The Indian primary market has seen a significant increase in fundraising, with Rs 3.8 lakh crore raised through 701 IPOs in the last two years, surpassing the Rs 3.2 lakh crore raised in the previous period. This growth reflects a surge in investor confidence in Indian equities, as per data from Motilal Oswal.
In 2025, the market continued its strong performance, with over 365 IPOs raising about Rs 1.95 lakh crore, exceeding the previous year’s record. Mainboard IPOs remained the primary source of fundraising, contributing around 94% of the total amount raised this year, similar to the previous year.
The report also highlighted the sectoral diversity in recent IPOs, showcasing a broader range of industries participating in the market. In 2025, NBFCs led the fundraising, followed by capital goods, technology, healthcare, and consumer durables, marking a shift from the sector dominance seen in 2024.
Company age and size played a significant role in IPO fundraising trends, with younger companies under 20 years old accounting for a substantial portion of funds raised. Small-cap companies also emerged as key contributors, representing over 50% of the total funds raised, while a few large companies made up the remaining capital.
