India's IPO market raises record ₹5.39Lcr from 2020-2025
India's IPO scene just set a new record, raising ₹5.39 lakh crore between 2020 and 2025—easily beating the ₹4.56 lakh crore raised in the previous 20 years combined.
The market is seeing fewer but much bigger deals now, with only 336 IPOs this time versus 658 earlier, showing how things are maturing.
Bigger IPOs and more investor exits
The average IPO size has jumped to ₹1,605 crore (from ₹692 crore before), as companies go big or go home.
Offer for Sale (OFS) deals have picked up too, helping private equity investors and promoters cash out faster—PE exits through secondary sales shot up to 16% this year from just 7% last year.
Smaller cities step into the spotlight
Tier 2 and tier 3 cities are now making waves, contributing over a quarter of total IPO value—a massive leap from only 4% in 2021.
This shows investing is spreading beyond metros in a big way.
Looking ahead, Equirus Capital thinks India could see $20 billion in IPO fundraising next year as more private equity money matures and local investors stay active amid strong economic growth.