India’s once-buoyant market for initial public offerings has slowed sharply in 2025, with only 99 companies listing so far this year compared with 147 in the same period of 2024, according to data compiled by FactSet. Investor appetite has also soured: 20 of the 29 firms that debuted in the past six months are now trading below their offer price, exchange data show. Bankers and analysts attribute the pullback to weakening domestic consumption, a softer rupee, and heightened global volatility that has made valuations harder to justify. Foreign portfolio inflows have fallen sharply, and several companies—including Avanse Financial Services and Anthem Biosciences—have delayed launches despite already receiving clearance from the Securities and Exchange Board of India. The lull may prove temporary. SEBI has approved roughly $12 billion of issues waiting in the wings, and companies raised $6.4 billion through block trades and other equity sales in May, the strongest monthly tally since December 2024. High-profile offerings such as Reliance Jio’s planned 400-billion-rupee float and mooted listings from Tata Capital and LG Electronics India could revive momentum in the second half of the year, market participants say.