India Secures Fourth Largest Global IPO Funding in 2025

India has emerged as a leading destination for capital in 2025, claiming the fourth-highest amount globally raised through initial public offerings (IPOs), with proceeds of USD 14.2 billion. 

This performance places it behind only the U.S. (USD 52.9 billion), Hong Kong (USD 23.4 billion), and China (USD 16.2 billion). 
In domestic currency, 74 companies have together raised ₹85,241.08 crore from the primary markets in calendar year 2025 (CY25), excluding three major recent IPOs — WeWork India, Tata Capital, and LG Electronics India — which are expected to raise almost an additional ₹30,000 crore. 

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This year’s primary market haul already ranks among the top three in India’s recent history. The only higher sums in the last five years were ₹1,59,783.76 crore raised in 2024 via 91 issues and ₹1,18,723.17 crore in 2021 through 63 listings. 

Strong Debuts and Listing Gains

An analysis by Bernstein highlights that 161 companies have been listed since January 2024, delivering average listing gains of 22%. 
Over 53% of those listings yielded double-digit gains. These new issues have also outperformed the broader market: they beat Nifty’s returns in five of the last seven quarters. 

In fact, about 61% of them have outpaced the Nifty in the past six months. 

However, the report also notes that while listing day returns have been strong, longer-term performance is more mixed. Roughly half the new issues provided negative returns over a three-month holding period. 

Divergence: Primary vs Secondary Market Flows

One of the notable patterns in 2025 is the contrast between primary and secondary market flows. Foreign institutional investors (FIIs) have pulled about USD 18 billion from Indian secondary markets this year. 

Yet, in a countertrend, they have invested USD 5 billion in the primary market via IPOs. 

This divergence suggests that while FIIs may be cautious about existing equities, they remain keen to tap fresh listings. Bernstein analysts comment on this bifurcation: “We’re seeing a distinction being made between the primary and secondary markets.” 

Outlook and Pipeline Momentum

The momentum in 2025 appears far from over. India is gearing up for further IPO action, especially in the October–December quarter, with Tata Capital, LG Electronics India, and WeWork India among the marquee names launching offerings. 

The strong pipeline suggests that India may climb further in global IPO rankings. Analysts believe that appetite remains strong across retail and institutional investors, reinforcing confidence in India’s capital markets. 

Conclusion

India’s IPO story in 2025 is marked by scale, strength, and distinct investor dynamics. With USD 14.2 billion raised via 74 IPOs (excluding a few large recent ones), it stands fourth globally. The impressive listing gains and continued investor demand reaffirm India’s appeal in primary markets—even as the secondary market sees FII outflows. As more big-ticket IPOs await launch, India’s position in the global capital-raising landscape looks even more promising