India’s primary market is gearing up for a blockbuster year-end, with a string of public offerings in December signalling that the IPO boom of 2025 is far from over. The last month alone is expected to raise almost Rs 30,000 crore, making it one of the hottest month in what has already become a landmark year of record breaking equity issuances.December, the number of IPOs is set to soar to about 25, led by five major listings: ICICI Prudential Asset Management Co (Rs 10,000 crore), Meesho (Rs 5,400 crore), Clean Max Enviro Energy Solutions (Rs 5,200 crore), Fractal Analytics (Rs 4,900 crore) and Juniper Green Energy (Rs 3,000 crore). Meanwhile, October saw 10 IPOs, attracting Rs 45,188 crore, followed by nine issues in November that raised Rs 23,613 crore. Market watchers describe the momentum as evidence of both strong business confidence and a selective yet optimistic investor base. Neha Agarwal, managing director and head of equity capital markets at JM Financial Institutional Securities Ltd, told ET that the strength of the pipeline reflects more than a rush to close the year. “The IPO rush is driven not by indiscriminate issuance but by a meaningful confluence of entrepreneurial energy and discerning investor appetite,” she said, pointing to the sharp investor preference for high-quality companies. “What’s encouraging is the quality-first filtration investors are applying – strong management, governance and credible business models are being rewarded, while anything with uncertainty rightly faces pushback.” Alongside large offers, a second wave of mid-sized IPOs is also poised to raise capital. Wakefit Innovations (Rs 1,500 crore), Innovatiview (Rs 1,500 crore), Park Medi World (Rs 1,200 crore), Nephroplus (Rs 1,000 crore) and precision engineering player Aequs (Rs 1,000 crore) are among the next set of issuers. Meesho and Aequs have already confirmed their subscription window for December 3–5, while the rest are awaiting final calendar announcements. The surge has also been helped by the depth of liquidity in domestic markets. Systematic investment plan (SIP) contributions of about Rs 30,000 crore every month continue to offer a dependable capital base as foreign flows fluctuate. Domestic institutional investors have also delivered steady participation for two straight years, giving investment bankers confidence that the surge of issuance can be absorbed without market disruption. Another defining feature of the current cycle has been the dominance of offer for sale (OFS) deals, with close to two-thirds of recent IPO funding coming from shareholder exits. Despite this, the market has remained stable, said Gaurav Sood, managing director and head of equity capital markets at Avendus Capital. “We believe this is not just a year-end rush but the culmination of a record year for India’s primary markets,” he said. He added that the system’s liquidity strength has ensured smooth execution of large deals across multiple sectors. “When you combine this domestic flow strength with the proven ability to execute large and diverse deals across sectors, it’s clear why the market is comfortable running a heavy December calendar and why promoter confidence, filing volumes and broader IPO momentum are likely to stay elevated into 2026,” he told ET. The fundraising numbers reflect the same optimism. According to Agarwal, main-board IPO issuances have already crossed last year’s milestone of Rs 1.5 lakh crore, and the month has only just begun.

New Delhi: InterGlobe Aviation, parent of IndiGo airlines, on Tuesday informed that it received a penalty order of around Rs 117.52 crore from the Joint Commissioner of Central Tax and Central Excise, CGST Kochi Commissionerate.

The order, which issued a penalty of Rs 1,17,52,86,402, relates to the denial of input tax credit for the financial years 2018–19 and 2021–22, the airline said in an exchange filing.

“The department has denied input tax credit (ITC) availed by the company and has issued a demand order along with a penalty,” the filing said.

“The company believes that the order passed by the authorities is erroneous. Further, the company believes that it has a strong case on merits, backed by advice from external tax advisors,” it further said.

Accordingly, the company will contest the same before the appropriate authority, it added.

InterGlobe Aviation added that the order does not have a significant impact on its financials, operations or other activities of the company.

“There is no significant impact on financials, operations or other activities of the Company,” it added in its regulatory filing.

Interglobe Aviation Limited shares dipped by Rs 95 or 1.64 per cent in intra-day trading. The shares had opened almost flat at Rs 5,794.50 apiece.

The carrier on November 29 announced new direct routes and frequency additions from Navi Mumbai International Airport (NMIA), strengthening connectivity from the newly inaugurated gateway to key domestic destinations such as Coimbatore, Chennai, Vadodara and North Goa.

IndiGo earlier this week said it has completed the update on the mandatory Airbus system enhancement across its A320-family fleet after global flight operations were disrupted due to a software issue in the Airbus A320 family of aircraft.

All 200 aircraft have now been fully updated and compliant as required, said the Indian carrier.

Meanwhile, earlier in the day, an IndiGo flight from Kuwait to Hyderabad was diverted to Mumbai after authorities at Hyderabad Airport received a bomb threat.

Official sources confirmed that flight 6E-1234 was diverted midair after a threat message was received at the customer support at Rajiv Gandhi International Airport (RGIA) at 05.12 a.m.

Meesho, India’s leading e-commerce platform, is slated to launch its highly anticipated IPO from 3 to 5 December 2025. The e-commerce company has set the Meesho IPO price band at Rs 105 to Rs 111 per equity share. Meesho is today the leading e-commerce player in India in terms of order volume as well as one of the country’s most popular shopping apps.

Here’s a list of important Meesho IPO details to help you make an informed investment decision.

1. IPO date

The e-commerce firm’s public issue will be open for subscription from December 3 to December 5, 2025.

2. IPO price

The Bengaluru-based company has set a price band of Rs 105 to Rs 111 per share. 

3. IPO size

The e-commerce company plans to raise Rs 5,421 crore. Out of this amount Rs 4,250 crore is intended through the issuance of fresh shares and the remaining Rs 1,171.20 crore is reserved for the OFS route. At the high end, Meesho’s valuation stands at Rs 50,096 crore.

4. IPO lot size

A bidder will be able to apply for the upcoming IPO in lots with each lot of the book build issue comprising 135 company shares.

5. Minimum investment

A retail investor would require a minimum investment of Rs 14,985 to bid for at least one lot and in multiples thereafter.

6. IPO allotment date

The allotment of shares is expected to be finalised on December 8, 2025.

7. Allottees’ share

The successful allottees will receive the company’s shares in their respective demat accounts on December 9, 2025. 

8. IPO listing date

The public issue is proposed for listing on the BSE and the NSE with the most likely date for share listing on 10 December 2025.

9. IPO registrar

KFin Technologies is the official registrar of the fresh capital-cum offer for sale.

10. IPO lead managers

Kotak Mahindra Capital, JP Morgan India, Morgan Stanley India, Axis Capital and Citigroup Global Markets India are the lead managers of the public issue.