India’s primary market is heating up with renewed energy, as March 2025 recorded a massive 22 DRHP (Draft Red Herring Prospectus) filings, out of which 17 came in just the final seven days of the month. The sharp uptick signals a strong pipeline of upcoming IPOs and reflects growing confidence among promoters, investment bankers, and institutional investors.
This spike in filings comes amid signs of a stable macroeconomic outlook, improved liquidity, and bullish investor sentiment in Indian equities. From startups to legacy brands, companies across the spectrum are lining up to raise capital through public offerings.
IPO Pipeline Broadens: Sector-Wide Representation
The list of March filings spans a wide array of sectors — from renewable energy and logistics to healthcare, financial services, manufacturing, and edtech. This breadth underscores the depth and maturity of India’s equity markets and the increasing comfort of diverse businesses with the public listing process.
Noteworthy companies among the DRHP filers include:
- Physicswallah, the edtech unicorn aiming for its public debut, filed a confidential draft with Kotak Mahindra Capital.
- Park Medi World (Park Hospital) and Gujarat Kidney and Super Speciality reflect rising participation from the healthcare space.
- Prozeal Green Energy and Saatvik Green Energy highlight the green energy theme that continues to dominate India’s investment narrative.
Key DRHPs Filed in March 2025
Here’s a breakdown of all the DRHPs filed during the month:
| Issuer Company | Lead Manager | Issue Type | Prospectus Filing Date | DRHP Link |
| Fujiyama Power Systems | Motilal Oswal | Fresh+OFS | 3/6/2025 | DRHP |
| Allchem Lifescience | Emkay Global | Fresh+OFS | 3/13/2025 | DRHP |
| Saatvik Green Energy | DAM Capital | Fresh+OFS | 3/13/2025 | DRHP |
| Physicswallah | Kotak Mahindra | Fresh+OFS | 3/19/2025 | Confidential |
| SSF Plastics India | IIFL Capital | Fresh+OFS | 3/20/2025 | DRHP |
| GNG Electronics (Electronics Bazaar) | Motilal Oswal | Fresh+OFS | 3/25/2025 | DRHP |
| Studds Accessories | IIFL Capital | OFS | 3/26/2025 | DRHP |
| Pace Digitek | Unistone Capital | Fresh | 3/27/2025 | DRHP |
| Ardee Engineering | IIFL Capital | Fresh+OFS | 3/27/2025 | DRHP |
| VMS TMT | Arihant Capital | Fresh | 3/27/2025 | DRHP |
| SIS Cash Services | DAM Capital | Fresh+OFS | 3/27/2025 | DRHP |
| Gujarat Kidney And Super Speciality | Nirbhay Capital | Fresh | 3/28/2025 | DRHP |
| Park Medi World (Park Hospital) | Nuvama Wealth | Fresh+OFS | 3/28/2025 | DRHP |
| Swastika Infra | Srujan Alpha | Fresh+OFS | 3/30/2025 | DRHP |
| Prozeal Green Energy | Nuvama Wealth | Fresh+OFS | 3/30/2025 | DRHP |
| Jain Resource Recycling | DAM Capital | Fresh+OFS | 3/30/2025 | DRHP |
| Dev Accelerator | Pantomath Capital | Fresh | 3/30/2025 | DRHP |
| ESDS Software | DAM Capital | Fresh | 3/30/2025 | DRHP |
| Om Freight Forwarders | Smart Horizon | Fresh+OFS | 3/31/2025 | DRHP |
| Runwal Enterprises | ICICI Securities | Fresh+OFS | 3/31/2025 | DRHP |
| Anand Rathi Share and Stock Brokers | Nuwama Wealth | Fresh | 3/31/2025 | DRHP |
| Advance Agrolife | Choice Capital | Fresh | 3/31/2025 | DRHP |
Why the Rush?
Several factors are believed to be driving this late-March frenzy in DRHP filings:
- SEBI compliance windows and regulatory clarity: With the financial year-end closing, companies oftentimes their filings to reflect audited financials or to lock in advantageous regulatory provisions.
- Market readiness: A number of these firms have been prepping for public listing for months and are now capitalizing on a favorable equity environment.
- Valuation appetite: Buoyed by robust domestic liquidity and FII inflows, market valuations are conducive to ambitious fundraises.
Looking Ahead
This wave of DRHP filings is expected to translate into a flurry of IPO launches in Q2 and Q3 of FY2025–26. Investment banks are likely to stay busy, and retail as well as institutional investors will have a steady stream of public issues to choose from.
Investors should keep a close watch on SEBI approvals, updated prospectus filings, and upcoming IPO roadshows in the coming weeks. Several of these names could set the tone for a dynamic IPO calendar in 2025. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.