India’s equity market has entered a busy phase in the second half of FY26, with an impressive wave of new listings capturing both domestic and global attention. Since May 2025, over 35 mainboard and SME IPOs have hit the market, together raising more than ₹52,000 crore.
While retail investors and qualified institutional buyers (QIBs) have shown strong participation, many issues being subscribed more than 60 times, the performance after listing has been mixed. Around 62% of these IPOs have given more than 20% listing gains, with the consumer, fintech, and clean energy sectors leading the charge. Yet, volatility in global markets and heavy foreign portfolio investor (FPI) outflows, which crossed ₹12,000 crore in October 2025, have affected the performance of some large issues.
Lenskart Solutions Ltd
Lenskart Solutions Ltd made one of the most anticipated debuts this year, listing on November 10, 2025. Founded by Peyush Bansal in 2010, Lenskart has become India’s largest omnichannel eyewear retailer, operating across 2,800 stores and commanding a strong digital presence with over 100 million app downloads. The company raised ₹7,278 crore through its IPO, including a fresh issue of ₹2,150 crore for expansion and ₹5,128 crore through an offer for sale by SoftBank and TPG. With a price band set at ₹382–₹402, it drew a subscription of 28.27 times, led by strong interest from institutional investors. Its anchor round brought in ₹2,189 crore from names like Fidelity and ADIA. On listing, Lenskart’s shares opened slightly below issue price at ₹395, ending nearly 3% lower on BSE, though it has since stabilised around ₹405.
While analysts acknowledge Lenskart’s strong brand and consistent revenue growth of 25% year-on-year (₹8,193 crore in FY25), the company’s valuation, trading at 238 times earnings, appears stretched compared to peers like Titan, which trades around 45 times. Ambit’s research desk highlighted that its return on capital employed (RoCE) remains below 10%, showing inefficiencies in scaling. Yet, Kotak Institutional Equities sees potential upside, setting a 12-month target of ₹470, suggesting faith in Lenskart’s expansion and rising demand for organised eyewear retail in India.
Groww (Billionbrains Garage Ventures Ltd)
Groww, officially known as Billionbrains Garage Ventures Ltd, listed just a day after Lenskart, on November 11, 2025, marking one of the largest fintech IPOs of the year. The online investment platform, which caters to over 450 million users, raised ₹6,632 crore. Of this, ₹1,060 crore was fresh equity aimed at technology upgrades, while the rest came through an offer for sale by early investors, including Tiger Global. Priced at ₹1,150 per share, the issue saw a strong subscription of 42.5 times, driven by overwhelming QIB interest. The shares debuted with a gain of around 6%, reflecting the market’s confidence in India’s growing digital investing culture.
Groww reported revenue of ₹3,450 crore for FY25, up 80% year-on-year, and a profit after tax of ₹650 crore, showing a 19% margin. With a P/E ratio of 120x, it remains at a premium to peers like Zerodha, but analysts believe this valuation reflects its potential to expand in wealth management and mutual fund distribution. Experts note that regulatory changes may slightly impact revenues, but with over 100 million active demat accounts in India and rising financial literacy, Groww is well-positioned for long-term growth. The stock is currently trading around ₹1,250, up nearly 9% from its issue price.
Ather Energy Ltd
Ather Energy Ltd, the electric two-wheeler manufacturer backed by Hero MotoCorp and Tiger Global, made a strong impact when it listed on May 6, 2025. The company raised ₹3,100 crore, of which ₹2,000 crore was fresh capital for research and production expansion. Despite a modest 2% listing gain, Ather’s stock has surged 62% over the past six months, becoming one of the best performers among 2025 IPOs. The company recorded revenue of ₹2,150 crore in FY25, up 120% year-on-year, and posted a net profit of ₹120 crore, its first profitable year.
The strong post-listing rally has been supported by policy tailwinds in India’s electric mobility sector, including the ₹10,000 crore production-linked incentive scheme for electric vehicles. Analysts project that Ather’s battery innovation and export ambitions could double its market value within a year. Motilal Oswal has set a price target of ₹600, indicating an 87% upside potential. However, rising input costs and competition from players like Ola Electric remain potential challenges to its margins.
Pine Labs Pvt Ltd
Pine Labs Pvt Ltd, a leading fintech company specialising in merchant payments, entered the market on November 13, 2025. The ₹3,900 crore IPO included ₹1,200 crore in fresh equity to strengthen its technology infrastructure and ₹2,700 crore as an offer for sale. The issue received a subscription of nearly 36 times, with strong demand from institutional investors and sovereign funds. On listing, Pine Labs delivered a modest 8% gain, with shares trading around ₹240.
The company’s FY25 revenue stood at ₹4,200 crore, growing 45% from the previous year, while profit touched ₹350 crore. Though valued at a P/E of 95x, analysts remain divided on its outlook. While some see potential in its expanding digital merchant network and QR payment solutions, others point to rising compliance costs under new RBI guidelines. Upstox rated it a “Buy” with a one-year target of ₹280, supported by growth in small-business adoption of UPI-based payments.
Orkla India Ltd
Orkla India Ltd, the Indian arm of Norway’s Orkla Group, best known for MTR Foods, was listed on November 6, 2025. The ₹2,500 crore IPO was subscribed 22.4 times and saw a 9% listing gain. The company posted FY25 revenue of ₹2,395 crore and profit of ₹256 crore. With a P/E ratio of 45x, Orkla trades slightly below Hindustan Unilever but above most mid-cap FMCG peers. Investors have welcomed its focus on expanding into health foods and new categories, though analysts caution that regional dependency, 70% of sales from South India, limits growth. The stock has held steady around ₹510, with brokerages like IIFL maintaining a “Buy” call and a target price of ₹550.
Studds Accessories Ltd
Studds Accessories Ltd, India’s leading helmet manufacturer, entered the market on November 5, 2025. Its ₹455 crore IPO was oversubscribed nearly 19 times, reflecting the strong appeal of the two-wheeler accessories segment. The company’s listing saw an 11% premium, with prices touching ₹650 on debut. Studds recorded FY25 revenue of ₹1,250 crore and profit of ₹180 crore, translating into a 14% margin. The company has gained from increasing safety awareness and government regulations mandating quality-certified helmets. Its ongoing investment in R&D for EV-compatible helmets positions it well in a growing market. The stock is currently trading around ₹660, and analysts expect steady returns as demand for two-wheeler safety gear expands across India and export markets.
Meesho
Meesho, the e-commerce platform that disrupted online retail in smaller cities, listed on October 20, 2025, after a strong ₹6,600 crore IPO. Backed by investors like Meta and SoftBank, Meesho’s focus on social commerce and Tier-2/Tier-3 cities gave it a clear edge. The issue, priced at ₹890, was oversubscribed 52 times and saw shares list at ₹980, a 10% premium. Meesho reported FY25 revenue of ₹7,500 crore, up 60% year-on-year, and a profit of ₹450 crore. With a P/E of 110x, the valuation remains high, but the company’s growth in smaller markets and expanding user base of 150 million are expected to sustain investor interest.
Though the stock dipped briefly post-listing, it has since stabilised around ₹950. Analysts at Inc42 believe Meesho has long-term potential, projecting a target price of ₹1,100 as the company aims to reach 500 million users in the next two years. The main risks are its dependence on cash-on-delivery models and returns from low-value transactions, but improved logistics and AI-driven personalisation could help control costs.
Curefoods India Ltd
Curefoods India Ltd, known for its popular cloud kitchen brands such as Faasos and Behrouz Biryani, listed on September 15, 2025. The ₹1,800 crore IPO saw strong demand, with subscriptions reaching nearly 29 times. Its listing brought a 14% gain, with shares trading around ₹290 on debut and later climbing to ₹320. Curefoods’ FY25 revenue grew 50% year-on-year to ₹2,100 crore, while profits rose to ₹150 crore. At a P/E of 75x, it remains relatively expensive, but analysts believe it offers a long-term play on India’s growing food delivery and quick-service restaurant market.
The company’s asset-light model, supported by data analytics and partnerships with Swiggy, has improved operating efficiency. Motilal Oswal set a target of ₹350, suggesting 37% potential upside in the next year. However, rising food inflation and dependence on delivery aggregators are considered short-term concerns.
Brigade Hotel Ventures Ltd
Brigade Hotel Ventures Ltd, the hospitality arm of the Brigade Group, entered the public market on August 25, 2025, with a ₹900 crore issue. The IPO was subscribed 12.4 times, and the stock opened with a gain of over 15%, closing around ₹480 on debut. The company operates hotels across Bengaluru and Chennai and plans to expand further into luxury properties. In FY25, it posted revenue of ₹1,100 crore, up 30% year-on-year, with a profit of ₹220 crore and margins at 20%. The company’s strong balance sheet and ties to the broader Brigade real estate portfolio make it a stable play in the hospitality segment. Analysts expect sustained growth driven by the recovery in domestic tourism and rising business travel.
The sectors leading the IPO wave, consumer goods, fintech, electric mobility, and technology, are directly tied to India’s expanding middle class and digital adoption. While short-term volatility driven by global cues and FPI withdrawals continues to weigh on some stocks, the domestic participation remains strong. The average subscription of more than 60 times across recent IPOs highlights robust retail appetite, even as valuations remain elevated.
From an investment perspective, analysts suggest that not all IPOs will sustain their listing-day gains, but select companies like Ather Energy, Groww, and Curefoods demonstrate the kind of long-term potential that can deliver stable returns over time. Others, like Lenskart and Orkla, will need to focus on improving efficiency and scaling beyond current markets to justify their high valuations. The IPO market has also become a test of maturity for India’s start-ups, showing whether high valuations from private funding rounds can stand the scrutiny of public investors.
As of mid-November 2025, India’s primary market shows no sign of slowing down. More than a dozen issues are lined up for the next quarter, spanning renewable energy, healthcare, and manufacturing.
