Key Takeaways:
- India IPO fundraising 2025 reached record levels with mainboard issues raising ₹1.83 trillion, driven largely by financial services.
- Financial services contributed 26.6% (₹51,700 crore) while manufacturing, technology and healthcare also made significant contributions.
- SME listings accounted for the bulk of issues by number but mainboard listings captured about 94% of capital raised.
- Analysts expect continued strong but more calibrated issuance in 2026, with 100–120 mainboard IPOs likely.
India’s 2025 IPO Boom Sees Financials and New‑Age Firms Lead Fundraising
India’s primary markets recorded an exceptional year in 2025, with companies across sectors tapping public capital in large numbers even as fundraising concentrated in a few industries. According to data from Motilal Oswal Financial Services, 365 IPOs were launched during the year, of which 106 listed on the mainboard and 259 on the SME platform. Mainboard offerings raised ₹1.83 trillion, roughly 94% of the year’s total capital raised.
India IPO fundraising 2025 driven by financial services and manufacturing
Financial services emerged as the single largest contributor to the year’s issuance, accounting for 26.6% of primary market mobilisation or about ₹51,700 crore. A wave of listings from non‑banking financial companies, asset managers, insurers and financial platforms underpinned the sector’s dominance. The year included the fourth‑largest IPO in India’s history when Tata Capital raised ₹15,511.87 crore in October 2025. Other substantial offerings from the sector included HDB Financial Services (₹12,500 crore) and Laxmi India Finance (₹254 crore).
The capital goods and industrial segments also posted meaningful activity, accounting for around 9.5% or ₹18,500 crore of the total. Infrastructure and manufacturing names that listed during the year reflected companies expanding capacities and a renewed focus on domestic production. Several of these listings, including Highway Infrastructure, Quadrant Future Tek and Standard Glass Lining, drew strong investor interest and notable listing‑day gains.
Technology companies contributed about 9.2% of total IPO proceeds, raising approximately ₹18,000 crore. High‑profile listings such as Meesho (₹5,421.20 crore) and Urban Company (₹1,900 crore) were among the standout tech offerings and performed well on listing day. Healthcare and consumer durables also featured in the pipeline, contributing 6.4% (₹12,500 crore) and 6% (₹11,700 crore) respectively.
By company age and market capitalisation, newer enterprises played an outsized role. Firms under 20 years old accounted for roughly 53% of IPO fundraising over the last two years, raising about ₹2 trillion across 508 listings. Small‑cap companies raised ₹1.98 trillion, representing 51.5% of the total, while large‑caps and mid‑caps raised ₹1.07 trillion and ₹788 billion respectively.
Some sectors that had been active in previous years saw little or no primary market activity in 2025. Telecom, utilities and elements of the private banking space recorded no IPO fundraising in the year despite having contributed significantly in the prior year.
Analysts at Pantomath Capital Advisors and others say the sectoral mix highlights structural demand drivers such as consumption, digitalisation and urbanisation, which are likely to keep investor appetite steady. Looking ahead to 2026, Pantomath expects issuance volumes to remain elevated but to be more calibrated than the peak seen in 2025. Based on visible pipelines and historical trends, mainboard IPO activity is likely to remain in the range of 100 to 120 listings, while SME activity could exceed 250 issues, subject to market conditions.
Overall, 2025’s primary market activity illustrated a maturing IPO ecosystem in India where a large number of smaller listings coexist with a handful of very large issues that capture most of the capital. The trend will be closely watched by issuers and investors as the market moves into 2026.
