India’s initial public offering (IPO) market is undergoing a major boom, emerging as one of the most active and vibrant capital markets in the world. In recent years, companies of all sizes have increasingly turned to public markets to raise capital, reflecting strong investor confidence, broad-based participation, and a maturing equity ecosystem.
Between 2020 and 2025, average IPO sizes on India’s mainboard have risen significantly — from around Rs 1,100 crore to Rs 1,570 crore — demonstrating not just more frequent listings but also larger fund-raising ambitions among Indian firms. Smaller companies listing on SME platforms have also seen their average issue sizes double over the same period, highlighting deeper capital absorption even among emerging enterprises.
The year 2025 marked a pivotal milestone for India’s primary markets, with 373 IPOs launched, including 103 mainboard and 270 SME issues that together mobilised about Rs 1.95 trillion in fresh capital. This performance underscores how IPOs have become a key tool for companies to secure growth capital and expand operations.
On the global stage, India has taken a leadership position in IPO activity by volume, contributing nearly one-fifth of the world’s IPO launches in 2025. This places India ahead of major markets such as the United States, Greater China, Europe, and ASEAN in terms of the number of listings. In terms of total funds raised, India ranked among the top four globally, accounting for about 11 % of global IPO proceeds — a remarkable achievement for a market that, just a decade ago, was much smaller in scale.
The robust IPO environment has encouraged investment bankers, who enjoyed a record Rs 4,100 crore in fees in 2025, the highest ever as deal pipelines remained active across sectors. This reflects not only higher volumes but also the growing complexity and size of deals being executed in India’s primary capital markets.
Success stories have also emerged on the SME platform, where offerings like E2E Transportation Infrastructure set records with nearly ₹29,500 crore in bids, and Shyam Dhani Industries saw its shares nearly double on debut after massive oversubscription. These developments signal strong retail and institutional investor appetite for diverse listing opportunities across segments and company sizes.
Regional participation in the IPO boom is also noteworthy. For example, Gujarat’s SME market experienced one of its strongest years yet in 2025, with dozens of companies raising significant capital via listings on NSE Emerge and BSE SME platforms — reinforcing how public markets are driving capital formation beyond major economic centres.
In essence, India’s IPO boom reflects an expanded role for public markets as engines of capital formation, investor engagement, and corporate growth. With market activity and investor confidence remaining strong, the trend is expected to continue, positioning India as a global powerhouse in primary market activity.
