IPO Boom Lifts Fundraising To Record Rs 1.76 Lakh Cr In 2025; Outlook Remains Firm For New Year

India’s primary market delivered a landmark year in 2025, with companies raising a record Rs 1.76 lakh crore on the back of robust domestic liquidity, resilient investor sentiment, and supportive macroeconomic conditions. Market participants expect this momentum to extend into 2026, underpinned by a strong deal pipeline and broad sector participation.

The surge in activity reflected both issuers’ confidence and investors’ willingness to participate in new offerings, chasing listing-day gains while backing businesses with compelling long-term growth stories. Notably, the year saw a meaningful return of venture-backed and digital-first companies to the public markets after a period of recalibration.

Startup listings came roaring back: 18 new-age companies, including names such as Lenskart, Groww, Meesho and PhysicsWallah, went public and collectively raised over Rs 41,000 crore, up from around Rs 29,000 crore in 2024. The rebound signaled more realistic valuation frameworks and sharpened business models, helping bridge the gap between public-market expectations and private-market pricing.

Offer for Sale (OFS) remained the preferred route for monetization, contributing roughly 60 percent of the total capital mobilized in 2025. Participation spanned large, mid and small-cap issuers, with the average issue size exceeding Rs 1,700 crore—evidence of the breadth and depth of investor demand across market segments.

The pipeline for 2026 appears well-stocked. More than 75 companies have already received SEBI approval but are yet to launch their issues, while about 100 more are awaiting regulatory clearance. The upcoming roster reflects healthy sectoral diversity, suggesting that fundraising will not be concentrated in a handful of themes.

• Key sectors in the pipeline: technology, financial services, infrastructure, energy, and consumer.
• Potential marquee offerings: Reliance Jio, SBI Mutual Fund, Oyo, and PhonePe.

Across the past three years, the trend is clearly upward. In 2025, 103 maiden public issues raised Rs 1.76 lakh crore. That surpassed the Rs 1.6 lakh crore mobilized by 90 issuers in 2024 and the Rs 49,436 crore raised by 57 companies in 2023. The scaling up in both number of deals and total proceeds underscores the growing role of domestic capital in powering India’s equity markets.

Investment bankers attribute the record year to a combination of strong domestic liquidity and steady macro fundamentals. India’s backdrop of solid GDP growth, contained inflation, and a predictable policy environment bolstered confidence among both global and local investors. That stability helped issuers price deals more efficiently and encouraged a wider base of retail, HNI and institutional participation.

The momentum, however, was not linear. Activity stayed subdued through the first seven months of 2025 amid heightened volatility, softer foreign portfolio inflows, and persistent geopolitical uncertainties. From August onward, as macro concerns eased, liquidity improved, and equities stabilized, the primary market saw a sharp acceleration in filings, launches, and successful listings.

Looking ahead, the setup for 2026 remains constructive. A deep bench of ready issuers, improving earnings visibility across sectors, and continued domestic savings channeled into equities are likely to support healthy deal flow. While global risks and policy shifts bear watching, the combination of sectoral breadth, disciplined pricing, and maturing investor appetite suggests another strong year for India’s IPO market.