India’s primary market witnessed a record-breaking year in 2025, with 373 IPOs including 103 mainboard and 270 SME listings raising a total of ₹1.95 trillion, marking a 12 fold increase compared to earlier years, according to data analyzed by Pantomath.
The surge reflects broader participation beyond mega listings, with mid-sized issuances driving growth. The ₹100–500 crore segment expanded at a 58% CAGR, while the ₹1,000–5,000 crore bracket grew at 68% CAGR between 2020 and 2025. Mega IPOs above ₹5,000 crore accounted for just 8–14% of total volume, highlighting the market’s diversification.
Average mainboard IPO sizes increased from ₹1,100 crore in 2015–2019 to around ₹1,570 crore in 2020–2025, while SME IPO sizes more than doubled from ₹11 crore to ₹24 crore, reflecting rising investor appetite and issuer confidence. Fresh issue components accounted for 35–40% of proceeds, demonstrating that IPOs are increasingly used for expansion financing rather than merely providing liquidity to existing shareholders.
The financial services sector played a key role in bolstering confidence. HDB Financial Services’ ₹12,500 crore IPO became India’s largest bank-led IPO, followed by Tata Capital’s ₹15,510 crore IPO, the fourth-largest in Indian history. These large, institution-backed deals underscore the market’s ability to absorb significant listings while maintaining governance standards.
Exit activity remained resilient, with 23 exits worth $3.2 billion in November 2025, including $1.5 billion via seven IPO exits, outperforming secondary sales and strategic exits.
Over the past decade, India’s IPO market has experienced a structural upcycle, with mainboard IPO fund-raising growing at a 29% CAGR and SME IPOs at 46% CAGR, supported by deep domestic investor participation, regulatory comfort, and growing issuer confidence.
With a broad-based capital formation model, India now ranks among the most active IPO markets globally, signaling a new era of growth-oriented public listings across sectors and company sizes.
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