The Indian IPO market has witnessed another blockbuster year in 2025, with companies ranging from tech startups and fintech firms to renewable energy businesses tapping Dalal Street to expand the scale of their operations.
Most issues have received strong investor interest. Even big-ticket IPOs, which typically struggle to attract attention, have seen robust demand, flipping the usual script.
Sustained participation from retail investors, along with strong interest from overseas investors amid rich valuations in the secondary market, has resulted in a record 365 companies successfully listing their shares during the year.
Over the past 24 months, IPOs have emerged from a wide range of sectors rather than being confined to a select few or primarily to emerging industries, as was common in previous years.
According to domestic brokerage firm Motilal Oswal, this diversification is a positive indicator for Indian capital markets, as it offers investors multiple opportunities to participate in India’s growth story.
IPO boom drives multi-trillion-rupee capital mobilization
The brokerage’s analysis showed that 701 companies raised 3.8 trillion during CY24–CY25 YTD, higher than the ₹3.2 trillion mobilized through 629 IPOs between CY19 and CY23.
In 2025 alone, as many as 365 IPOs raised 1.95 trillion, surpassing the previous record of ₹1.90 trillion raised by 336 IPOs in CY24, highlighting the sustained momentum in primary market fundraising.
In terms of category, 106 of the 365 IPOs were listed on the main board in CY25, while 259 issues were SME IPOs. Capital raised through mainboard IPOs stood at 1.83 trillion, compared to 1.80 trillion in the previous year.
The mainboard segment accounted for 94% of total IPO fundraising in CY25, broadly in line with 94.8% in CY24. Over the past two years, mainboard IPOs have dominated fundraising, mobilizing 3.6 trillion (about 94.4%) from 198 companies, out of a total of 701 IPOs.
Young companies lead the listing streak
Motilal Oswal also noted a shift in the issuer profile. An analysis based on company age shows that young companies, less than 20 years old, contributed around 53% ( 2 trillion) of the ₹3.8 trillion raised over the last two years, accounting for 508 listings, underscoring the growing participation of relatively younger firms in the public markets.
The contribution of new IPO listings to India’s overall market capitalization remained healthy at 3.1% in CY25, although slightly lower than 3.3% in CY24. However, this figure still trails the peaks recorded in CY17 (3.7%) and CY21 (3.4%), the brokerage said.
Primary market activity expected to remain strong
Looking ahead, Motilal Oswal expects IPO issuance momentum to remain strong, noting a continued confidence among domestic retail investors, which reflects sustained SIP inflows into mutual funds.
The confidence is reflected in the numbers, as domestic institutional investors (DIIs) have poured in a net USD 87 billion in CY25 YTD, around 39% higher than the USD 63 billion of net inflows recorded in CY24.
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