Companies raised nearly ₹2 lakh crore via IPOs in 2025:Mainboard issues contribute 94% of fund mobilisation; 701 IPOs raise ₹3.8 lakh crore in last 2 years

Indian companies raised a record ₹1.95 lakh crore through over 365 initial public offerings (IPOs) in 2025, according to a strategy report by Motilal Oswal Financial Services. A significant share of this fundraising came from the mainboard segment, which accounted for ₹1.83 lakh crore raised through 106 IPOs, or 94% of the total amount mobilised during the year. The strong momentum followed an equally robust performance in 2024, when companies raised ₹1.90 lakh crore through 336 IPOs, reflecting sustained investor interest across market segments. Taken together, the last two years have seen an unprecedented surge in primary market activity. Between 2024 and 2025, companies raised a cumulative ₹3.8 lakh crore from 701 IPOs, far exceeding the ₹3.2 lakh crore raised over the entire five-year period from 2019 to 2023. This sharp rise highlights the growing depth of India’s capital markets and the increasing preference of companies to tap public listings for growth capital. ₹3.6 lakh crore raised through 198 mainboard IPOs in two years Over the last two years, 198 mainboard companies together raised ₹3.6 lakh crore, underlining the critical role of mainboard listings in India’s capital formation. The period also saw several marquee transactions that strengthened the primary market. A notable example was Tata Capital’s ₹15,500 crore IPO in October 2025, which became India’s fourth-largest public issue to date. IPO activity during this period was not limited to new-age startups alone. Large, established companies from energy, infrastructure, and manufacturing sectors also tapped the market. Many of these big-ticket issues received strong investor interest and were oversubscribed multiple times. Mid-cap and small-cap companies, in particular, were able to raise substantial funds, reflecting broad-based participation across market segments. Rising confidence among retail investors A key driver behind the strong IPO performance in 2025 was the growing confidence of retail investors. A sharp rise in demat account openings and steady inflows into equity mutual funds ensured ample market liquidity. In several IPOs, the retail quota was fully subscribed within hours, highlighting the positive sentiment prevailing in the market. Strong listing gains for investors Beyond record fund mobilisation, listing performance was another highlight of the year. Most IPOs delivered healthy gains on debut, rewarding investors from day one. In some cases, shares listed at premiums of 50% to 100% over the issue price, translating into significantly higher returns and reinforcing investor appetite for primary market offerings. ​