MUMBAI: With nearly Rs 2 lakh crore collected from 365 IPOs in 2025, the year set a new record in terms of mobilisation through the primary market. In comparison, in 2024, through 336 IPOs, companies had collected about Rs 1.9 lakh crore. What’s more, total funds mobilised in 2025 was nearly four times that of 2023.Of the 365 IPOs that hit the market this year, 110 were main board offers and the remaining were on the two SMEs platforms of the two exchanges, NSE and BSE, data from brokers and primary market analytics firms showed.

Although in terms of number of IPOs, the SME segment was far ahead of the main board, in terms of aggregate collections, at 94% of the total, the main board was way ahead of the SME platforms, a report by Motilal Oswal Financial Services said.“This remarkable growth (in the IPO scene in 2025) can largely be attributed to the evolving nature of Indian equities, which are introducing new dimensions to the investment landscape, underpinned by robust fund inflows,” the report noted. “Over the past 24 months, IPOs have emerged from companies across a diverse range of sectors, rather than being confined to a select few or primarily emerging sectors, as was common in previous years. This diversification is a positive indicator for the Indian capital markets, as it offers investors multiple opportunities to participate in India’s growth narrative.”

In terms of total fundraising, 2026 could be even bigger with at least three mega IPOs, for Reliance Jio Platforms, NSE and Flipkart, expected to hit the street, merchant bankers said. During 2025, there were five IPOs that collected over $1 billion each with four of them pegged at over Rs 10,000-crore, data from public offers analytics company Chittorgarh.com showed.There were seven IPOs that were subscribed more than 100 times, with Highway Infrastructure’s offer getting subscribed over 250 times, the highest for the year. Also, there were four IPOs-LG Electronics, Meesho, Standard Glass Lining and ICICI Prudential MF-in each the total number of applications crossed the 50-lakh mark, data from Chittorgarh.com showed.The year’s IPO space also showed an interesting trend in terms of foreign fund participation. While foreign portfolio investors sold a record $23 billion in the secondary market, they net invested about $7.3 bn through the primary market route, data from NSDL showed.