Record ₹2.23 Trillion Raised in Samvat 2082 IPOs, Up 19.6%

The Indian primary market witnessed an unprecedented surge in initial public offerings (IPOs) during the fiscal year Samvat 2082, spanning from October 21, 2025, to November 6, 2026. A total of 375 IPOs, including both mainboard and small and medium enterprise (SME) listings, collectively raised ₹2.23 trillion, marking a 19.6 percent increase compared to the ₹1.87 trillion raised in the previous Samvat year, according to data compiled by Prime Database.

Mainboard IPOs contributed the lion’s share, generating ₹2.12 trillion from 131 offerings. This represents a 26 percent increase in the number of mainboard issues compared to 104 IPOs recorded in the prior year. Fresh capital raised through these mainboard issuances reached ₹1 trillion, a substantial 42 percent rise from ₹70,641 crore, while the offer for sale (OFS) amount edged up by 4.8 percent to ₹1.12 trillion. OFS accounted for 52.8 percent of the total issue amount, down from 60.2 percent a year earlier, indicating a notable shift towards capital raising for business expansion.

The largest IPO of the year was Jio Platforms, which raised ₹30,188 crore entirely through fresh capital. It was followed by the National Stock Exchange of India’s ₹22,563 crore and ICICI Prudential Asset Management Company’s ₹10,603 crore, both of which were fully OFS offerings. Together, these top three IPOs accounted for nearly 30 percent of the total capital raised. Additional major contributors included SBI Funds Management and Manipal Health Enterprises, which raised ₹9,795 crore and ₹9,275 crore respectively.

Industry experts remarked on the significance of this record fundraising. Mahavir Lunawat, chairman and managing director of Pantomath Capital Advisors, highlighted that the nearly ₹1 trillion raised via fresh capital is a positive indicator of funds being allocated directly to business growth and capacity building. The OFS component, he noted, provides investors with liquidity opportunities, emphasizing the importance of transparent pricing and exit rationale.

Vinay Jaising, chief investment officer at ASK Private Wealth, pointed out that the market’s ability to absorb large IPOs despite substantial foreign institutional investor outflows reflects strong domestic liquidity. However, he also cautioned that large primary market issuances could compete with secondary market liquidity.

The financial services and investment sector dominated the IPO landscape, with 14 offerings raising ₹60,781 crore, accounting for 28.6 percent of the total amount raised. Market reception to these IPOs was generally positive, with 89 out of 131 mainboard issues closing above their issue price on listing day. The median gain on listing day was 6.8 percent. By November 6, 87 mainboard companies traded above their offer price, with the median return standing at 16.8 percent. Among the larger IPOs valued at ₹1,000 crore or more, 34 were trading above their offer price.

Jaising noted a growing market preference for companies exhibiting strong earnings visibility, solid cash-flow conversion, good governance, and reasonable valuations. He stressed the importance of selecting businesses with proven profitability and credible growth prospects, particularly within the SME sector where governance and earnings quality can be more variable.

Some of the most noteworthy performers included Billionbrains Garage Ventures, operator of the Groww platform, which soared 115.1 percent above its offer price. Other high gainers were Meesho and Lenskart Solutions, rising 110.3 percent and 80.3 percent respectively. ICICI Prudential Asset Management Company and Jio Platforms also registered robust gains. On the downside, Pine Labs fell 26.5 percent and SBI Funds Management dropped 13 percent. Among the mainboard listings, Omnitech Engineering and KSH International posted the strongest gains, while Shree Ram Twistex and Aastha Spintex suffered the largest declines.

In the SME category, 244 issues raised ₹10,826 crore, reflecting a modest 4 percent increase from ₹10,407 crore raised through 240 offerings the previous year. The OFS component in this segment decreased by 40.6 percent to ₹628 crore, representing just 5.8 percent of total SME funds raised. Of these, 141 closed above their issue price on listing day, but by early November only 114 remained above their offer price, with the median return showing a slight loss of 3.9 percent.

Looking ahead, the IPO pipeline appears active for the coming year. The Securities and Exchange Board of India (Sebi) recently approved five new IPOs from IIFL Finance, Arjun Jewellers, Encube Ethicals, Sagar Defence Engineering, and Mahanadi Coalfields. Notably, three of these upcoming offerings include OFS components, signaling continued investor interest in both fresh capital and secondary market liquidity options.

The record fundraising performance in Samvat 2082 underscores the resilience and expanding capacity of India’s primary markets. It highlights growing investor confidence and the ability of companies across sectors to tap public markets for growth funding. This trend aligns with the broader global shift toward increased capital market activity as economies seek to strengthen corporate balance sheets and fuel expansion plans through public equity.