New Delhi: The domestic IPO market in India had a record-breaking year in 2025, with companies raising a historic ₹1.75 lakh crore through public offerings. This marks the highest-ever annual fundraising via IPOs. Notably, eight major companies alone raised nearly ₹78,300 crore, accounting for almost 44.5% of the total capital.
A total of 103 companies launched IPOs on the mainboard this year, up from 91 in 2024 and 57 in 2023. For perspective, in 2015, only 21 companies went public, raising ₹13,614 crore.
Major IPOs of 2025
The largest IPO of the year was Tata Capital, raising ₹15,512 crore in October. Other major contributors included:
- HDB Financial Services: ₹12,500 crore in June
- LG Electronics India: ₹11,605 crore in October
- ICICI Prudential AMC: ₹10,602 crore in December
Together, these four companies raised around ₹50,000 crore, highlighting strong investor appetite for new listings.
SME Segment Boom
The Small and Medium Enterprises (SME) segment also saw significant growth. A total of 267 SME IPOs were launched in 2025, compared to 240 in 2024 and 182 in 2023. Funds raised via SME IPOs surged to ₹11,429 crore, up from ₹8,761 crore the previous year. A decade ago, in 2015, only 43 SME IPOs raised ₹260 crore.
Why the Surge?
Market experts attribute this record performance to several factors:
- Stable market conditions
- High demand for shares of new companies
- Abundant domestic liquidity, especially from mutual funds and retail investors
- Favorable valuations that attracted promoters to list their companies
Investor Response
Mutual funds saw a net inflow of ₹3.22 lakh crore into equity funds in 2025. With strong domestic liquidity and a well-timed IPO pipeline, investor appetite remained robust across sectors and company sizes.
Outlook for 2026
Industry veterans are optimistic that the IPO boom will continue into 2026. Kamaraj Singh Negi, MD & CEO of Pentomath Capital, notes that India is entering a phase of long-term capital formation, driven by real growth needs rather than short-term valuation cycles. Strong domestic liquidity, diverse and high-quality companies entering the market, and an established regulatory framework are expected to sustain the momentum in the primary market.
With record-breaking participation in 2025, the IPO sector is poised to remain a key engine of capital formation and investor interest in the coming year.
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