In all, 103 Indian corporates raised an all-time high of ₹1,75,901 crore through main board IPOs in 2025, 10 per cent more than the previous high of ₹1,59,784 crore mobilised by 91 IPOs in the preceding year, according to prime-database.com, a database on the primary capital market.
“In the past, a strong IPO year almost always was succeeded by a lull lasting two-to-three years,” Pranav Haldea, Managing Director, PRIME Database Group, said.
Among main board IPOs, the largest IPO in 2025 was from Tata Capital (₹15,512 crore). This was followed by HDB Financial Services (₹12,500 crore) and LG Electronics (₹11,605 crore).
At the other end, the smallest IPO was from Jinkushal Industries, which raised ₹116 crore. The average deal size was ₹1,708 crore, almost similar to ₹1,756 crore last year.
According to Haldea, there were 8 new-age technology company (NATC) IPOs in 2025. They raised ₹30,602 crore, as compared to 9 such IPOs last year, raising ₹27,584 crore.
The average number of applications from retail declined to 14.99 lakh in 2025, in comparison to 18.87 lakh last year. The highest number of applications from retail were received by LG Electronics (54.49 lakhs) followed by Meesho (54.12 lakhs) and Standard Glass Lining Technology (49.34 lakhs).
According to Haldea, IPO response was further impacted by weaker listing performance. Average listing gain (based on closing price on listing date) decreased to 10 per cent, in comparison to 30 per cent in 2024.
As on 24th December 2025, 54 of the 102 IPOs were trading above the issue price, with the average return of these 102 IPOs being 8 per cent.
2025 also saw an all-time high of 249 companies filing their offer document with Securities and Exchange Board of India (SEBI) for approval (in comparison to 145 in 2024). On the other hand, during the year, despite buoyancy in the primary market, 11 companies looking to raise ₹14,700 crore let their approval lapse, 17 companies looking to raise ₹9,500 crore withdrew their offer document and SEBI returned the offer documents of another 8 companies looking to raise ₹4,000 crore.
For 2026 , the pipeline of issues continues to be staggering. About 96 companies proposing to raise around ₹1.25 lakh crore are presently holding SEBI approval waiting to hit the market while another 106 companies looking to raise around ₹1.40 lakh crore are awaiting SEBI approval.
However, according to Haldea, the overall public equity fund-raising , however, declined by 18 per cent to ₹3.06 lakh crore in 2025 from ₹3.74 lakh crore raised in 2024, on account of lower mobilisation through follow-on public offerings, offer-for-sale through Stock Exchanges and Qualified InstitutionsPlacements.
