Overview
- Indian issuers raised about Rs 1.95 lakh crore through more than 365 IPOs in 2025, exceeding 2024’s Rs 1.90 lakh crore from 336 deals.
- Across 2024 and 2025, roughly Rs 3.8 lakh crore was mobilized from around 701 IPOs, with mainboard offerings contributing about Rs 3.6 lakh crore, or near 94%.
- Regulatory data shows roughly 84 firms cleared to raise about Rs 1.14 lakh crore and around 108 awaiting approval for roughly Rs 1.46 lakh crore, indicating potential 2026 issuance above Rs 2.5 lakh crore.
- Sector leadership rotated in 2025 as NBFCs accounted for about 26.6% of funds raised, while telecom, utilities and private banking saw no IPO fundraising.
- Potential 2026 marquee deals remain in development, with reports pointing to a possible Reliance Jio listing at a Rs 11–12 lakh crore valuation, a Flipkart target of $60–70 billion, PhonePe’s confidential $1.5 billion filing near a $15 billion valuation, and an NSE listing contingent on regulatory clearance.