India's IPO Boom Spreads Beyond Metros, Non-Metro Cities Drive Growth

• India's IPO market sees a geographic shift, with non-metro cities driving growth, as per Pantomath Capital's Primary Pulse 2025 report.
• Gujarat emerges as a strong non-metro contributor, with cities like Ahmedabad, Surat, and Rajkot showing high participation.
• Mumbai remains dominant, accounting for 37% retail and 38% HNI applications, and 36-39% of total collections.
• Smaller cities like Bhilai (9% retail applications) and Kendrapara/Hisar (HNI segment) exceed expectations, surpassing traditional metros like Delhi and Chennai.
• India led globally with 373 IPOs in 2025, raising ₹1.95 trillion; 2026 outlook projects ₹4 lakh crore capital formation.

Why It Matters: Non-metro cities are increasingly fueling India's IPO market growth, diversifying capital formation.