India’s primary market exploded in 2025, with companies pulling in a historic Rs 1.76 lakh crore through IPOs. The surge was driven by strong domestic liquidity, confident investors, and a stable macro‑economic backdrop.
Why 2025 Was a Record Year
More than 100 companies went public, raising far more money than in the previous two years combined. The average issue size topped Rs 1,700 crore, showing that both large and small firms were eager to tap the market.
Start‑ups Made a Comeback
Eighteen start‑ups, including Lenskart, Groww, Meesho and PhysicsWallah, listed for the first time and together raised over Rs 41,000 crore. This rebound suggests that investors are once again willing to back newer business models with solid growth prospects.
Offer for Sale (OFS) Dominated Fundraising
About 60% of the total capital raised came from OFS transactions, where existing shareholders sell shares to the public. This route lets founders and early investors get cash without diluting the company’s equity.
Broad Sector Participation
The pipeline for 2026 covers technology, financial services, infrastructure, energy and consumer goods. Over 75 firms have already cleared SEBI approval, and another 100 are waiting for clearance. Expected marquee listings include Reliance Jio, SBI Mutual Fund, Oyo and PhonePe.
Biggest IPOs of 2025
- Tata Capital – Rs 15,512 crore
- HDB Financial Services – Rs 12,500 crore
- LG Electronics India – Rs 11,607 crore
- Hexaware Technologies – Rs 8,750 crore
- Lenskart Solutions – Rs 7,278 crore
Investor Appetite and Subscription Levels
Demand was fierce. The Highway Infrastructure IPO was subscribed more than 300 times, and overall, about two‑thirds of the listed companies posted positive first‑day returns. Seventy out of 103 debutants saw their shares rise on listing day.
What to Expect in 2026
Market experts say the pipeline is deep and diversified, so the IPO market should stay active. Strong GDP growth, contained inflation and a predictable policy environment continue to attract both domestic and foreign investors.
Disclaimer
Remember, this is perspective, not a prediction. Do your own research and consider your risk tolerance before making any investment decisions.