India’s IPO market hits record in 2025, strong pipeline seen for 2026
New Delhi: India’s primary market delivered a stellar performance in 2025, with 103 companies raising a record Rs 1,75,901 crore through mainboard initial public offerings (IPOs), about 10 per cent higher than the Rs 1,59,784 crore mobilised by 91 issues in 2024, according to data from primedatabase.com.
The year also marked an all-time high in filings, with 249 companies submitting draft offer documents to the Sebi in the mainboard segment, compared with 145 in 2024. Among the largest issues, Tata Capital topped the list with an offer size of Rs 15,512 crore, followed by HDB Financial Services at Rs 12,500 crore and LG Electronics at Rs 11,605 crore. At the other end of the spectrum, Jinkushal Industries launched the smallest IPO at Rs 116 crore. The average IPO size remained broadly stable at Rs 1,708 crore.
Activity was equally strong in the SME segment. As many as 267 SME IPOs raised Rs 11,430 crore in 2025, a 30 per cent jump from Rs 8,761 crore mobilised by 240 issues a year earlier. Safe Enterprises Retail Fixtures and Capital Numbers Infotech led the SME space, with issue sizes of Rs 161 crore each. Data from primedatabase.com showed that the average SME issue size has tripled over four years, rising from Rs 13 crore in 2021 to Rs 43 crore in 2025.
Looking ahead, market participants expect momentum to continue in 2026. Thomas V Abraham, research analyst at Mirae Asset ShareKhan, said moderating valuations, steady SIP inflows and overseas capital are likely to support IPO activity. Sectors such as telecom, fintech and consumer technology are expected to dominate, reflecting India’s ongoing digital transformation.
Abraham estimates that fund-raising through IPOs in 2026 could range between Rs 1.67 trillion and Rs 2.08 trillion. More than 190 mainboard companies are in the pipeline, including 84 that have already secured Sebi approval, together seeking to raise about Rs 1.14 trillion.
Analysts flag several marquee names for 2026, including Reliance Jio, Zepto, Flipkart, PhonePe, SBI Mutual Fund and Oyo. Reliance Jio is expected to raise over Rs 70,000 crore by selling a 5 per cent stake, while the National Stock Exchange is also preparing for a listing.
Other expected issuers include Credila Financial Services and Dorf-Ketal Chemicals India, targeting Rs 5,000 crore each, along with Hero Fincorp, Greaves Electric Mobility, Veritas Finance, Hero Motors and ShadowFax Technologies.
