India’s 2025 IPO Boom: ₹1.95 Trillion Raised Across 373 Issues

India’s primary equity market saw a marked rise in activity in calendar year 2025, with companies raising a total of ₹1.95 trillion through 373 initial public offerings (IPOs). 

As per Pantomath data, these included 103 mainboard issues and 270 SME listings. The scale of fund-raising was significantly higher than levels seen a decade ago, showing a steady expansion rather than a single-year spike. 

SME Issues Dominate Listings 

SME IPOs formed the bulk of listings during the year, accounting for nearly three-fourths of all issues. Over the past ten years, SME IPO fund-raising has grown at a compound annual growth rate of 46%, compared with 29% for mainboard IPOs.  

This trend shows smaller firms increasingly turning to public markets for capital at earlier stages. 

Deal Sizes Move Higher Over Time 

Average IPO sizes have also increased. Mainboard IPOs averaged around ₹1,579 crore during the 2020-2025 period, up from roughly ₹1,119 crore between 2015 and 2019.  

SME IPO sizes more than doubled over the same timeframe, rising from about ₹11 crore to ₹24 crore, indicating higher capital requirements and improved absorption. 

Mid-Sized Issues Drive Growth 

The rise in IPO activity has been broad-based. Issues above ₹5,000 crore accounted for only 8-14% of total IPO volumes between 2020 and 2025.  

The strongest growth came from mid-sized offerings. The ₹100-500 crore segment recorded a 58% CAGR, while the ₹1,000-5,000 crore segment expanded at 68% CAGR. 

Public Fund-Raising  

Primary market fund-raising in India during 2025 was equivalent to nearly 49% of private capital raised.  

This compares with about 9% in the US and 13% in Europe. Since 2021, fresh issues have consistently made up 35-40% of total IPO proceeds, pointing to capital being raised largely for business funding rather than exits alone. 

Financial Listings and Exits  

Financial services contributed significantly to overall volumes. HDB Financial Services raised ₹12,500 crore, while Tata Capital’s IPO stood at ₹15,510 crore.  

Exit activity remained steady, with 23 exits worth $3.2 billion recorded in November 2025, of which IPOs accounted for $1.5 billion across seven transactions. 

Read More: 2026 IPO Pipeline: Reliance Jio, NSE, PhonePe And More Set For Big Listings! 

Conclusion 

IPO data for 2025 shows sustained growth across issue sizes and sectors, with public markets continuing to play a central role in capital formation. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
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