IPO Surge: India Raises Record ₹1.6 Lakh Crore From 100+ Mainboard Listings in 2025

Synopsis; In 2025, India’s IPO market surpassed 100 listings, raising Rs. 1.6 lakh crore, driven by tech, consumer, and infrastructure sectors, reflecting market maturation, strong foreign participation, and mixed listing-day performance across high-growth and traditional companies.

India’s IPO market has crossed the century mark for the first time in 18 years, with offerings from companies like Meesho and ICICI Prudential AMC pushing the total number of listings in 2025 beyond 100. The milestone highlights the dramatic transformation of the country’s capital markets, though investors are finding quick listing gains harder to achieve. Average listing-day returns have fallen to 9.4%, the lowest since 2018, reflecting the increased supply of new issues.

So far in 2025, Indian companies have raised Rs. 1.6 lakh crore, already surpassing the previous record set last year. December alone is expected to contribute nearly Rs. 30,000 crore in public issues, capping a record-breaking year for the IPO market. This remarkable fundraising activity underscores India’s emergence as a global capital-raising powerhouse.

The participation of foreign institutional investors has remained strong, drawn by India’s growth prospects and relatively stable policy environment, even as they offload near-record amounts of Indian equities in other segments.

India’s IPO Market Reaches a New Normal

India’s equity markets are entering a phase of maturity, with JP Morgan noting that annual IPO fundraising of around $20 billion has become the country’s “new normal.” This year alone, IPOs are expected to cross $23 billion, supported by a deep pipeline of companies, including several billion-dollar-plus offerings. Technology-driven and consumer-focused businesses are increasingly dominating investor interest, reflecting a structural shift toward new-age sectors, even as broader equity-capital-market fundraising, such as follow-on offerings, shows signs of softening.

A steady, large-scale IPO pipeline offers private equity and venture investors predictable exits and makes public listings more attractive for growth-stage companies. Retail and institutional investors gain access to high-growth sectors like tech, fintech, and consumer platforms. However, valuations in high-growth industries remain stretched, and factors like global economic shifts or domestic consumption slowdowns could impact subscription levels and post-listing performance. Overall, the market is maturing, broadening, and attracting both domestic and global investors, but careful selection and discipline remain key in this new era.

Top 10 Highest Listing Gain Companies

In 2025, several IPOs delivered impressive listing gains, reflecting strong investor interest. Highway Infrastructure Ltd led the pack with a 72.5% gain on its listing day, followed by Urban Company Ltd at 61.97% and Aditya Infotech Ltd at 60.39%. Other notable performers included Meesho Ltd with a 53.23% gain, Quadrant Future Tek Ltd at 53.1%, and LG Electronics India Ltd rising 48.24%, highlighting robust demand across infrastructure, tech, and electronics sectors.

Several companies achieved moderate but significant gains, including PhysicsWallah Ltd at 42.42%, GNG Electronics Ltd at 40.67%, Stallion India Fluorochemicals Ltd at 40%, and Ellenbarrie Industrial Gases Ltd at 33.65%. These strong listing performances indicate positive market sentiment and high investor confidence, with several IPOs achieving above 40% gains on their debut, showcasing the attractiveness of new-age and industrial-focused companies in 2025.

Top 10 Lowest Listing Gain Companies

In 2025, several IPOs experienced weak listing performances, reflecting cautious investor sentiment. Glottis Ltd. saw the steepest decline with a -35.12% listing day loss, followed by Om Freight Forwarders Ltd. at -33.45% and BMW Ventures Ltd. at -28.9%. Other notable underperformers included Arisinfra Solutions Ltd. at -21.45% and Jaro Institute of Technology Management & Research Ltd. at -16.38%, indicating significant investor caution in certain sectors.

A few companies faced moderate listing losses, such as Laxmi India Finance Ltd. at -15.12%, Ganesh Consumer Products Ltd. at -8.6%, Fujiyama Power Systems Ltd. at -8.58%, and Indiqube Spaces Ltd. at -8.03%. Interestingly, Quality Power Electrical Equipment Ltd. was an exception, seeing only a slight listing dip of -8.73% but strong subsequent gains, highlighting the potential for recovery even among initial underperformers. Overall, these IPOs underscore the varied investor responses in 2025, with certain sectors witnessing subdued debut-day enthusiasm.

In conclusion, India’s IPO market in 2025 reflects a clear shift toward maturity, with record fundraising and over 100 listings driven by strong participation from both domestic and foreign investors. While headline numbers remain impressive, lower average listing gains show that investors are becoming more selective, rewarding sound fundamentals over aggressive valuations.

Written by Manideep Appana

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