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It has been a remarkable year for India’s primary market. Despite global volatility, companies in the country managed to raise a hefty Rs 1.25 lakh crore through initial public offerings (IPOs) in 2025, making India the fourth-largest IPO market in the world, according to Zee Business research.

Only the US, Hong Kong, and China raised more funds through the IPO route this year, keeping India just behind the world’s biggest financial hubs.

What’s interesting is that this performance came in a year when many global markets were struggling with weak investor sentiment. For perspective, 2025 marks the third-highest fundraising year in five years.

2024 saw record mobilisation of Rs 1.59 lakh crore.

2021 followed with Rs 1.18 lakh crore.

2025 now stands at Rs 1.15 lakh crore — not far behind.

Analysts say this reflects the growing depth of India’s capital market, where even mid-sized companies are now comfortably tapping the bourses.

The strong pipeline didn’t fade with the new financial year either. In the first quarter of FY26 alone, 100 IPOs made their market debut. Between October 2024 and October 2025, about 288 firms filed draft red herring prospectuses (DRHPs) with SEBI. Of these, 174 got regulatory clearance, and 111 eventually launched IPOs, together raising Rs 2.18 lakh crore.

Market experts believe that IPO fundraising could grow by another 20 per cent in 2026, as confidence in the broader economy stays firm and liquidity remains supportive.

A series of heavyweight issues made 2025 a blockbuster year for Dalal Street.

Tata Capital raised Rs 15,512 crore, the largest so far.

HDB Financial Services came in close at Rs 12,500 crore.

LG Electronics India mobilised Rs 11,607 crore. Other notable listings included Hexaware Technologies (Rs 8,750 crore), NSDL (Rs 4,011 crore), JSW Cement (Rs 3,600 crore) and Schloss Bangalore (Rs 3,500 crore).

Each of these issues saw strong investor demand, particularly from domestic institutions, which have been driving much of the primary market activity lately.

Looking ahead, the Street is gearing up for another busy year. Some of the anticipated mega IPOs include:

Lenskart – Rs 7,278 crore

Groww – Rs 7,000 crore (estimated)

Pine Labs – Rs 6,200 crore (estimated)

ICICI Prudential AMC – Rs 10,000 crore (estimated)

boAt – Rs 2,000 crore (estimated)

Investment bankers expect that a combination of high retail interest and strong institutional inflows could keep demand healthy in 2026 as well.

Market watchers say the recent surge isn’t a one-off. It reflects a structural shift in how Indian businesses are funding growth — moving steadily from private to public markets. With both domestic and foreign investors showing continued interest, India seems well on its way to becoming a key global hub for IPOs and capital formation.

Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate aff