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Indian IPO Market Smashes Records: Rs 3.8 Lakh Crore Raised in 2 Years

The Indian primary market has raised a historic Rs 3.8 lakh crore through 701 IPOs over the last two years, surpassing previous records. Mainboard listings continue to dominate the fundraising, accounting for 94% of the total in 2025. Sector diversity has improved markedly, with leadership shifting from automobiles and telecom in 2024 to NBFCs and capital goods in 2025. Notably, younger companies under 20 years old and small-cap firms have been the primary drivers of this capital raise, highlighting a broadening market.

Key Points: Record Rs 3.8 Lakh Crore Raised in Indian IPOs | 2025 Trends

  • Record Rs 3.8L cr raised in 2 yrs
  • Mainboard dominates fundraising
  • Sector diversity improves sharply
  • Young, small-cap firms lead capital raise
2 min read

Indian IPO market hits record highs as Rs 3.8 lakh crore raised in 2 years

India's IPO market raises a record Rs 3.8 lakh crore in 2 years. Explore 2025's sector shifts, SME activity, and key drivers of this historic boom.

"Sector leadership in the IPO market keeps changing based on market conditions and investor preferences. - Motilal Oswal Report"

Mumbai, Dec 25

The Indian primary market has raised around Rs 3.8 lakh crore through 701 IPOs over the last two years, significantly higher than the Rs 3.2 lakh crore raised between 2019 and 2023 through 629 IPOs, a new report said on Thursday.

The numbers highlight how quickly the IPO market has expanded, both in size and breadth, driven by growing investor confidence in Indian equities, data compiled by Motilal Oswal showed.

The report noted that 2025 has been another impressive year for the market. So far, more than 365 IPOs have raised about Rs 1.95 lakh crore, surpassing the previous record of Rs 1.90 lakh crore raised in 2024 through 336 IPOs.

The mainboard continued to dominate fundraising, contributing about 94 per cent of the total amount raised in 2025, almost unchanged from the previous year.

Over the last two years, mainboard IPOs alone have raised nearly Rs 3.6 lakh crore from just 198 companies, showing that large issuances continue to attract strong demand.

At the same time, the SME segment has also remained very active in terms of the number of listings, the report said.

The report highlighted that sector diversity has improved sharply. Unlike earlier years when IPOs were concentrated in a few emerging sectors, companies from a wide range of industries have tapped the market over the past 24 months.

In 2025, NBFCs emerged as the biggest contributors, followed by capital goods, technology, healthcare, and consumer durables.

This was a clear shift from 2024, when automobiles, telecom, retail, and e-commerce dominated new listings.

Interestingly, some sectors that raised large amounts in 2024, such as telecom, utilities, and private banking, saw no IPO fundraising in 2025.

This shift underlines how sector leadership in the IPO market keeps changing based on market conditions and investor preferences, as per the report.

Company age and size trends also stood out. The report said younger companies, those less than 20 years old, accounted for over half of the total IPO funds raised in the last two years.

In terms of size, small-cap companies raised the largest share of funds, contributing more than 50 per cent of the total amount, even though only a handful of large companies accounted for a significant portion of the remaining capital.

- IANS

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Reader Comments

S
Sarah B
As an NRI investor, I find this data very encouraging. The shift in sectors from year to year shows a dynamic market. However, I hope SEBI is keeping a close watch to ensure retail investors aren't left holding the bag if the market sentiment turns.
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Priya S
Wow, Rs 3.8 lakh crore! That's a massive number. It's good to see younger companies getting listed and raising funds. This means more job creation and innovation. Hope the momentum continues! 🚀
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Vikram M
While the numbers look impressive, I have a word of caution. Many of my friends got burned in recent SME IPOs that crashed after listing. The frenzy is real. Please invest only surplus money you can afford to lose. #InvestWisely
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Rohit P
The shift to NBFCs and capital goods in 2025 is interesting. Reflects the infrastructure push by the government. Solid long-term bet for the economy. More power to Indian markets!
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Kavya N
As a salaried person, I feel left out sometimes. Minimum application amounts are high for good mainboard IPOs, and by the time us small investors get allotment, the listing gains are often gone. The system needs to be more equitable.

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