The Indian IPO market has seen a resurgence in activity in May 2025, with seven companies launching public offerings and more expected in June. Belrise Industries' IPO, which opened on May 21, initially experienced a muted response with a 47% subscription and a grey market premium (GMP) of 14%. However, by the final day, the subscription increased to 2.89 times and the GMP rose to ₹23, reflecting growing investor interest. The IPO was fully subscribed overall, with institutional investors subscribing 0.4 times, non-institutional investors 2.7 times, and retail investors 0.7 times as of May 22. Other IPOs such as Dar Credit & Capital and Unified Data-Tech also saw strong subscription rates, with Dar Credit closing at a 17 times subscription and a GMP of 26%, and Unified Data-Tech reaching a 2 times subscription with a GMP of 37%. Meanwhile, the Borana Weaves IPO was concluding its subscription period with details on allotment and listing forthcoming. Despite the IPO market revival, India's net foreign direct investment (FDI) fell sharply by 96.5% in fiscal year 2025 to $353 million from $10 billion the previous year, attributed to higher repatriation and outward investments even as gross inflows rose 13.7% to $81 billion. Around 60% of these inflows were concentrated in four key sectors. Analysts suggest that the secondary market rally is fueling renewed optimism in IPO activity, which is expected to keep investors engaged in the coming weeks.