India's IPO Market Hits Record High in 2025 Amid Shifting Investor Trends

• India's mainboard IPOs raised a record Rs 1.76 lakh crore in 2025, exceeding 2024's peak, marking two consecutive record years.
• Investor behavior shifted with weaker listing gains (average 10% vs 30% in 2024), softer retail participation, and lower oversubscription levels.
• Overall public equity fundraising declined 18% due to sharp drops in QIPs and OFS, despite the IPO boom.
• Large IPOs like Tata Capital (Rs 15,512 cr), HDB Financial Services, and LG Electronics dominated fundraising.
• Institutional participation remained robust, with mutual funds surpassing FPIs as anchor investors; a strong IPO pipeline awaits 2026.

Why It Matters: 2025 saw record IPO fundraising in India, but with a maturing market and cautious investor sentiment.