Source Mint
New Delhi, India — December 26, 2025 — Indian companies set a new milestone in the primary equity market in 2025, raising a record ₹1.95 trillion through over 365 initial public offerings (IPOs), according to the latest strategy report by Motilal Oswal Financial Services.
The fundraising achievement marks the strongest year ever for IPO activity in India, slightly surpassing the ₹1.90 trillion mobilised through 336 listings in 2024. When combined, the past two years have seen ₹3.8 trillion raised via 701 IPOs — exceeding the ₹3.2 trillion amassed over the entire five-year period between 2019 and 2023.
Mainboard Listings Lead the Rally
Although smaller and SME (Small and Medium Enterprises) issues accounted for a large share of the count, mainboard IPOs dominated in value terms. Of the 365 offerings in 2025, 106 were mainboard listings, contributing approximately ₹1.83 trillion — around 94 % of total funds raised — while the remaining 259 SMEs contributed a significantly smaller portion of capital.
A standout deal this year was Tata Capital’s ₹15,500 crore IPO, the fourth-largest in Indian market history, which drew strong investor participation when it debuted in October.
Sectoral Shifts and Investor Appetite
The report highlights a broader diversification in sectors tapping public markets in 2025. Non-banking financial companies (NBFCs) led the fundraising pack, capturing a 26.6 % share, followed by capital goods, technology, healthcare, and consumer durables — a notable shift from 2024’s focus on automobiles, telecom, and retail.
Investor demand remained robust throughout the year. IPOs saw oversubscription levels far above historical averages, with SME issues attracting particularly strong interest and underserved segments gaining traction.
What This Means for India’s Markets
Market experts attribute this stellar performance to renewed investor confidence, strong domestic institutional flows, and the deepening participation of retail investors through mutual fund SIPs. Many believe this IPO momentum will continue into 2026 as a broader pipeline of companies prepares to list, spanning diverse sectors including financial services, technology, and consumer internet.
“The record IPO fundraising reflects deepening confidence in India’s growth story and the ability of its capital markets to support enterprise expansion,” said analysts tracking the year’s market performance.
India’s Rising Global Footprint
India also made waves globally. In November 2025, the country topped global IPO volumes, ranking first in the number of listings worldwide and second in value, underscoring its rising stature in equity markets beyond domestic borders.
With a strong pipeline shaping up for 2026 and policy support reinforcing market participation, India’s IPO ecosystem appears poised for further growth in the coming year.
