IPOs Raised $38 Billion in OFS Proceeds in Last 5 Years, Making Up 66% of Total Fundraising

Between 2021 and 2025, Indian Initial Public Offerings (IPOs) witnessed $38 billion raised through Offer for Sale (OFS) exits, representing nearly 66% of the total ₹5.4 lakh crore ($60.4 billion) garnered in primary markets. This signals significant liquidity and maturing market dynamics. 

OFS Dominates India’s IPO Landscape in the Past 5 Years 

As per Prime Database, from 2021 to 2025, Indian companies amassed ₹5,40,000 crore or $60.4 billion through IPOs, of which ₹3,37,000 crore or $37.7 billion came via OFS routes. This comprised exits by promoters, early investors and private equity players.  

In contrast, only ₹2,03,000 crore or $22.7 billion came from fresh capital issuance. The data highlights that OFS contributed nearly 66% of the aggregate IPO proceeds in this period. 

Key Drivers Behind Surge in OFS Activity 

This wave of secondary stake sales was largely dominated by technology-led ventures, multinational units, and companies supported by private equity. Many of these firms had already attained scale and required minimal capital for further growth, thus opting for OFS rather than diluting equity for expansion. Companies in capital-light models found OFS a strategic route to provide exits to early investors during favourable market conditions. 

Read More: India’s Gold and Silver Mutual Fund Assets Cross ₹1 Lakh Crore Amid Rising Demand! 

Conclusion 

The surge in OFS-led IPO fundraising between 2021 and 2025 reflects deeper investor participation and a market that is balancing liquidity with sustainable business models. IPO quality and valuation remain the centre of investor attention over the nature of fundraising. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or 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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