IPO Market Activity Remains Strong in CY2025
In the Calendar Year (CY) 2025, the IPO market remained active with 220 public issues raising ₹1.78 lakh crore, according to the National Stock Exchange’s (NSE) annual highlights. Mainboard IPOs rose to 103 from 90 a year earlier, even as overall IPO numbers declined from 268 in 2024 due to fewer SME offerings.
Mainboard IPOs Gain Momentum, SMEs See Decline
While SME IPOs fell sharply to 117 from 178 in 2024, mainboard IPOs recorded steady growth, underlining strong investor appetite for larger issues. Mainboard IPOs collectively mobilised ₹1.72 lakh crore, marking an 8% year-on-year increase, although the average issue size eased to ₹1,672 crore from ₹1,772 crore in 2024.
Maharashtra, Delhi-NCR, Karnataka Lead IPO Activity
Maharashtra, Delhi-NCR, and Karnataka emerged as the top contributors to mainboard IPO activity, leading both in terms of volume and value during CY2025.
Mega Issues Dominate the Market
The year witnessed four mega IPOs exceeding ₹10,000 crore each. Tata Capital Limited emerged as the largest IPO of 2025, raising ₹15,512 crore, while Jinkushal Industries Limited was the smallest mainboard issue at ₹116 crore.
SME Segment Performance
The SME segment raised ₹5,784 crore in 2025, down from ₹7,348 crore in 2024. However, the average SME IPO size increased to ₹49 crore, reflecting fewer but larger offerings.
Equity and Debt Fundraising Trends
Total equity fundraising stood at ₹4.19 lakh crore during the year, while debt issuances rose 13% year-on-year to ₹15.11 lakh crore. Overall fund mobilisation reached ₹19.64 lakh crore, up 10% from the previous year.
REITs and InvITs See Rising Interest
Business trusts gained traction, with REITs and InvITs together raising ₹33,860 crore in 2025, marking a 33% increase over 2024.
Investor Base Expands Across India
India’s equity investor base continued to widen, with unique registered investors rising to 12.5 crore by end-December 2025. Around 1.6 crore new investors were added during the year, with northern and southern regions showing the fastest growth. Uttar Pradesh and Maharashtra led in absolute additions.
Market Performance and Capitalisation
In 2025, the Nifty 50 gained 10.5% to close at 26,130, while the broader Nifty 500 rose 6.7%. Midcaps posted modest gains, whereas smallcaps corrected. Overall market capitalisation of NSE-listed companies increased to ₹474 lakh crore, though the market-cap-to-GDP ratio dipped to 135%.
GIFT City and Product Innovation
At the international exchange in GIFT City, notional turnover crossed USD 1 trillion, supported by rising volumes in GIFT Nifty contracts. New product launches, including daily expiry options and additional single-stock derivatives, further expanded offshore offerings.
Outlook: Resilient Markets Amid Global Tightening
Overall, CY2025 highlighted the resilience of Indian markets, marked by steady index gains, expanding investor participation, and continued innovation across products and platforms, despite tighter global financial conditions.
(The article has been syndicated from ANI, edited for clarity)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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