India's IPO market raises record ₹1.75L crore in 2025
What's the story
India's primary market has achieved a historic milestone in 2025, with mainboard initial public offerings (IPOs) raising an unprecedented ₹1.75 lakh crore. This is the highest level of equity capital mobilization on record and surpasses the previous record of ₹1,59,784 crore set in 2024. The surge was led by a handful of large, high-profile listings, with just eight big-ticket IPOs accounting for nearly 44.5% of the total funds raised.
Major listings
Tata Capital's IPO leads the pack
Tata Capital's ₹15,512 crore IPO in October was the biggest of 2025. It was followed by HDB Financial Services's ₹12,500 crore mobilization in June and LG Electronics India's ₹11,605 crore raise in October. ICICI Prudential AMC also contributed with its December listing that added ₹10,602 crore to the total. Together these four offerings contributed nearly ₹50,000 crore to this year's total.
Market dynamics
Demand for fresh paper drives IPO surge
The surge in IPOs was driven by demand for fresh paper, backed by a stable secondary market. Domestic institutional investors, especially mutual funds, were flush with money due to sustained monthly inflows. In 2025 alone, equity mutual funds saw net flows of ₹3.22 lakh crore. With limited capacity to deploy capital in the secondary market amid stretched valuations, there was a clear need for new paper which the primary market met.
Market growth
SME segment witnesses sharp expansion
The momentum of IPOs was not limited to the mainboard as the small and medium enterprise (SME) segment witnessed an even sharper expansion. There were 267 IPOs in 2025 compared to 240 in 2024 and 182 in 2023. Funds raised through SME IPOs climbed to a record ₹11,429 crore, up from ₹8,761 crore last year. In contrast, back in 2015, the SME platform only saw 43 IPOs raising ₹260 crore.