India’s IPO market achieved a historic milestone in 2025, with total fundraising crossing a record ₹1.77 lakh crore, making it the strongest year ever for public market listings in the country. The surge was driven by robust domestic liquidity, strong retail participation, and improved global investor confidence in India’s growth story.
India’s IPO Boom: Fundraising Hits ₹1.77 Lakh Crore
Indian IPO fundraising crossed a lifetime record in 2025, with fresh issues and offer-for-sale (OFS) components together exceeding ₹1.77 lakh crore. This surpasses previous records and highlights the depth and maturity of India’s capital markets.
Market analysts attribute the boom to three key factors: a stable macroeconomic environment, strong corporate earnings, and an influx of retail investors supported by digital trading platforms.
Why 2025 Became a Record Year
1. Strong Domestic Liquidity
With mutual funds and retail investors heavily participating in primary markets, domestic demand alone was enough to fully subscribe several large IPOs even before global funds entered.
2. High-Quality Listings
Companies across sectors—tech, manufacturing, financial services, EV, healthcare, and consumer brands—dominated the IPO pipeline. Many of these firms posted consistent profits, attracting institutional investors.
3. Favourable Market Conditions
Low volatility, strong benchmark indices, and declining interest-rate expectations boosted investor sentiment, leading more companies to tap the market.
Key IPOs That Drove the Record Fundraising
Some of the most successful IPOs included:
- Fintech & Digital Platforms: Multiple digital-first companies listed with oversubscriptions from retail and QIBs.
- Manufacturing & Industrial Firms: Benefited from India’s ‘Make in India’ and PLI push.
- EV & New Energy Companies: Strong sentiment drove big-ticket investments.
These mega issues alone contributed over one-third of the total ₹1.77 lakh crore raised.
How India Compares Globally
In 2025, India emerged as one of the top three IPO markets globally, outperforming several advanced economies that faced slower growth. With strong domestic consumption and a steady corporate earnings cycle, India continued to attract foreign portfolio investors (FPIs) into the primary market.
What This Means for Investors
More Opportunities, Higher Valuations
The boom provided investors access to high-growth companies early in their lifecycle.
Broader Market Participation
Record Demat account openings in 2025 indicate a trend of rising retail participation.
Potential Risks
High valuations in some IPOs may pose near-term correction risks, but fundamentally strong companies continue to attract long-term investors.
What’s Ahead for 2026
Experts expect the IPO momentum to continue into 2026, with over ₹2 lakh crore worth of offerings already in the pipeline. Tech, renewable energy, space-tech, and logistics companies are expected to dominate next year’s listings.
Government disinvestment plans may also add to fundraising totals.
