India’s IPO Market on Track to Cross ₹1 Lakh Crore in 2025

India’s primary market is poised for a record-breaking 2025, with IPO fundraising set to surpass the ₹1 lakh crore mark even as three months remain in the year. So far, 74 initial public offerings have collectively raised approximately ₹85,000 crore. Major upcoming issues from Tata Capital, expected to raise ₹16,000 crore, and WeWork India Management, targeting ₹3,000 crore, are set to push the total beyond the landmark threshold. This marks only the third time in India’s history that the ₹1 lakh crore milestone has been breached.

Record-Breaking Fundraising in 2025

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The previous milestones were achieved in 2024 and 2021, when 91 and 63 IPOs raised ₹1.6 lakh crore and ₹1.19 lakh crore, respectively. LG India IPO is also expected to launch LG Electronics IPO in the first half of October, aiming to raise around ₹15,000 crore, which could lift total fundraising for the year to over ₹1.3 lakh crore. This would make 2025 the second-largest year for IPO collections in India.

Investor Trends and Market Insights

Several marquee names, including ICICI Prudential, Groww IPO, Pine Labs, Canara HSBC Life, Credila Financial, and PhysicsWallah, are also preparing to go public. Analysts note that a series of heavyweight IPOs, many dominated by large offer-for-sale components, is anticipated over the coming months, providing exits for institutional investors.

“The primary market pipeline remains robust, with a healthy mix of fresh issues and institutional exits,” market experts said. Despite muted listing gains, the IPO surge is being fuelled by strong participation from foreign portfolio investors, retail investors, high-net-worth individuals, and mutual funds. Experts caution that while short-term momentum may continue, factors such as market corrections and tariff pressures could affect investor sentiment, urging investors to focus on fundamentals.

The SME segment is also experiencing record activity. In September alone, 53 SME IPOs raised ₹2,309 crore — the highest monthly collection by both volume and value. So far in 2025, 207 SME listings have mobilised ₹9,129 crore, surpassing previous annual records even with a full quarter remaining.

Upcoming Mainboard and SME IPOs to Watch

This week, the primary market will see 21 new upcoming IPOs, including five mainboard issues worth ₹3,852 crore and 16 from the SME segment, collectively valued at over ₹4,450 crore. Glottis, Fabtech Technologies, and Om Freight Forwarders will launch their IPOs on September 29, followed by Advance Agrolife on September 30, and WeWork India Management on October 3.

SME offerings this week include IPOs from Sunsky Logistics IPO, Munish Forge, Sheel Biotech, Infinity Infoway, Shlokka Dyes, Shipwaves Online, Greenleaf Envirotech, Valplast Technologies, BAG Convergence, and Zelio E-Mobility. Meanwhile, 26 companies are lined up for trading on stock exchanges, with 11 from the mainboard and the remainder from the SME segment, including Atlanta Electricals, Ganesh Consumer Products, Chatterbox Technologies, and Gujarat Peanut & Agri Products.

Conclusion

Amidst tonnes of upcoming IPOs, analysts forecast that 2025 will continue to be one of the most active years for India's IPO market, providing plenty of chances for investors and changing the capital-raising environment, as both mainboard and SME activity peak.