India's IPO scene just broke records in 2025
India's IPO market had a blockbuster year, with 103 mainboard companies raising a record ₹1.76 lakh crore.
Tata Capital topped the charts by raising ₹15,512 crore, followed by HDB Financial Services and LG Electronics India.
SME IPOs saw major action
Smaller businesses made their mark too—267 SME IPOs raised ₹11,430 crore, up 30% from last year.
It's a sign that more startups and small firms are joining the capital markets and aiming for growth.
Big cities led the way—but smaller towns showed up strong
Mumbai stayed ahead with over a third of retail applications and collections.
But cities like Ahmedabad, Surat, Rajkot, and even Bhilai made impressive gains in participation.
Meanwhile, Kendrapara and Hisar stood out among high-net-worth investors.
Mutual funds took the anchor spot
Mutual funds became the top anchor investors this year, edging past foreign portfolio investors with over 14% of total IPO investments.
Private equity and venture capital exits remained limited, with only 19 IPOs involving PE or VC exits, accounting for 12% of total IPO value.
Dozens more companies are waiting for SEBI approval to go public.