CY2025 was a high-activity IPO year – India saw 375 IPOs raising ₹1,95,371 Cr— higher than 2024 and far above 2023, highlighting a much larger primary market footprint.
Mainboard dominated fundraising despite fewer issues – Just 107 Mainboard IPOs raised ₹1,83,172 Cr, accounting for the bulk of total capital raised. 268 SME IPOs kept the listing pipeline active, but contributed a smaller ₹12,199 Cr, showing SMEs drove count while mainboard drove cash.
“Quantity + Quality” mix defined the year – The market combined high number of issues (volume) with large-ticket capital mobilisation (value)—a balanced but differentiated IPO landscape.
Returns turned more selective, not sentiment-led – With reports indicating near-₹2 lakh crore fundraising and ~94% of funds from mainboard, the year also saw cooling listing pops and retail euphoria, making IPO performance more stock-specific—where selection mattered as much as subscription.
IPOs in 2025: IPO-Picker’s Market – With the success rate around ~50% in CY2025, IPO gains can no longer be taken for granted—outcomes have turned clearly IPO-selective. Unlike previous years when IPOs delivered broad-based wins, 2025 showed an almost even split between winners and losers, highlighting a more mature market where quality and valuation matter more than hype.
For a comprehensive understanding and more insights, please go through our detailed report.