The financial services sector has long been a cornerstone of India’s economic growth, comprising banks, non-banking financial companies (NBFCs), insurance firms, asset management companies, and fintech enterprises. These entities not only facilitate investments and wealth management but also contribute to the overall stability and expansion of the economy. Given the sector’s pivotal role, Financial Services Sector IPOs have consistently garnered investor interest, making them a dominant force in India’s stock market.
List of Financial Services Sector IPOs
Here is the list of Financial Services Sector IPOs starting from 2018.
| IPO Name | Listing Date | Listing Returns (%) | Issue Size (INR Cr) |
|---|---|---|---|
| DAM Capital | 12/27/2024 | 46.68 | 840.25 |
| One Mobikwik Systems | 12/18/2024 | 89.25 | 572.00 |
| Niva Bupa Health Insurance | 11/14/2024 | 0.03 | 2,200.00 |
| ACME Solar | 11/13/2024 | -12.40 | 2,900.00 |
| Manba Finance | 9/30/2024 | 26.88 | 150.84 |
| Northern Arc Capital | 9/24/2024 | 22.97 | 777.00 |
| Bajaj Housing Finance | 9/16/2024 | 135.71 | 6,560.00 |
| Akme Fintrade | 6/26/2024 | 11.13 | 132.00 |
| Go Digit Insurance | 5/23/2024 | 12.50 | 2,614.65 |
| Aadhar Housing Finance | 5/15/2024 | 4.59 | 3,000.00 |
| Capital Small Finance Bank | 2/14/2024 | -7.05 | 523.07 |
| Jana Small Finance Bank | 2/14/2024 | -11.07 | 570.00 |
| Medi Assist Healthcare | 1/23/2024 | 11.03 | 1,171.58 |
| Muthoot Microfin | 12/26/2023 | -8.54 | 960.00 |
| India Shelter Finance | 12/20/2023 | 10.49 | 1,200.00 |
| FedFina | 11/30/2023 | 0.18 | 1,092.26 |
| IREDA | 11/29/2023 | 87.50 | 2,150.21 |
| ESAF Bank | 11/10/2023 | 15.08 | 463.00 |
| SBFC Finance | 8/16/2023 | 61.75 | 1,025.00 |
| Utkarsh Small Finance Bank | 7/21/2023 | 92.00 | 500.00 |
| KFin Technologies | 12/29/2022 | -0.59 | 1,500.00 |
| Abans Holdings | 12/23/2022 | -19.98 | 345.60 |
| Five-Star Business Finance | 11/21/2022 | 3.38 | 1,588.51 |
| Fusion Microfinance | 11/15/2022 | -11.74 | 1,103.99 |
| Tamilnad Mercantile Bank | 9/15/2022 | -0.07 | 807.84 |
| Prudent Corporate Advisory | 5/20/2022 | -10.83 | 428.28 |
| LIC | 5/17/2022 | -7.77 | 20,557.23 |
| AGS Transact | 1/31/2022 | -7.97 | 680.00 |
| Anand Rathi Wealth | 12/14/2021 | 6.10 | 659.38 |
| Star Health | 12/10/2021 | 0.76 | 6,018.68 |
| Paytm | 11/18/2021 | -27.40 | 18,300.00 |
| PolicyBazaar | 11/15/2021 | 22.68 | 5,709.71 |
| Fino Payments Bank | 11/12/2021 | -5.74 | 1,200.29 |
| Aditya Birla AMC | 10/11/2021 | -1.76 | 2,768.26 |
| Aptus Value Housing Finance | 8/24/2021 | -1.73 | 2,780.05 |
| Suryoday Bank | 3/30/2021 | -11.21 | 580.84 |
| Home First Finance | 2/3/2021 | 1.84 | 1,153.72 |
| IRFC | 1/29/2021 | -4.62 | 4,633.38 |
| Equitas Small Finance Bank | 11/2/2020 | -0.61 | 517.60 |
| UTI AMC | 10/12/2020 | -14.04 | 2,159.88 |
| Angel Broking | 10/5/2020 | -9.87 | 600.00 |
| CAMS | 10/1/2020 | 13.95 | 2,242.11 |
| SBI Cards | 3/16/2020 | -9.75 | 10,340.79 |
| Ujjivan Bank | 12/12/2019 | 51.22 | 745.95 |
| CSB Bank | 12/4/2019 | 53.87 | 409.68 |
| Spandana Sphoorti Financial | 8/19/2019 | -0.96 | 1,189.85 |
| Aavas Financiers | 10/8/2018 | -5.68 | 1,640.32 |
| Creditaccess Grameen | 8/23/2018 | 0.01 | 1,131.19 |
| HDFC AMC | 8/6/2018 | 65.09 | 2,800.33 |
| Indostar Capital Finance | 5/21/2018 | 2.47 | 1,844.00 |
| ICICI Securities | 4/4/2018 | -14.40 | 3,514.85 |
| Bandhan Bank | 3/27/2018 | 27.16 | 4,473.02 |
Financial Services Sector IPOs in Numbers
| Year | No. of IPOs | Capital Raised (INR Cr) |
|---|---|---|
| 2024 | 13 | 22,011.38 |
| 2023 | 7 | 7,390.47 |
| 2022 | 8 | 27,011.45 |
| 2021 | 10 | 43,804.31 |
| 2020 | 5 | 15,860.38 |
| 2019 | 3 | 2,345.48 |
| 2018 | 6 | 15,403.70 |
With platforms like NSE and BSE, facilitating easy access to capital markets, IPOs from the financial services sector are increasing in numbers. As noted above, this is suitably aided by the high level of industrialization in various sectors.
If you want to check more reports, here are the links:
- All-time Largest IPOs in India
- All Time Highest IPO Subscription
- Best IPOs by Sector in 2025
- Biggest IPOs by Size in 2025
- Best IPOs in 2025
- Highest IPO Subscription in 2025
- Highest SME IPO Subscription in 2025
- Statewise Mainboard IPOs
- Statewise SME IPO Reports
- Best SME IPOs by Sector
- Biggest IPOs by Applications
- Best IPOs That Doubled Investors’ Money
The Rise of Financial Services Sector IPOs
Over the years, financial services firms have increasingly turned to Initial Public Offerings (IPOs) to secure capital for expansion, innovation, and regulatory compliance. India’s evolving digital economy, government-led financial inclusion initiatives, and growing retail investor participation have fueled the sector’s rapid IPO growth.
Key reasons why financial services firms opt for public listings include:
- Capital Expansion: IPOs provide essential funding for business growth, branch network expansion, and technology advancements.
- Enhanced Brand Visibility: Public listings boost credibility, reinforcing trust among customers, partners, and investors.
- Stronger Corporate Governance: Going public ensures stricter regulatory compliance, improving transparency and operational efficiency.
- Exit Strategy for Investors: Venture capitalists, early-stage investors, and private stakeholders leverage IPOs to liquidate holdings and realize returns.
Categories of Financial Services Sector IPOs
Companies entering the stock market within the financial services sector typically fall into five major categories:
1. Banking Sector IPOs
Private banks and small finance banks frequently launch IPOs to strengthen their capital base and expand outreach, catering to India’s growing banking needs.
2. NBFC IPOs
Non-banking financial companies (NBFCs), which provide credit to retail and corporate clients, utilize IPOs to diversify their funding sources and sustain loan book growth.
3. Insurance Sector IPOs
Life and general insurance firms go public to enhance solvency ratios and increase their market penetration, leveraging India’s underinsured population.
4. Asset Management & Mutual Fund IPOs
With retail investment in mutual funds witnessing a surge, asset management firms turn to IPOs to strengthen fund management operations and enhance profitability.
5. Fintech & Payment Services IPOs
The rise of digital transactions has propelled fintech startups and payment service providers to the stock market, allowing them to expand technology-driven financial solutions.
Key Trends in Financial Services Sector IPOs
The financial services IPO landscape continues to evolve with distinct market trends shaping investor sentiment and company valuations:
- High Institutional and Retail Participation: Given the sector’s economic significance, IPOs from financial services firms attract strong demand from institutional investors and retail participants alike.
- Fintech Disruptions: Digital lending platforms, neobanks, and payment gateways are gaining market traction, with several tech-driven financial firms making notable IPO debuts.
- Regulatory Scrutiny: Strict compliance requirements mandate thorough due diligence, ensuring transparency and risk mitigation for investors.
- Long-term Wealth Creation: While short-term volatility exists, financial services stocks are often seen as strong long-term investment avenues due to the sector’s steady growth trajectory.
Future Outlook
With increasing financial literacy, the proliferation of fintech, and India’s economic resilience, the financial services sector remains a prime area for IPO activity. Upcoming IPOs from leading banks, NBFCs, and fintech firms are expected to maintain robust market interest.
For investors looking to capitalize on opportunities in this sector, staying informed through market reports and regulatory filings is essential to making strategic investment decisions.