India’s FinTech exit environment cooled in 2025, as IPOs and acquisitions slowed, with liquidity coming largely from a few big listings and deals.

Today, India has more than 1,300 listed SMEs. Yet, one critical ingredient is still missing. A steady, predictable and affordable supply of finance. For small businesses to truly scale, credit cannot arrive in bursts during crises. It has to be available consistently, across cycles, and at a cost that allows enterprises to grow rather than merely stay afloat.

Insurtech firm Turtlemint Fintech Solutions Ltd is set to file its updated draft papers with markets regulator Sebi in the next two weeks as it prepares to launch its Rs 2,000-crore initial public offering (IPO) anywhere between March and April, people familiar with the development said on Tuesday.

Adani Enterprises Limited's Rs 1,000 crore non-convertible debenture issue was a huge success. It was fully subscribed in under an hour. Investors showed strong confidence. The funds will be used to repay debt and for general corporate purposes. Adani Enterprises continues to expand its infrastructure projects across India.

India’s new-age IPO pipeline for 2026 is already taking shape, with a crowded slate of consumer internet and tech companies lining up for the public markets. PhonePe, Zepto, Oyo, Boat, Infra.Market, Shadowfax and others are collectively targeting close to Rs 50,000 cr through a mix of fresh issues and secondary sales.

Sebi has approved IPOs for eight companies, including Indira IVF and Chartered Speed. Chartered Speed plans a ₹855 crore issue, while RKCPL aims for ₹1,250 crore. Several companies, like Indira IVF and Rays of Belief, utilized confidential filings for their IPOs.

Torrent Pharmaceuticals has received board approval to raise a significant Rs 12,500 crore. This capital will be generated through the issuance of securities on a private placement basis. The company plans to issue secured, rated, listed, redeemable non-convertible debentures. This move follows a major acquisition last year. Shares of Torrent Pharma closed slightly lower on Monday.

Hindustan Laboratories, a generic drug maker, is preparing for its initial public offering. The company plans to raise funds through a fresh issue of shares and an offer for sale by its promoter. Proceeds will support working capital and general corporate needs. Hindustan Laboratories manufactures and supplies generic medicines to government institutions across India.

India's primary market achieved a historic milestone in 2025, with initial public offerings raising a record Rs 1.76 lakh crore. This marks the second consecutive year of record IPO fundraising. While overall equity fundraising saw a decline due to fewer follow-on issuances, the IPO segment remained robust.

Varmora Granito, Knack Packaging, Shivalaya Construction, and Behari Lal Engineering have secured SEBI's nod for their IPOs. This approval allows them to proceed with their public offerings. Meanwhile, Infifresh Foods has withdrawn its IPO plans. The companies are set to launch their IPOs with a mix of fresh share issues and offers for sale.

India's primary market experienced a record year in 2025, but many companies that went public are now trading below their initial offer prices. This highlights a gap between initial excitement and lasting investor confidence. While some large IPOs performed well, smaller ones struggled.

India's IPO market is facing a harsh reality check as nearly half of the 102 listings in 2025 are trading below their issue price. Even strong demand from High Net Worth Individuals (HNIs) failed to protect 12 heavily subscribed IPOs, which are now underwater, highlighting issues beyond subscription frenzy.

Michelle Connell, president at Portia Capital Management, said debt-funded AI capex reflects a structural shift, as rapid technological obsolescence and short chip lifespans force companies to reinvest continuously.

While the amount of money raised was higher the listing gains significantly fell from 30.25% in 2024 to 9.90% recorded till December 23, with two more IPO listings still to go in 2025.

Vodafone Idea continues to engage lenders for long-term funding to support capital expenditure. Despite government relief through moratoriums and equity conversion, the telco remains dependent on asset monetisation and structured debt to meet its funding needs.

India's IPO market is set for a massive year in 2026. A record number of companies are preparing to list, with a fundraising pipeline exceeding Rs 2.5 lakh crore. Technology, financial services, and consumer businesses will lead the charge. Major listings like Reliance Jio, Flipkart, and PhonePe are anticipated.

Over the last two days at the ETBFSI Converge Summit 2025, we brought together dozens of luminaries from the finance world, including Securities and Exchange Board of India chairman Tuhin Kanta Pandey, banking veteran K.V. Kamath, and the CEOs of banks, NBFCs, insurance companies and tech firms. The idea was to discuss how they are preparing for India’s financial momentum, as macro indicators show strong signs of positivity. I nudged them on the realities as well, and they agreed that while big-ticket reforms are not happening yet, it is only a matter of time.

The Securities and Exchange Board of India (Sebi) has given the green light for IPOs from Molbio Diagnostics, LEAP India, Foodlink F&B Holdings, Technocraft Ventures, and Eldorado Agritech. These companies are set to raise significant funds through fresh issues and offer for sale components. However, Inox Clean Energy and Sky Alloys and Power have withdrawn their IPO plans.

Exposure remained broadly stable quarter-on-quarter, reflecting a lending environment characterised by portfolio expansion, increasing borrower formalisation, disciplined lender behaviour and a stable-to-improving risk profile, according to CRIF High Mark.

Torrent Gas Ltd. has appointed Axis Bank, Kotak Mahindra Capital, and Citigroup to manage its planned initial public offering, which could raise up to $450 million. The city-gas distributor aims to use the proceeds for capital expenditure and debt reduction, amidst a busy IPO market in India.