The fund-raise through initial public offerings hit a new high for the second year in a row. About 103 corporates raised a record ₹1.76 lakh crore through main board IPOs in 2025; this was 10 per cent more than the previous high of ₹1.60 lakh crore mobilised by 91 companies in 2024.
The largest IPO this year was that of Tata Capital (₹15,512 crore), followed by HDB Financial Services (₹12,500 crore) and LG Electronics (₹11,605 crore), according to primedatabase.com, a leading database on the primary capital market.
The smallest IPO was from Jinkushal Industries, which raised ₹116 crore. The average deal size at ₹1,708 crore was almost similar to the ₹1,756 crore of last year.
Eight new age technology companies raised ₹30,602 crore through IPOs this year, as compared to nine such IPOs mopping up ₹27,584 crore.
Pranav Haldea, Managing Director, PRIME Database Group, said IPO fund-raising activity has hit record highs in two consecutive years for the first time; in the past, a strong IPO year has almost always been succeeded by a lull lasting two to three years.
However, public equity fund-raising from all avenues put together declined by 18 per cent to ₹3.06 lakh crore in 2025, from ₹3.74 lakh crore in 2024, on account of lower mobilisation through FPOs, OFS and QIPs.
Retail investor interest dampens
Retail investor interest has dampened in comparison to last year. The average number of applications from retail declined to 14.99 lakh this year, against 18.87 lakh last year.
The LG Electronics issue received the highest number of applications from retail at 54.49 lakh, followed by Meesho (54.12 lakh) and Standard Glass Lining Technology (49.34 lakh).
The number of shares applied for by the retail segment by value at ₹2.95 lakh crore was 68 per cent higher than the total IPO mobilisation, in comparison to 113 per cent higher in 2024, again showing reduced enthusiasm from retail during the year.
The total allocation to retail, however, was only ₹46,069 crore, which was 26 per cent of the total IPO mobilisation, up marginally from 24 per cent in 2024.
The IPO response was impacted by a weaker listing performance. The average listing gain (based on closing price on listing date) decreased to 10 per cent against 30 per cent in 2024.
As on December 24, about 54 of the 102 IPOs were trading above the issue price, with the average return of these 102 IPOs being 8 per cent.
Offers for sale by such PE/VC investors at ₹20,643 crore accounted for 12 per cent of the total IPO amount, while offers-for-sale by private promoters at ₹79,030 crore accounted for 45 per cent of the IPO amount.
On the other hand, the amount of fresh capital raised in IPOs in 2025 was ₹64,406 crore or 37 per cent of the total amount.