India’s initial public offering (IPO) market continued its record-breaking run in 2025, with data showing that over the past 24 months, 701 companies raised about ₹3.8 trillion from public issues — surpassing the ₹3.2 trillion raised through 629 IPOs in the four-year span from 2019 to 2023. This massive mobilisation of capital reflects robust investor confidence and broad participation from both retail and overseas investors who showed strong appetite for new listings across technology, fintech, renewables and other sectors. The year itself saw 365 companies list and raise ₹1.95 trillion, outpacing the previous high of ₹1.90 trillion raised by 336 listings in 2024, underscoring the sustained momentum in India’s primary markets.

A notable shift in the issuer profile points to a growing prominence of younger firms: companies less than 20 years old accounted for around 53 per cent of the total funds raised, contributing roughly ₹2 trillion and highlighting the increasing role of relatively new businesses in driving IPO activity.

Both mainboard and SME listings played significant roles, though mainboard issues accounted for the bulk of capital raised. This boom has broadened the equity landscape, creating more entry points for investors to participate in India’s growth story and signalling confidence in the economy’s prospects — even as valuations and individual stock performances vary post-listing.