India’s primary market has delivered a standout performance in 2025, turning the year into one of the most active and wide-ranging IPO cycles the country
has ever seen. From technology-driven startups and fintech players to renewable energy companies, businesses across sectors have flocked to Dalal Street to fuel expansion plans and unlock fresh capital. Investor appetite has remained consistently strong throughout the year. Notably, even large-sized public issues, which historically tend to face lukewarm demand, have attracted solid participation, signalling a shift in market behaviour. Robust retail involvement, combined with sustained interest from foreign investors amid elevated secondary market valuations, has powered a record-breaking year for listings. IPO Activity Expands Beyond Select Sectors Unlike earlier phases when IPOs were largely concentrated in niche or emerging industries, the last 24 months have seen a far broader sectoral mix. Companies from traditional businesses, new-age industries, and manufacturing have all tapped the market. According to domestic brokerage firm Motilal Oswal, this widening base is a constructive sign for India’s capital markets, as it allows investors multiple entry points into the country’s long-term growth story. Multi-Trillion-Rupee Fundraising Redefines Records The scale of capital mobilisation has been equally striking. Motilal Oswal’s analysis shows that 701 companies collectively raised Rs 3.8 trillion during CY24–CY25 YTD, comfortably exceeding the Rs 3.2 trillion raised through 629 IPOs between CY19 and CY23. In 2025 alone, 365 IPOs raised Rs 1.95 trillion, surpassing the previous record of Rs 1.90 trillion mobilised by 336 IPOs in CY24. Of these 365 issues, 106 were mainboard listings, while 259 came from the SME segment. Mainboard IPOs accounted for Rs 1.83 trillion in fundraising, slightly higher than the previous year, and represented 94 per cent of total IPO capital raised in CY25, largely in line with CY24 levels. Young Companies Drive The Listing Momentum A notable shift has also emerged in the age profile of issuers. Companies under 20 years old contributed around 53 per cent (Rs 2 trillion) of the Rs 3.8 trillion raised over the past two years, spanning 508 listings. This trend highlights the growing confidence of relatively younger firms in accessing public markets. While IPOs added 3.1 per cent to India’s overall market capitalisation in CY25, marginally lower than 3.3 per cent in CY24, the contribution remains healthy, even though it falls short of earlier peaks seen in CY17 and CY21. Outlook Remains Firm For Primary Markets Looking ahead, Motilal Oswal expects IPO momentum to stay intact, supported by steady retail participation and continued SIP inflows into mutual funds. This optimism is reinforced by strong domestic institutional activity, with DIIs recording net inflows of $ 87 billion in CY25 YTD, sharply higher than $63 billion in CY24. (Disclaimer: This article is meant solely for informational and educational purposes. The views and opinions expressed are those of individual analysts or brokerage firms and do not reflect the stance of Times Now. Readers are advised to consult certified financial experts before making any investment decisions.)
