India Inc. Raises ₹1.3 Lakh Cr via IPOs & QIPs in First 7 Months of 2025

India’s primary capital markets witnessed robust activity in the first seven months of 2025 as companies raised nearly ₹1.30 lakh crore through IPOs, Qualified Institutional Placements (QIPs), and SME issuances. This surge reflects strong investor interest and buoyant market sentiment.

Key Fundraising Figures

By July 2025, the combined capital mobilisation via IPOs, QIPs, and SME listings has reached approximately ₹1.30 lakh crore, mirroring the scale of similar activity in the previous full financial year. This fundraising comes amid exceptional market conditions and high valuations.

Qualified Institutional Placements emerged as a dominant driver, with corporate India raising a record ₹1.33 lakh crore through QIPs in the full financial year 2024–25—an 87% year‑on‑year rise. This increase was powered by aggressive institutional demand and favourable equity markets.

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Trends and Market Drivers

Analysts attribute the capital markets boom to a favourable combination of factors: strong investor appetite, surging retail participation, and a growing preference for primary market offerings over the secondary market. Companies leveraged market vigour to strengthen balance sheets, fund expansion plans, and reduce debt through QIP and IPO channels. 

Smaller and mid‑size enterprises also played a notable role. SME IPOs, which previously averaged ₹10‑12 crore per issue five years ago, now see listing sizes around ₹39 crore. This reflects how India’s SME listing platforms are maturing and contributing significantly to inclusion and entrepreneurship.

Market Outlook and Pipeline

Looking ahead, the outlook for the remainder of 2025 remains positive. The Association of Investment Bankers of India (AIBI) projects total IPO and QIP fundraising in FY 26 could easily surpass ₹3 lakh crore. With over 1,000 IPOs expected in the coming two years, India’s reliance on public equity as a financing avenue is strengthening.

However, some caution persists. Experts warn of potential headwinds if global or domestic markets weaken, which could temper willingness to dilute equity at lower valuations and slow QIP momentum. 

Sector Highlights

The surge in QIP activity included landmark deals such as the State Bank of India’s ₹25,000 crore issuance in July 2025—the single largest QIP transaction in recent years. Other notable issuers during this period included conglomerates and high‑growth firms across sectors such as utilities, automobiles, metals, and public sector banks.

Financial Institutions

Lead managers such as JM Financial consolidated their position by overseeing major QIP transactions. In FY 25 alone, JM Financial managed over ₹38,600 crore in large deals exceeding ₹250 crore—accounting for much of the institutional placement activity.

Conclusion

By mid‑2025, India’s capital market ecosystem will have demonstrated considerable strength, with nearly ₹1.30 lakh crore raised through IPOs, QIPs, and SME issues in just seven months. Record QIP volumes and a rising pipeline of IPOs suggest that corporate India is capitalising on favourable investor sentiment. While short‑term risks remain, the outlook for capital raising in FY 26 appears robust, signalling sustained growth in primary markets.