India's IPO Market Soars to Record High in 2025, Raising Rs 1.95 Trillion

• India's primary equity market hit a historic high in 2025, raising a record Rs 1.95 trillion through over 365 IPOs, making it the strongest year ever for fundraising.
• This follows a robust 2024, with Rs 1.90 trillion mobilised via 336 IPOs; combined, the last two years raised Rs 3.8 trillion through 701 IPOs.
• Mainboard issues dominated in 2025, accounting for 94% of capital raised, including Tata Capital's Rs 155 billion IPO, the 4th largest in India's history.
• Sector participation broadened, with NBFCs leading in 2025, a shift from 2024's dominant sectors like automobiles and telecom.
• Investor appetite remained strong, with IPOs oversubscribed by an average of 26.6 times; 55% of mainboard IPOs trade above offer price.

Why It Matters: India's IPO market achieved unprecedented growth in 2025, driven by strong investor demand and diverse sectors.