Archive · 31 Dec 2025
India's IPO Market Sets Records in 2025, Eyes Rs 4L Crore in 2026
India's IPO market had a record year in 2025, with companies raising a lot of money through IPOs.
This trend is expected to continue in 2026, with projections of Rs 4 lakh crore in capital formation.
The market saw a lot of activity, with 103 companies raising ₹1.76 lakh crore through mainboard IPOs.
However, not all IPOs performed well after listing, with nearly half of the companies trading below their issue prices.
The market is also expanding beyond traditional metros, with non-metro cities like Ahmedabad, Surat, and Rajkot showing strong participation.
The outlook for 2026 is positive, with a robust pipeline of companies preparing for IPOs and a diversified capital-raising framework.
The market is driven by value, with reasonable pricing and strong earnings growth potential.
India's IPO market is projected to facilitate Rs 4 lakh crore of capital formation in 2026.
In 2025, India led the world in the number of IPOs and ranked among the top three markets for IPO proceeds.
Mainboard IPOs surpassed 100 in 2025 for the first time since 2007, with 103 companies raising ₹1.76 lakh crore.
Strong growth was observed in the Rs 100–500 crore and Rs 1,000–2,000 crore IPO segments.
Mumbai accounted for approximately 37% of retail and 38% of HNI applications in 2025, while non-metro cities like Gujarat showed strong participation.
- Who
- Pantomath Capital, Mahavir Lunawat, CMD, Pantomath Capital, Reliance Jio, NSE, SBI Mutual Fund, Hero FinCorp, Bharat Coking Coal, Flipkart, PhonePe, Zepto, OYO, Clean Max Enviro Energy, Fractal Analytics, boAt, Prestige Hospitality Ventures, Investors, Pranav Haldea, Managing Director of PRIME Database Group, Tata Capital, HDB Financial Services, LG Electronics India, Jinkushal Industries, Meesho, Standard Glass Lining Technology, Mutual funds, FPIs, Gujarat, Ahmedabad, Surat, Rajkot, Bhavnagar, Mehsana, Gandhinagar, Bhilai, Kendrapara, Hisar, Delhi, Chennai, Pranav Haridasan, Managing Director and CEO of Axis Securities
- What
- India's IPO market is projected to facilitate Rs 4 lakh crore of capital formation in 2026, with a record number of IPOs and significant market capitalization growth. The market saw record fundraising in 2025, with 103 companies raising ₹1.76 lakh crore through mainboard IPOs. Despite record IPO numbers, overall public equity fundraising declined 18% year-on-year to ₹3.06 lakh crore. The market is undergoing a geographic shift with participation expanding beyond traditional metros to non-metro cities. Nearly half of the companies that went public in 2025 are now trading below their issue prices, raising questions over IPO valuations and investor expectations.
- When
- Report released on Monday, projections for 2026, market performance in 2025
- Where
- New Delhi, India, Mumbai, Dalal Street, Gujarat, Ahmedabad, Surat, Rajkot, Bhavnagar, Mehsana, Gandhinagar, Bhilai, Kendrapara, Hisar, Delhi, Chennai
- Why
- Structural maturity and resilience of India's equity capital markets, strong domestic investor support, and a pipeline of over 190 companies preparing for IPOs. The market is driven by value, with reasonable pricing and strong earnings growth potential. The geographic shift to non-metro cities is broadening the investor base and contributing to the market's growth.
- Projected Capital Formation
- Rs 4 lakh crore in 2026
- IPO Volume Leadership
- Global leader by deal volume in 2025
- Mainboard IPOs
- Surpassed 100 in 2025 for the first time since 2007
- IPO Segments
- Strong growth in Rs 100–500 crore and Rs 1,000–2,000 crore segments
- Geographical Participation
- Mumbai accounted for 37% of retail and 38% of HNI applications
- Report Source
- Pantomath Capital
- Key Figure
- Mahavir Lunawat, CMD, Pantomath Capital
- Market Ranking
- Top three markets for IPO proceeds in 2025
- Notable IPOs in 2026
- Reliance Jio, NSE, SBI Mutual Fund, Hero FinCorp, Bharat Coking Coal, Flipkart, PhonePe, Zepto, OYO, Clean Max Enviro Energy, Fractal Analytics, boAt, Prestige Hospitality Ventures
- Market Capitalization Growth
- Rs 30.20 lakh crore in 2025
- Sensex Performance
- 8.39% increase in 2025
- Foreign Investor Outflows
- Rs 1.6 lakh crore in 2025
- Record IPO Fundraising
- ₹1.76 lakh crore in 2025
- Average IPO Size
- ₹1,708 crore in 2025
- Retail Application Drop
- Average retail applications per IPO dropped to 14.99 lakh in 2025 from 18.87 lakh in 2024
- Listing Gains
- Average listing gains fell to 10% in 2025 from 30% in 2024
- Promoter Selling
- Offers for sale by private promoters accounted for 45% of total IPO proceeds in 2025
- Anchor Investors
- Mutual funds emerged as the largest anchor investors, subscribing to 14.44% of issue amounts in 2025
- SME IPOs
- 30% higher mobilisation at ₹11,430 crore in 2025, but retail participation and listing gains dropped sharply
- IPO Pipeline for 2026
- 96 companies with SEBI approval to raise ₹1.25 lakh crore, 106 more companies seeking to raise ₹1.40 lakh crore
- Non-Metro Participation
- Gujarat emerged as a prominent non-metro contributor to IPO demand, with cities like Ahmedabad, Surat, and Rajkot showing strong participation
- Post-Listing Performance
- Nearly half of the companies that went public in 2025 are now trading below their issue prices
Sources
Primary market may facilitate `4L crcapital formation in 2026
Investors' wealth surges by Rs 30.20 lakh crore in 2025 as stock markets post decent gains
Upcoming IPOs in 2026: Jio, NSE and 7 massive tech unicorns preparing for stock market debut
Promoter stake sales at 6-yr high of Rs 2.6L cr
Reliance, HDFC, Bharti, Bajaj, Adani & Tata Group: Who created maximum wealth in 2025?
IPO Frenzy Meets Reality: Nearly 50% of 2025 listings now trade below issue price - What went wrong?
Record IPO Numbers Put India On Top Globally; Primary Market Eyes Rs 4 Lakh Crore In 2026
2025 a record year for IPOs: 10 things you should know
Markets at a crossroads: What 2026 holds for Indian equities
India’s IPO boom moves beyond metros as non-metro cities drive growth: Report
Hot IPO year, cold returns: About 50 pc of 2025 listings below issue price
The 326% return secret: Inside the 2025 IPO tsunami and where the real money is hiding now
Family office start-up bets ease as capital shifts to micro VCs
Fund-raise via IPOs hits a new high for second year in a row
Editorial. Deceptive sheen
Stock market in 2026: Earnings, US trade deal, and stability in focus
Banks 'resilient' but face stiff fund mobilisation competition
PE/VC stake sales in Indian IPOs hit four-year high even as their market share shrinks to a decade low
India’s IPO pipeline set to cross Rs 2.55L cr in 2026
