India’s IPO market is heading into the new year with strong momentum after companies raised a record INR 1.76 tn (USD 19.6 bn) through 103 mainboard listings in 2025, Business Standard reports. This compares with INR 1.6 tn (USD 19.3 bn) raised in 2024 and INR 494 bn (USD 6 bn) in 2023.

Among Gulf-based investors, the Abu Dhabi Investment Authority (Adia) was the most active. The SWF anchored 17 issues with a total allocation of USD 10.4 bn, as per data compiled by Chittorgarh. Adia’s allocations remained heavily focused on the financial services, tech, and renewable energy sectors in 2025.

Among the largest listings this year:

  • Tata Capital raised INR 155 bn (USD 1.9 bn);
  • HDB Financial Services: INR 125 bn (USD 1.5 bn);
  • LG Electronics India: INR 116 bn (USD 1.4 bn);
  • Hexaware Technologies: INR 87.5 bn (USD 1.1 bn);
  • Lenskart Solutions: INR 72.8 bn (USD 870 mn);
  • Billionbrains Garage Ventures: INR 66.3 bn (USD 800 mn).

Secondary sales dominated issuances, with around 60% of total proceeds raised through offer-for-sale (OFS) transactions. Fifteen listings were purely OFS, together mobilizing over INR 450 bn, while 23 companies raised funds through fresh equity alone. The remainder were mixed offerings, with OFS forming the larger component.

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Startups had a good year too. Eighteen startups went public in 2025, together raising over INR 410 bn (USD 5 bn), versus INR 290 bn in 2024.

Market backdrop: IPO activity remained muted in the first seven months of 2025 before picking up in August as equity markets stabilized. Of the 103 IPOs, 70 delivered listing-day gains, while 32 listed at a markdown.

Why this matters: For investors, the IPO rebound reinforces India’s growing relevance as a primary and fast-growing market destination. Adia’s strong participation reflects continued GCC institutional interest in Indian equities across financial services, consumer internet, and manufacturing-linked sectors, alongside longer-term capital deployment.

What’s next for 2026

The pipeline for next year is already bustling. At least 75 companies have secured approval from India’s market regulator, with around 100 additional filings under review. Bankers expect offerings from major companies like Reliance Jio, SBI Mutual Fund, PhonePe, and Oyo, according to the daily.

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