India’s primary markets demonstrated notable resilience in 2025, with issuers and investors maintaining steady activity despite a tightening global financial environment. According to the National Stock Exchange’s annual highlights for Calendar Year 2025, 220 public issues raised a combined Rs 1.78 lakh crore, underscoring sustained demand for equity capital.
India IPO market 2025 key statistics
Mainboard listings were a standout. The number of mainboard IPOs rose to 103 in 2025 from 90 a year earlier, collectively mobilising Rs 1.72 lakh crore, an 8% year-on-year increase. Average mainboard issue size moderated slightly to Rs 1,672 crore from Rs 1,772 crore in 2024, even as four mega issues topped Rs 10,000 crore each. Tata Capital Limited led the year as the largest IPO, raising Rs 15,512 crore, while the smallest mainboard issue was Jinkushal Industries Limited at Rs 116 crore.
SMEs, funds and investor participation
At the same time, the SME segment recorded a decline in volume, contributing to an overall fall in the number of IPOs compared with 2024. SME offerings dropped to 117 from 178 a year earlier, and collectively raised Rs 5,784 crore versus Rs 7,348 crore in 2024, though average SME issue size rose to Rs 49 crore. Total fund mobilisation across equity and debt reached Rs 19.64 lakh crore for the year, up 10% year-on-year, reflecting robust debt markets alongside steady equity activity.
Investor participation continued to broaden. Unique registered investors on the NSE climbed to 12.5 crore by end-December 2025, with 1.6 crore fresh registrations during the year. Northern and southern states recorded the fastest growth in registrations, while Uttar Pradesh and Maharashtra led new additions in absolute numbers. The expansion of the retail and institutional investor base supported market depth and liquidity.
Debt markets, business trusts and offshore growth
Debt issuance strengthened, rising 13% to Rs 15.11 lakh crore. Business trusts also attracted greater investor interest: REITs and InvITs together raised Rs 33,860 crore, a 33% increase over 2024. At the international exchange in GIFT City, notional turnover surpassed the USD 1 trillion threshold for the year, aided by higher volumes in GIFT Nifty contracts and the launch of new products such as daily expiry options and additional single-stock derivatives.
Market indices delivered positive returns. The Nifty 50 gained 10.5% to close the year at 26,130, while the broader Nifty 500 rose 6.7%. Midcaps produced modest gains, whereas smallcaps experienced some corrections. Overall market capitalisation of NSE-listed companies rose to Rs 474 lakh crore, although the market-cap-to-GDP ratio eased to 135% due to faster nominal GDP growth.
In sum, 2025 highlighted both the resilience and the evolving nature of India’s capital markets. Larger issuers and institutional demand underpinned mainboard activity, while continued product innovation and offshore expansion via GIFT City signalled growing sophistication. Policymakers and market participants will likely focus on sustaining SME access to capital and converting the wider investor base into long-term market engagement.
Key Takeaways:
- India IPO market 2025 raised Rs 1.78 lakh crore across 220 public issues, with mainboard activity increasing to 103 listings.
- Mainboard IPOs mobilised Rs 1.72 lakh crore, driven by four mega issues and the Tata Capital listing of Rs 15,512 crore.
- Investor base expanded to 12.5 crore unique registrations and total fund mobilisation reached Rs 19.64 lakh crore.
- Debt issuances and business trusts also grew, as GIFT City notional turnover exceeded USD 1 trillion.
