India’s IPO market hit record highs in both deal volume and fund mobilisation in 2025, with the country emerging as the global leader by number of IPOs and ranking among the top three markets worldwide by IPO proceeds, according to the Primary Pulse 2025 Report by Pantomath Capital.
The report notes that mainboard IPOs crossed 100 issues in calendar year 2025 for the first time since 2007, reflecting a decisive shift in India’s primary market from cyclical, opportunity-driven listings to sustained and broad-based capital mobilisation across both mainboard and SME segments.
Unlike markets dominated by a few mega listings, India’s IPO activity in 2025 was marked by continuity across issue sizes, with strong growth in the Rs 100–500 crore and Rs 1,000–2,000 crore segments, highlighting wider issuer participation and deeper investor appetite.
Building on this momentum, India’s equity capital markets are now set to facilitate nearly Rs 4 lakh crore of capital formation in 2026, signalling a sharp rise in the depth, scale, and maturity of the country’s primary market ecosystem, the report said.
The Report highlights a continued deepening of investor participation across geographies. While Mumbai remains the primary anchor, accounting for approximately 37% and 38% of retail and HNI applications, respectively, there has been strong traction from key Gujarat centres including Ahmedabad, Surat, Rajkot, Bhavnagar and Mehsana. Importantly, non-metro markets such as Bhilai (Chhattisgarh), Kendrapara (Odisha) and Hisar (Haryana) have also emerged as meaningful contributors, underscoring the steady democratisation of equity investing across India and the widening participation beyond traditional financial hubs
The Report underscores a clear shift toward productive capital deployment, with over three quarters of IPO proceeds directed toward expansion, capacity creation, debt reduction, and working capital rather than financial structuring. Financial services led fund mobilization, followed by manufacturing, industrials, and consumption-oriented sectors aligned with India’s long term growth themes.
Investor participation also matured as mutual funds strengthened their role as anchor investors, providing both capital and confidence though the participation was quite selective in nature. Foreign portfolio investors also continued to add global credibility through targeted involvement, supporting disciplined price discovery.
“India’s IPO market today reflects structural maturity rather than cyclical exuberance,” said Mahavir Lunawat, CMD, Pantomath Capital. “The simultaneous rise in issuance volumes, average deal sizes, and institutional discipline indicate a durable capital-raising framework. As regulatory guardrails strengthen further, the pipeline visibility is encouraging, we expect more than ₹4 trillion worth of IPO pipeline in 2026, backed by strong domestic participation and selective global capital.”
Supported by calibrated regulatory reforms in 2025, focused on governance standards, anchor stability, India’s IPO ecosystem is increasingly aligned with long-term economic growth, positioning primary markets as a core financing engine for India Inc.
