IPO Boom 2025: India’s IPO Market Poised to Surpass ₹1 Lakh Crore for the Third Time

The Indian Initial Public Offering (IPO) market is set for a record year in 2025, with already nearly ₹85,000 crore raised by companies through 74 mainboard listings till September.

The run-rate is likely to pick up in October as well with bluechip IPOs of Tata Capital and WeWork India expected to drive the fundraising total over the ₹1 lakh crore mark for the first time in its history, with only two previous instances.

Tata Capital will bring one of the year's biggest issues, a ₹16,000-crore IPO, on subscription between October 6 and 8. WeWork India also has a ₹3,000-crore listing planned between October 3 and 7. Together, these two issues are likely to propel the market past the symbolic ₹1 lakh crore fundraising mark for 2025.

Earlier, the IPO market crossed this milestone in 2021 and 2024. In 2021, 63 IPOs raised ₹1.19 lakh crore, whereas in 2024, 91 issues collectively raised ₹1.6 lakh crore. Records indicate that this year's figures are likely to exceed all previous records.

piling on the momentum, LG India is said to be working on a ₹15,000-crore offering in the first half of October, which would take the money raised so far to well over ₹1.3 lakh crore. Some other prominent companies likely to tap the market in the fourth quarter are ICICI Prudential, Groww, Pine Labs, Canara HSBC Life, Credila Financial, and Physics Wallah.

The SME IPO space has also turned in an outstanding performance. 53 SME listings raised ₹2,309 crore alone in September — the best monthly performance so far in value as well as volume. As of now in 2025, 207 SME issues together have raised ₹9,129 crore already, already breaking all previous annual highs with three months still left.

Analysts explain the robust IPO action as a result of optimistic investor sentiment, healthy corporate earnings, and increasing retail participation in equities, making 2025 one of India's greatest years for primary markets.