India’s IPO Market Raises Record Rs 1.95 Lakh Crore in CY 2025
25 Dec 2025 11:10 PM IST25 Dec 2025 11:10 PM IST
During CY25, 106 of the 365 IPOs were listed on the main board, while 259 IPOs were listed through SMEs.
IPO
Indian primary market witnessed a blockbuster year in 2025, raising Rs
1.95 lakh crore through more than 365 Initial Public Offer (IPOs) to
date, an all-time high. This achievement follows an impressive 2024,
when the Indian IPO market flourished with issuances totaling Rs 1.90
lakh crore across 336 IPOs.
If one takes into account the data for the past two years (CY24 and
CY25 year to date), the Indian primary market has raised close to Rs
3.8 lakh crore from around 701 IPOs indicating a sharp increase over
the Rs 3.2 lakh crore collected through 629 IPOs between 2019 and
2023, according to a report by Motilal Oswal.
Notably, the main board’s contribution to total IPOs remains high
raising Rs 3.6 lakh crore (94.4 per cent) from just 198 companies out
of a total of 701 companies.
During CY25, 106 of the 365 IPOs were listed on the main board, while
259 IPOs were listed through SMEs. The capital raised through
mainboard IPOs amounted to Rs 1.83 lakh crore versus Rs 1.80 lakh
crore collected in the previous year. The contribution of the
mainboard to total IPOs was 94 per cent in CY25 compared to 94.8 per
cent in CY24.
The top-5 sectors accounted for more than 50 per cent of the total IPO
issuances in both years. However, the sector contributions varied each
year. During the year, NBFCs (26.6 per cent) emerged as the biggest
contributors, followed by capital goods (9.5 per cent), technology
(9.2 per cent), healthcare (6.4 per cent), and consumer durables (6
per cent). This was a clear shift from 2024, when automobiles,
telecom, retail, and e-commerce dominated new listings. Interestingly,
despite contributing nearly 18 per cent of total capital raised in
CY24, the telecom, utilities, and private banking sectors reported
zero fundraising activity in CY25.
The year’s fundraising was anchored by several marquee public listings
and marked the fourth-largest IPO issue in India, with Tata Capital
raising Rs 15510 crore in October 2025. The previous record was set by
Hyundai in October 2024 with a size of Rs 27860 crore, followed by LIC
in May'22 with a size of Rs 20560 crore and One 97 Comm with a size of
Rs 18300 crore in November 2021. Additionally, CY24 witnessed the
largest FPO to date, with Vodafone Idea raising Rs 18000 crore in
April 2024. This was preceded by Yes Bank's Rs 15000 crore FPO in July
2020 and ONGC's Rs 10690 crore issue in March 2004. “We expect the
fundraising through IPOs to maintain its momentum going forward,” said
the report.
date, an all-time high. This achievement follows an impressive 2024,
when the Indian IPO market flourished with issuances totaling Rs 1.90
lakh crore across 336 IPOs.
If one takes into account the data for the past two years (CY24 and
CY25 year to date), the Indian primary market has raised close to Rs
3.8 lakh crore from around 701 IPOs indicating a sharp increase over
the Rs 3.2 lakh crore collected through 629 IPOs between 2019 and
2023, according to a report by Motilal Oswal.
Notably, the main board’s contribution to total IPOs remains high
raising Rs 3.6 lakh crore (94.4 per cent) from just 198 companies out
of a total of 701 companies.
During CY25, 106 of the 365 IPOs were listed on the main board, while
259 IPOs were listed through SMEs. The capital raised through
mainboard IPOs amounted to Rs 1.83 lakh crore versus Rs 1.80 lakh
crore collected in the previous year. The contribution of the
mainboard to total IPOs was 94 per cent in CY25 compared to 94.8 per
cent in CY24.
The top-5 sectors accounted for more than 50 per cent of the total IPO
issuances in both years. However, the sector contributions varied each
year. During the year, NBFCs (26.6 per cent) emerged as the biggest
contributors, followed by capital goods (9.5 per cent), technology
(9.2 per cent), healthcare (6.4 per cent), and consumer durables (6
per cent). This was a clear shift from 2024, when automobiles,
telecom, retail, and e-commerce dominated new listings. Interestingly,
despite contributing nearly 18 per cent of total capital raised in
CY24, the telecom, utilities, and private banking sectors reported
zero fundraising activity in CY25.
The year’s fundraising was anchored by several marquee public listings
and marked the fourth-largest IPO issue in India, with Tata Capital
raising Rs 15510 crore in October 2025. The previous record was set by
Hyundai in October 2024 with a size of Rs 27860 crore, followed by LIC
in May'22 with a size of Rs 20560 crore and One 97 Comm with a size of
Rs 18300 crore in November 2021. Additionally, CY24 witnessed the
largest FPO to date, with Vodafone Idea raising Rs 18000 crore in
April 2024. This was preceded by Yes Bank's Rs 15000 crore FPO in July
2020 and ONGC's Rs 10690 crore issue in March 2004. “We expect the
fundraising through IPOs to maintain its momentum going forward,” said
the report.
( Source : Deccan Chronicle )
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