The domestic primary market experienced a significant resurgence in 2025, with new share issues bringing in an unbelievable amount of money. The capital markets were opened up by 103 companies, which in total, brought in ₹1.76 lakh crore, indicating strong liquidity, increasing investor trust, and favorable domestic macroeconomic conditions. Analysts consider that the current situation will likely continue in the coming year.
In spite of the fact that the whole year saw low IPO activity, especially in the first seven months, the August saw a dramatic change in the situation. Market volatility and foreign investor selling had forced several companies to defer their public issues earlier. Once conditions stabilised, however, the primary market saw a surge in offerings, with overall enthusiasm surpassing that of the previous year despite the late start.
Higher than previous years
In 2024, around 90 firms managed to gather ₹1.60 lakh crore via IPOs. In the case of this year, the figure went up to 103 businesses that generated ₹1.76 lakh crore. The trend of increasing IPOs.get selling was clearer when it was compared to 2023, which was the year of 57 companies raising only ₹49,436 crore together, thus showing a steady year-on-year growth in IPO market.
Major IPOs dominate
In the year 2025, numerous prominent corporations were the ones to initiate the fundraising process followed by a number of other corporates. The Tata Group’s NBFC subsidiary, Tata Capital, was again the major player in the fundraising activities with a total amount of ₹15,521 crore for the issuance. It was followed by HDB Financial Services (₹12,500 crore), LG Electronics India (₹11,607 crore), Hexaware Technologies (₹8,750 crore), Lenskart Solutions (₹7,278 crore) and Billion Garage Ventures (Grow) at ₹6,632 crore. At the lower end, Jinkushal Industries recorded the smallest mainboard IPO, raising ₹116.5 crore.
Startups make a strong mark
This year, the public markets saw as much as 18 startups that, in total, managed to raise approximately ₹41,000 crore. Lenskart, Grow, Meesho, and Physics Wallah were some of the prominent names among the startups. In contrast, the amount that the startups had raised through IPOs was around ₹29,000 crore in 2024, thus indicating the increasing investor interest in the new economy sector.
Offer-for-sale dominates issues
In 2025, the offer-for-sale (OFS) was still the main route chosen by most IPOs. Almost 60% of the total amount raised was distributed to current stockholders, making it possible for the initial investors to cash out their shares.Only 23 companies raised capital entirely through fresh equity, while 15 companies opted solely for OFS. The remaining issuers used a combination of fresh issues and OFS.
Record subscriptions
Highway Infrastructure Company emerged as the most subscribed IPO of the year, with demand exceeding 300 times. Other highly subscribed issues included Indo Farm Equipment, Denta Water and Infra Solutions, Stallion India Fluorochemicals, Quadrant Future Tech and Standard Glass Lining Technology.
Strong SME participation
The SME sector was also very vibrant, as 252 companies went public and got ₹11,400 crore, which is the amount raised by IPOs during the year. In contrast, the number of SME IPOs in 2023 was 222, and the total amount raised was ₹9,580 crore, which shows that the segment has grown consistently.
Healthy listing gains
From the total of 103 major IPOs, 70 firms provided listing gains and 32 companies went public at a discount. The year was overall moderate for the market with the BSE Sensex gaining somewhere around 9% and the Nifty giving back in the area of high single-digit returns.
Outlook for 2026
The IPO pipeline stays robust at the turn of the year. Approximately 75 companies have already received SEBI approval, and about 100 others are still waiting for the clearance. The coming list is made up of various industries like technology, finance, infrastructure, energy, and consumer services among others. The buzz around leading companies such as Jio, SBI Mutual Fund, Oyo, and PhonePe planning their IPOs in 2026 is a clear indication of the primary market’s ongoing vibrancy.
