Mainboard issues dominated, contributing ₹1.83 lakh crore—or 94% of the total—from 106 listings. The surge built on 2024's ₹1.90 lakh crore raised via 336 IPOs.
Over the two years, 701 IPOs fetched ₹3.8 lakh crore, dwarfing the ₹3.2 lakh crore from 2019-2023 combined. Mainboard alone accounted for ₹3.6 lakh crore across 198 issues.
Marquee deals included Tata Capital's ₹15,500 crore October offering, India's fourth-largest ever. Established players in energy, infrastructure and manufacturing joined startups in tapping markets, often seeing oversubscription.
Retail investor enthusiasm drove the boom, fuelled by rising demat accounts and equity fund inflows. Retail portions filled rapidly, while many stocks listed at 50-100% premiums, delivering strong debut gains.
The momentum signals deepening capital markets and companies' shift toward public funding for expansion.
