India’s initial public offering market reached a record $32.4 billion in fundraising volume during 2025, driven by robust retail investor demand and a favorable macroeconomic environment. The surge reflects growing confidence in India’s long-term economic trajectory and corporate fundamentals.
- India’s IPO fundraising reached $32.4 billion in 2025, a record annual high.
- Retail investors accounted for 68% of total IPO subscriptions, up from 54% in 2024.
- Average oversubscription ratio for IPOs was 14.3 times, with some issues exceeding 100 times demand.
- 92 companies completed IPOs in 2025 across technology, consumer goods, and financial services.
- India ranks second globally in IPO fundraising volume, behind only the United States.
- Domestic investment banks reported increased underwriting revenues and stock exchanges saw a 37% rise in trading volumes linked to new listings.
India’s equity capital markets recorded a landmark year in 2025, with IPO fundraising hitting $32.4 billion—surpassing previous annual highs and marking the highest level since the launch of the country’s public equity market reforms. The milestone was fueled by 92 successful listings across sectors including technology, consumer goods, and financial services, with notable debut issuers including TechNova Solutions, a Bengaluru-based software firm, and AgriGrow Industries, a farm-tech startup based in Gujarat. The record volume reflects a significant increase in retail investor participation, which accounted for 68% of total subscription volumes during IPOs, up from 54% in 2024. This shift underscores growing financial inclusion and confidence in India’s growth story. High demand was particularly evident in mid-cap and small-cap offerings, where oversubscriptions reached an average of 14.3 times, with some issues seeing more than 100 times demand. Market analysts attribute the surge to a combination of stable inflation, consistent GDP growth of 6.8%, and a rising middle class with greater access to digital investment platforms. Additionally, regulatory reforms introduced in early 2025, including streamlined approval timelines and enhanced disclosure norms, contributed to improved market efficiency and investor trust. The momentum has elevated India’s position among emerging markets, with the country now ranking second globally in IPO fundraising volume behind only the United States. Domestic investment banks such as Axis Capital, HDFC Securities, and Kotak Mahindra Capital have reported record underwriting fees, while stock exchanges have seen a 37% increase in trading volumes linked to new listings.