IPO Market Remains Buoyant in August: ₹15,200 Crore Raised on Mainboard, ₹1,345 Crore via SME Listings

India’s IPO market continued to demonstrate strong momentum in August, with companies raising substantial capital across both mainboard and SME platforms. The primary market witnessed enthusiasm from a mix of domestic and foreign investors, underscoring confidence in new listings amid global uncertainties. 

Mainboard and SME IPO Activity

On the mainboard, 13 companies launched initial public offerings (IPOs) during the month, mobilising approximately ₹15,200 crore. Though this figure is slightly lower than previous months—₹16,124 crore in July and ₹17,688 crore in June—it still reflects robust investor interest. On the SME front, 28 companies collectively raised ₹1,345 crore, marking the highest fundraising total since September 2024. 

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Key Listings Driving Mainboard Fundraising

Several large-scale public offerings contributed significantly to the mainboard total:

• Knowledge Realty Trust emerged as the largest, raising over ₹4,200 crore.
• JSW Cement followed with a mobilisation of around ₹3,600 crore.
• Vikram Solar and BlueStone Jewellery raised approximately ₹2,080 crore and ₹1,540 crore, respectively.
• Kiran Engineering also made a notable contribution with ₹772 crore raised. 

SME Segment Highlights

The SME IPO landscape saw notable performances:

• Flysbs Aviation led the segment with nearly ₹103 crore raised.
• Connplex Cinemas and Sugs Lloyd followed, raising approximately ₹91 crore and ₹86 crore, respectively.
• Other SMEs such as Studio LSD, Shivashrit Food, and Anondita Medicare each raised around ₹70 crore. 

Cautious Listing Gains, Strong Demand for Quality Businesses

Despite strong capital mobilisation, most IPOs offered modest listing gains, indicating a more cautious sentiment among investors. Experts and analysts predicted: “Very select IPOs are priced reasonably and hence they tend to offer listing gains.” They pointed to companies such as All Time Plastic, M&B Engineering, Aditya Infotech, Shanti Gold, NSDL, and Anthem Biosciences as examples of listings that sustained investor interest due to their strong fundamentals and growth potential. 

Secondary Market Still Subdued

The primary market’s buoyancy contrasts with a relatively muted secondary market. Ongoing geopolitical tensions, including concerns over U.S. tariffs on trading partners, have led to restrained participation in post-listing trading. Analysts suggest that while new issuances remain attractive, broader market recovery hinges on easing global tensions and a revival in foreign investment inflows. 

Investors Eye Selective Opportunities

Market experts believe that sustained primary market activity and healthy fundraising are unlikely to endure without wider participation in secondary markets. They emphasise that easing geopolitical risks and a resurgence of FII flows will be critical to sustaining listing gains and unlocking broader investor enthusiasm. 

Conclusion

August 2025 saw a vibrant wave of IPO activity in India, with both mainboard and SME listings delivering strong capital mobilisation. Despite subdued initial listing gains and cautious secondary market sentiment, investor interest remains robust—especially in fundamentally sound businesses. The continued momentum in the IPO space hinges on improved global trade conditions and the return of broader participation in post-listing markets.