By 2030, total fund raise on the Indian stock exchanges may touch Rs 350,000 crores. SEBI just approved Indias first 99 year tenure AIF marking the entry of domestic long term equity capital.
India’s IPO market just had its biggest year ever. 104 companies raised Rs. 1,76,200 crore in a single year — 50% more than the 2021 peak that everyone was calling a freak Covid event.
Here’s what stood out in 2025:
– PE/VC-backed companies were only 20% of all IPOs and 25% of total offer size. Bigger bets, larger listings.
– And when they list, investors price them at 5.4x revenue. Not cheap. But the market is betting on trajectory, not just the current P&L.
One more interesting number here
– Two-thirds of every rupee raised across the last ten years was OFS — existing shareholders exiting, not companies raising fresh capital. The market is doing exactly what it’s supposed to do: providing liquidity to early believers.
Should foreign companies be allowed to exit to Indian retail investors is a question that doesn’t have easy answers.
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Top 3 IPOs each year (mainboard)
2025
1. Tata Capital — 15,511
2. HDB Financial Services — 12,500
3. LG Electronics India — 10,000
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2024
1. Hyundai Motor India — 27,870
2. Swiggy — 11,300
3. NTPC Green Energy — 10,000
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2023
1. Mankind Pharma — 4,326
2. Tata Technologies — 3,043
3. JSW Infrastructure — 2,800
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2022
1. LIC — 21,008
2. Delhivery — 5,235
3. Adani Wilmar — 3,600
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2021
1. Paytm — 18,300
2. Zomato — 9,375
3. PB Fintech (Policybazaar) — 5,710
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2020
1. SBI Cards — 10,355
2. Rossari Biotech — 500
3. Happiest Minds — 702
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2019
1. IRCTC — 645
2. Polycab India — 1,345
3. Chalet Hotels — 1,645
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2018
1. Bandhan Bank — 4,473
2. ICICI Securities — 4,017
3. Ujjivan Small Finance Bank — 1,200
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2017
1. GIC Re — 11,175
2. SBI Life Insurance — 8,400
3. New India Assurance — 9,600
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2016
1. ICICI Prudential Life — 6,057
2. PNB Housing Finance — 3,000
3. L&T Technology Services — 894
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2015
1. InterGlobe Aviation (IndiGo) — 3,018
2. Coffee Day Enterprises — 1,150
3. Dr Lal PathLabs — 630
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Biggest IPOs in Indian history (Top 10 overall)
1. Hyundai India — 27,870
2. LIC — 21,008
3. Paytm — 18,300
4. Coal India — 15,199
5. Tata Capital — 15,511
6. Reliance Power — 11,563
7. GIC Re — 11,175
8. SBI Life — 8,400
9. DLF — 9,187
10. Zomato — 9,375
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Key insight: market was dominated by large IPOs
• Average IPO size: ₹1,708 crore
• Mega IPOs (>₹5,000 cr) contributed disproportionate share
• Financial services + tech + consumer IPOs dominated
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Sector-wise major contributors (2025)
Financial services
• Tata Capital
• HDB Financial
• ICICI Prudential AMC
Tech / startup
• Groww
• Meesho
• Lenskart
Technology services
• Hexaware
Consumer / electronics
• LG Electronics India
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We didn’t see excessive market concentration either.
Total ₹1.75 lakh crore came from:
• ₹59k cr → top 5 IPOs
• ₹19k cr → next 3 IPOs
• ₹97k cr → rest 95 IPOs
