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India IPOs hit record $19.6b in 2025
Indian companies have raised a record 1.8 trillion rupees (US$19.6 billion) through IPOs in 2025.
This figure has already surpassed last year’s total of 1.7 trillion rupees, with additional offerings, including ICICI Prudential Asset Management Co.’s US$1.2 billion deal, set to close by December 16.
The rise in IPO activity is driven by strong demand from both retail and institutional investors, despite a slowdown in the secondary equities market.
Foreign institutional investors remain active in IPOs, even as they reduce their overall holdings in Indian stocks.
Companies from a range of sectors, including manufacturing and tech-led businesses, have been able to raise large sums, though high valuations have led to mixed post-listing performance.
🔗 Source: Bloomberg
🧠 Food for thought
Implications, context, and why it matters.
Record fundraising skews to shareholder exits over fresh growth capital
- By December 2, 2025, IPOs raised ₹1.54 lakh crore. OFS supplied 63 percent, or ₹97,070 crore, leaving about 37 percent as new money 1.
- Recent years echo this pattern. OFS accounted for 59.6 percent in 2024 and 63.5 percent in 2021. The share hit 70.2 percent in 2022 and 58.2 percent in 2023 1.
- Heavy OFS use stems from strong local liquidity from mutual fund inflows and a private equity market keen to exit. It signals cashing out over new funding for expansion 1.
- Large 2025 listings with sizable OFS blocks include Tata Capital, LG Electronics, and Lenskart 2.
- IPOs increasingly serve early backers seeking liquidity over growth financing. Analysts call this normal market evolution, with no inherent downside 1.
Software firms can focus on the live Draft Red Herring Prospectus (DRHP) pipeline for IR, compliance, and security tools
- Securities and Exchange Board of India (SEBI) review of a Draft Red Herring Prospectus for mainboard IPOs takes at least three months 3. Timelines can drop to four to six weeks if changes are light 3.
- SEBI cleared in 2025: Wakefit Innovations in direct to consumer home and sleep products and Tenneco Clean Air India with a ₹3,000 crore issue. Lenskart Solutions in eyewear retail and Tata Capital in financial services also advanced 4.
- After SEBI approval, companies have twelve months to launch an IPO. That extends the window for service providers 5.
- Track DRHP filings on SEBI’s portal to prioritize likely listings and tailor pitches 6.
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