A wave of new stock market entries has driven India’s IPO underwriting fees to an all-time high, reflecting robust investor demand and heightened activity across sectors. The surge underscores the country’s growing prominence as a global capital hub.
- IPO underwriting fees in India exceeded $1.2 billion in 2025, a 47% increase from the prior year.
- 137 companies completed IPOs in 2025, marking a 34% rise in deal volume.
- Two major tech IPOs—OneZero Systems and GreenGrid Energy—each raised over $600 million.
- Underwriting fees for top-tier deals reached up to 2.8%, above the sector average of 1.9%.
- Domestic investment banks reported a 50%+ increase in IPO-related revenue in 2025.
- Regulatory changes shortened filing timelines and boosted listing efficiency.
India’s initial public offering (IPO) market has reached a historic milestone, with total underwriting fees surpassing $1.2 billion in 2025—up 47% year-on-year. This record figure is attributed to 137 new listings across diverse industries including technology, consumer goods, and renewable energy. The volume of deals increased by 34% compared to 2024, with several large-scale offerings contributing significantly to the fee growth. The spike in fees is closely tied to rising valuations and strong subscription rates observed during recent IPOs. Notably, two tech firms—OneZero Systems and GreenGrid Energy—raised over $600 million each, commanding premium underwriting fees of 2.8% and 2.5%, respectively. These figures exceed the average industry rate of 1.9% and reflect increasing competition among investment banks to secure mandates. Market participants report that institutional investors are actively participating in early-stage allocations, boosting confidence in IPO pricing. Regulatory reforms introduced in late 2024, including shorter filing timelines and digital submission processes, have further accelerated the pace of listing approvals, facilitating faster execution. As India continues to attract international capital, domestic investment banks such as ICICI Securities, Kotak Mahindra Capital, and Axis Capital have seen their IPO-related revenues climb by more than 50% this year. Analysts suggest the trend will persist into 2026, contingent on macroeconomic stability and continued corporate readiness to go public.