India’s public markets are in the midst of a defining moment. After years of steady capital-markets reform, rising domestic liquidity, and deepening retail participation, the country’s Initial Public Offering (“IPO”) ecosystem has entered a phase of unprecedented expansion. IPO fundraising has surged to historic levels, with Indian companies raising ₹2.18 lakh crore between late 2024 and October 2025, its highest total on record.
This momentum is shaped by three defining trends: the volume of filings, the dominance of domestic capital, and a widening pipeline of issuers across sectors that signals increasing market maturity.
Record-breaking issuance and expanding pipeline
Investor appetite for new listings remains high In just twelve months, 288 companies filed draft red herring prospectuses seeking to raise approximately ₹4.18 lakh crore, reflecting growing corporate confidence and a willingness to tap public markets rather than rely solely on private capital. This surge highlights the increasing sophistication required from issuers, who must now demonstrate a deeper understanding of the Indian capital markets to successfully navigate the evolving regulatory landscape and investor expectations.
So far this year, 111 IPOs have already launched, cementing 2025 as one of the largest issuance cycles ever recorded in India.
The sheer depth of activity marks a step-change from previous cycles. Where IPOs were once concentrated among a few dominant sectors , issuers now range from fintech to consumer brands and digital-first platforms to industrial conglomerates and manufacturing. This diversification has broadened opportunities for institutional and retail participants alike and is beginning to reshape India’s capital-formation landscape.
India’s ascent to global prominence
The pace of issuance is not just reshaping domestic liquidity flows, it is recalibrating global rankings. India is now the fourth-largest IPO market in the world, trailing only the United States, Hong Kong and mainland China. Large-cap listings and a maturing market have attracted significant institutional interest, demonstrating India’s ability to absorb transactions of global scale like its peers. Both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) now sit among the world’s busiest IPO venues in 2025, elevating India from a fast-growing emerging market to a central node in global equity capital-raising activity.
Large-cap listings reinforce confidence
The year has not been driven solely by smaller issuances. Big-ticket offerings including LG Electronics India’s US$1.3 billion IPO have drawn significant attention from institutional buyers, showcasing that India’s primary markets are now capable of absorbing transactions of global scale.
These transactions indicate that India’s listing markets are no longer viewed merely as liquidity events for domestic enterprises; they are increasingly positioned as strategic platforms for established multinational players and growth companies seeking diversified investor bases, valuation discovery and long-term visibility.
Outlook for 2026: Sustaining Momentum
Looking ahead, 2026 is shaping up to be a landmark year for Indian equity markets. Global investor sentiment is also turning optimistic. BlackRock has named India its “preferred emerging market for 2026,” citing valuation resets and structural growth drivers, while the International Corporate Governance Network (ICGN) notes that foreign portfolio inflows could surge if governance standards continue to improve. This optimism is reinforced by marquee IPOs in the pipeline, including Reliance Jio, NSE, and SBI Funds Management, which together could push India’s IPO fundraising beyond $20 billion in 2026.
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We would like to thank Fortune Elenwa, Baldeep Virdee, Radhika Ruparelia, Seema Bains and Bhavesh Dattani for their contributions to this article.
