October 2025 marks India’s IPO golden hour: $18.5 billion raised YTD, eclipsing 2023’s peak by 25% (EY Global Trends). Lenskart’s ₹4,000 crore issue opens October 31, Orkla India’s ₹1,667 crore closes same week – fueling X hype with #IPO2025 trending (50k posts). But as Sensex flirts with 26,000, is this retail euphoria sustainable?
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The IPO Pipeline: From Eyewear to Logistics
Q3 alone saw 40+ listings (vs. 28 in Q3 2024), per BSE. Lenskart, valued at $5B, prices at ₹500-550/share – 10x grey market premium (GMP) signals 20% listing gains. Orkla (MTR Foods parent) at ₹695-730 targets value retail, with 20-share lot size drawing 5 lakh applications Day 1 (early buzz). Other stars: Tata Capital’s $2.25B close (October 8), Reliance Jio’s rumored $10B mega-offer.
SEBI’s October ban on pre-IPO mutual fund buys (post-$18.5B scrutiny) levels the field, curbing “unfair access” (SEBI chief). X reactions: @EquityInsightss (500+ likes) listed 15 themes, including platforms like Swiggy/MCX, as “can’t-miss” for double-digit growth.
Retail Rush: Demat Accounts Hit 18 Crore
Retail oversubscription? 25x average (NSE data), up from 15x in 2024. Bihar’s stock entry (top-10 states, per @BiharInfra, 200+ likes) mirrors national shift: 4 crore new demats YTD. Why? Low rates (7-8% returns vs. 4% FDs) and influencers pushing SIPs (X threads on “rat race escape”).
Comparisons: 2021’s $15B vs. 2025’s surge – but PE/VC exits doubled to $13.9B (EY/IVCA). Winners: Financial services (40% volume), e-commerce (Nykaa-like). Losers? Overvalued tech – Zomato dipped 15% post-listing.
Valuation Traps: Bubble Warnings
Grey market premiums (GMPs) scream froth: Lenskart at 25%, but FY25 EBITDA margins? Just 8% (vs. 15% peers). Fund managers at Boston Analytics warn: “Q3 highs since 2023, but Trump tariffs loom” (X echoes, 100+ quotes). Midcaps trade at 30x earnings (vs. 20x largecaps), per Moneycontrol Summit.
Reactions: FIIs net sellers ₹10k crore (October), but DIIs absorbed (₹15k crore buy). Stocks like MCX (up 5% on exchange theme) shine; others like Eternal (jewelry) consolidate.
SEBI’s Guardrails: Banning Pre-IPO Perks
The ban? Targets 20% “anchor” skew, boosting transparency. Post-reform, IPOs like Studds Accessories (open till October 30) see fairer bids. X user @concall_ (50 views): “Nifty tests 26k – reforms catalyst.”
Investor Playbook: Ride or Hide?
For retail: Allocate 5-10% portfolio; focus AUM growers like Muthoot (18% NBFC rise). Experts: @Prakashplutus (500+ likes) eyes NBFCs/auto ancs. Risks: 30% listings below issue price (historical).
This $18.5B wave cements India’s EM crown – but as @soicfinance notes (500+ likes), “Patience, conviction key.” Boom? Yes. Bubble? Watch Q4.
Highlights
- Record Haul: $18.5B raised YTD, 25% over 2023; Lenskart/Orkla to add $5B+ in October alone.
- Retail Frenzy: 25x oversubscription, 4 crore new demats – Bihar joins top-10 investor states.
- SEBI Clamp: Pre-IPO ban enhances fairness; PE/VC exits double to $13.9B.
Also Read Orkla India IPO Alert: Rs 1,667 Cr Offer Opens Oct 29—FMCG’s Festive Bet with 5% GMP?