IPO boom lifts fundraising to record high
The IPO market, which scaled a record high in 2025 with companies raising an unprecedented INR1.76 lakh crore, driven by abundant domestic liquidity, resilient investor confidence and supportive macroeconomic factors, is expected to carry that momentum into the New Year.
This exceptional year not only reflected issuers’ confidence but also highlighted investors’ eagerness to chase listing-day gains and back companies with strong long-term growth potential.
A major highlight of the year was the resurgence of startup listings with as many as 18 startups, including Lenskart, Groww, Meesho and PhysicsWallah, going public and collectively raising over INR41,000 crore. In 2024, startups raised INR29,000 crore from the primary market.
This rebound signals a reset in valuation expectations and business models after a period of caution.
At the same time, Offer for Sale (OFS) continued to dominate fundraising activity, accounting for about 60 per cent of total capital raised in 2025.
Overall, companies across market capitalisations, large, mid and small, tapped the IPO route, with the average issue size exceeding INR1,700 crore, suggesting the breadth of participation.
Looking ahead, market participants remain optimistic about the IPO activity in 2026.
Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said the IPO outlook for the New Year remains encouraging, supported by a deep pipeline and sectoral diversity.
More than 75 companies have already secured Sebi approval but are yet to launch their issues, while another 100 are awaiting regulatory clearance, he added.
The IPO pipeline spans technology, financial services, infrastructure, energy and consumer sectors, indicating broad-based participation rather than concentration in a few themes. It is also expected to feature marquee offerings such as Reliance Jio, SBI Mutual Fund, Oyo and PhonePe.
According to data compiled by IPO Central, 103 maiden public issues, launched in 2025, raised a total of INR1.76 lakh crore.
The fundraising exceeded the INR1.6 lakh crore raised by 90 firms in 2024, and the INR49,436 crore garnered by 57 companies in 2023.
