Overview
- Companies raised about Rs 1.95 lakh crore through more than 365 IPOs in 2025, taking the two-year tally (2024–25) to nearly Rs 3.8 lakh crore across roughly 701 listings.
- Large issues dominated proceeds with mainboard IPOs contributing around 94% in 2025, including Rs 1.83 lakh crore from 106 offerings, while SMEs drove listing counts.
- Sector leadership shifted in 2025, led by NBFCs (26.6%) with capital goods, technology, healthcare and consumer durables following, as telecom, utilities and private banking saw no IPO fundraising.
- Investor demand stayed strong with IPOs oversubscribed about 26.6 times on aggregate over two years, yet performance was mixed, with 55% of 197 recent mainboard IPOs above issue price and the BSE Mainboard IPO Index down over 4% in 2025.
- SEBI data show 84 firms approved to raise roughly Rs 1.14 lakh crore and about 108 awaiting nods for around Rs 1.46 lakh crore in 2026, with widely watched prospects such as Reliance Jio, NSE, Flipkart, PhonePe, Zepto and SBI Mutual Fund discussed as potential candidates.