuation support, anchor investor coordination, SEBI and ROC filings, and post-listing governance, our team ensures every IPO is structured for success.
With deep expertise in Main Board IPOs, SME IPOs, and regulatory compliance, our advisory framework focuses on accuracy, transparency, and investor trust — the pillars of sustainable capital market growth.
The Takeaway
The revival of Main Board IPOs in India (2023–2025) underscores the strength of the nation’s economy and market resilience. With disciplined strategy, professional guidance, and a commitment to governance, companies can unlock immense value by going public.
Partnering with experienced advisors like Lal Ghai & Associates helps transform ambition into achievement — turning visionary businesses into market leaders.