India’s IPO market hit a record ₹1.76 lakh crore in 2025, and momentum looks set to continue into the New Year. The booming primary market was driven by strong domestic liquidity, resilient investor confidence, and broad participation from companies across large, mid, and small caps, resulting in unprecedented capital mobilisation through initial public offerings (IPOs).

Key Highlights

• India’s IPO market raised a record ₹1.76 lakh crore in 2025, driven by strong investor demand.
• Robust IPO pipeline and approvals signal sustained fundraising momentum heading into the new year.

According to data from IPO Central, 103 companies launched maiden public offers in 2025, collectively raising about ₹1.76 trillion — surpassing the roughly ₹1.6 trillion raised by 90 firms in 2024 and significantly outpacing the ₹49,436 crore raised in 2023.

A notable feature of this year’s IPO cycle was the resurgence of startup listings, with marquee names such as Lenskart, Groww, Meesho and PhysicsWallah entering the public markets and contributing over ₹41,000 crore to the total. This was a marked increase compared with 2024, when startups raised approximately ₹29,000 crore from public offerings.

Despite a market slowdown earlier in the year due to volatility and weak foreign investor participation, activity picked up strongly in the latter half of the year as liquidity conditions improved and equity markets stabilised. Additionally, about 60% of the total funds raised came through Offers for Sale (OFS), reflecting promoters’ preference for unlocking liquidity.

Also Read: Indian Startups Shift from Mega Deals to IPO Fundraising

Looking ahead, industry participants remain bullish on the outlook for IPOs in 2026. More than 75 companies have already secured regulatory approval for public issues, with another 100 awaiting clearance, spanning sectors such as technology, financial services, infrastructure and consumer industries. Several high-profile deals, including potential listings from major firms, could further extend the IPO boom into the New Year.