India’s IPO market is scaling new heights, with three major companies (Tata Capital, LG Electronics and WeWork) aiming to collectively raising over Rs 30,000 crore this week. Between October 2024 and September 2025, firms have mobilised nearly Rs 1.7 lakh crore, almost twice the amount raised in the previous 12 months, reflecting the robust momentum in the primary market despite the lackluster trend in broader equities. In 2025, as many as 71 companies have so far raised around Rs 85,000 crore by selling shares in the primary market.
Sunny Agrawal, Head of fundamental research at SBI Securities, told TNIE that strong domestic liquidity is fueling the robust demand for IPOs. “Mutual funds, insurers, and retail investors have substantial cash reserves. MFs are receiving fresh inflows every month. With limited money-making opportunities in the secondary market, fund managers are turning to the primary market,” Agrawal said.
Market experts note that although IPO listing gains this year have not been extraordinary, they still outpace benchmark index returns. The benchmark NSE Nifty50 Index is up just 5.6% this year, a sharp underperformance versus a broader gauge of Asian equities that has climbed about 23%. India’s market this year has been hit by valuation concerns, a slowdown in earnings growth and brewing US-India trade tensions.
On the mainboard, there have been 73 IPOs, while the Small and Medium Enterprises (SME) segment has seen 198 IPOs so far. Among the mainboard IPOs, more than two-thirds of the IPO have delivered gains on the listing day with at least 10 companies gaining more than 30%. So far, no mainboard IPO has doubled investors’ money on the listing day.
Not only domestic players, foreign players are also buying IPOs despite selling relentlessly in the secondary market. According to data from the NSDL, Foreign Portfolio Investors (FPIs) purchases in the primary market till the end of last week amounted to Rs 44,603.12 crore. In contrast, they have sold off a much larger sum of Rs 202,964.33 crore in the secondary market.
Going ahead, the frenzy in the IPO market is likely to continue. Tuhin Kanta Pandey, chief of market regulator Securities and Exchange Board of India (SEBI), said in a speech earlier this month that there are over 170 IPOs in the pipeline, which are expected to raise 2.70 lakh crores.
Among the big names, Tata Group’s Tata Capital opened for subscription on Monday. The Rs 15,522 crore IPO, biggest of 2025, was subscribed 39% on Day 1. The IPO of co-working space operator WeWork India Management got subscribed 13% on the second day of share sale on Monday. The IPO is structured as a full Offer-for-Sale (OFS) worth Rs 3,000 crore.
Home appliances and consumer electronics brand LG Electronics India’s Rs 11,607 crore IPO will hit Dalal Street on Tuesday.