Archive · 8 Dec 2025
Tech IPOs Dominate Indian Market in 2025
In India, technology companies are now a big part of the stock market.
About one in every four new companies that start selling shares on the stock market is a tech company.
This is a big change from a few years ago when tech companies were not as popular.
Now, investors are more interested in tech companies that make money and follow good rules.
Some tech companies have done very well, like Meesho, but others have not been as popular and are trading below their initial prices.
The stock market in India is growing, and more money is being raised through new listings.
However, experts advise caution, as oversubscription does not always mean the company will do well after listing.
Investors should focus on quality stocks and long-term strategies.
Tech companies now account for 25% of the market capitalization raised on the mainboard in 2025, up from just 3% in 2022.
The average subscription for tech IPOs in 2025 is 19.6x, with some companies like Meesho seeing high demand.
Over 50 new-age firms now trade publicly, with nearly two-thirds generating profits, a shift from the loss-heavy early cohort.
The investor response to tech IPOs is uneven, with 47 of 98 listed companies trading below their issue prices, some experiencing significant losses.
Total fundraising in 2025 is set to surpass last year's tally, with more offerings lined up for the rest of the month.
- Who
- New-age technology companies and investors in India
- What
- Tech companies now account for a quarter of the market capitalization raised on the mainboard in 2025, with mixed post-listing performance
- When
- 2025 (as of the article)
- Where
- India
- Why
- Investor perceptions have shifted towards profitability and governance in tech companies, but market sentiment is mixed with some IPOs underperforming
Optimistic View
Pessimistic View
Market Performance
Optimistic View
Tech IPOs have seen significant demand, with some companies like Meesho experiencing high subscription rates, indicating strong investor interest.
Pessimistic View
Despite high subscription rates, many IPOs are trading below their issue prices, with some companies experiencing significant losses, indicating a disconnect between initial enthusiasm and post-listing performance.
Investor Sentiment
Optimistic View
Investors are increasingly focused on profitability and governance, leading to a shift towards more stable and profitable tech companies.
Pessimistic View
The market is showing signs of softening, with experts advising caution and disciplined due diligence, as oversubscription does not guarantee post-listing success.
- Market Cap of Tech IPOs in 2025
- ₹2.8 trillion (25% of total new listings)
- Tech IPOs Market Cap in 2022
- 3%
- Tech IPOs Market Cap in 2023
- 5%
- Tech IPOs Market Cap in 2024
- ₹2.3 trillion (17%)
- Average Subscription for Tech IPOs in 2025
- 19.6x
- Total Fundraising in 2025 (as of the article)
- ₹1.61 trillion across 97 deals
- Total Fundraising in 2024
- ₹1.59 trillion from 91 issues
- India's Market Capitalization (2019-2025)
- Doubled to over $5 trillion
- Daily Traded Value in India (2019-2025)
- Tripled to nearly $15 billion
- Number of IPOs Trading Below Issue Price in 2025
- 47 out of 98
- Largest IPO in 2025
- ICICI Prudential AMC (₹10,622 crore)
- IPO Fund Mobilisation in October 2025
- ₹41,783 crore (all-time high)
Sources
Tech takes charge: one in four new listings is now digital
India’s Market Outlook Becoming Constructive, Resilient GDP Growth & Improving Earnings Expectations Begin To Lift Investor Sentiment: SBI Report
IPO market in October posts strong gains with fund mobilisation at all-time high of Rs 41,783 crore
Top movers today 8th Dec: Sensex, Nifty down nearly 1% as realty and PSU bank stocks tumble, IndiGo, BEL, Kaynes Tech shares slump
IPO Heatmap: 47 of 98 listed stocks this year slip below issue price; two half in value
ICICI Prudential AMC plans acquisition in private equity space, CEO says