India’s primary markets scale fresh peaks, firms raise Rs 1.76L cr via 103 IPOs in 2025

The IPO market, which scaled a record high in 2025 with companies raising an unprecedented Rs 1.76 lakh crore, driven by abundant domestic liquidity, resilient investor confidence and supportive macroeconomic factors, is expected to carry that momentum into the New Year. This exceptional year not only reflected issuers’ confidence but also highlighted investors’ eagerness to chase listing-day gains and back companies with strong long-term growth potential.

A major highlight of the year was the resurgence of startup listings with as many as 18 startups, including Lenskart, Groww, Meesho and PhysicsWallah, going public and collectively raising over Rs 41,000 crore. In 2024, startups raised Rs 29,000 crore from the primary market. This rebound signals a reset in valuation expectations and business models after a period of caution.

At the same time, Offer for Sale (OFS) continued to dominate fundraising activity, accounting for about 60 per cent of total capital raised in 2025. Overall, companies across market capitalisations, large, mid and small, tapped the IPO route, with the average issue size exceeding Rs 1,700 crore, suggesting the breadth of participation. Looking ahead, market participants remain optimistic about the IPO activity in 2026.

Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said the IPO outlook for the New Year remains encouraging, supported by a deep pipeline and sectoral diversity. More than 75 companies have already secured Sebi approval but are yet to launch their issues, while another 100 are awaiting regulatory clearance, he added.

The IPO pipeline spans technology, financial services, infrastructure, energy and consumer sectors, indicating broad-based participation rather than concentration in a few themes. It is also expected to feature marquee offerings such as Reliance Jio, SBI Mutual Fund, Oyo and PhonePe.

According to data compiled by IPO Central, 103 maiden public issues, launched in 2025, raised a total of Rs 1.76 lakh crore. The fundraising exceeded the Rs 1.6 lakh crore raised by 90 firms in 2024, and the Rs 49,436 crore garnered by 57 companies in 2023. According to Neha Agarwal, Managing Director and Head, Equity Capital Markets at JM Financial Institutional Securities, strong domestic liquidity and resilient investor confidence drove record fund mobilisation.

Equirus Capital’s Shah said that India’s macroeconomic stability, marked by strong GDP growth, contained inflation and a predictable policy environment, boosted confidence among global and domestic investors. The momentum, however, was not uniform throughout the year. Primary market activity remained muted in the first seven months amid market volatility, weak foreign portfolio investor participation and geopolitical risks. Conditions improved materially from August onwards, as macro concerns eased, liquidity strengthened and equity markets stabilised, triggering a sharp pickup in listings.