This follows sustained domestic institutional flows encouraging well-positioned issuers across sizes and sectors to tap public markets for growth capital and investor exits.

About 242 companies have filed draft red herring prospectuses with markets regulator Securities and Exchange Board of India in calendar year 2025 so far aiming to raise nearly ₹3.47 trillion, according to new issue tracker Prime Database. This is significantly higher than the 157 filings seeking ₹2.79 trillion in calendar 2024.

The 91 IPOs so far in 2025 have cumulatively raised ₹1.52 trillion up to 17 November 2025, marginally behind the ₹1.59 trillion vacuumed up by issuers in all of 2024. Issuers such as Wakefit, Fractal Analytics, and Meesho are expected to join the list of IPO companies before the year-end—likely turning 2025 into an all-time high year for such capital raising.

To be sure, any change in the market valuations or appetite for new stocks could see IPO issuers pull back their plans for the next six weeks and result in the monies raised through such share sales in calendar 2025 fall short of that ponied up in the previous calendar year.

"With over INR 1.5 lakh crore raised through main board IPOs so far, the surge in fundraising this year, has been driven by a combination of factors, including larger issue sizes that the market has successfully absorbed, a broader and more diversified mix of sectors coming to market, and importantly, a significant rise in domestic investor participation," said Gaurav Sood, managing director and head, equity capital markets, Avendus Capital, a Mumbai-based investment bank.

Commenting on India's standout performance as the market with the most number of IPOs in the first three quarters of calendar year 2025, consultancy and audit firm noted in an October report: "India's leadership in IPO volume, supported by strong valuation multiples, underscores the vibrancy of its domestic market. The rise in average deal size reflects growing investor optimism in sectors such as fintech, manufacturing and renewables."

Big, diverse issuers

Large IPOs over the last 18–24 months demonstrate the depth of domestic liquidity and have encouraged more issuers to tap public markets, Sood added.

The pipeline of issuers has been diverse and broad as Indian public markets are now more accepting of differentiated, innovation-led business models. Automaker Hyundai India, food delivery and quick commerce platform Swiggy, consumer goods brand LG Electronics India, and non-banking lenders Tata Capital and Bajaj Housing Finance have been among the top IPO companies in India in 2024 and so far in 2025.

Several prominent firms—Meesho, InCred Holdings, Gaja Capital, Boat, Sedemac Mechatronics, Orkla India, Urban Company, WeWork India, Lenskart, Groww, PhysicsWallah, Pine Labs, Fractal Analytics, and Captain Fresh—filed draft papers through 2025, with many already public or in advanced stages of listing.

Valuations in the public market are attractive, pointed out another expert. "This is resulting in more MNCs listing their Indian subsidiaries as also more private equity-owned firms looking at a listing. Even traditional Indian family-owned, closely-held businesses are now actively considering listing as a result of what I call net worth creation effect," said Pranav Haldea, managing director at Prime Database.

After a slowish start at the beginning of the year, he added that a multitude of factors such as cuts in the goods and services tax (GST), hopes of progress in India-US trade talks, and positive macro data have further driven enthusiasm in the secondary market which always has a rub-on effect on the primary market.

Domestic flows, policy support

Besides GST cuts, investor sentiment is looking up supported by pro-growth policy decisions such as reduced interest rates, "alongside better-than-expected corporate earnings in Q2 thus far," said Apoorve Goyal, managing director of India investments at Prosus Group, a Dutch investment firm.

Goyal added that high-quality issuances such as LG Electronics, Tata Capital, and HDB Financial Services have paved the way for new-economy firms including Urban Company, Lenskart, Groww and Pine Labs to tap the markets.

Prosus itself has seen listings among its portfolio companies this year, including Bluestone and Urban Company, with Meesho expected to list soon, reinforcing momentum in consumer internet offerings.

Issuers today are more IPO-ready than in previous boom cycles and this is seen across metrics like profitability, governance, and disclosure quality, according to Sood—a shift that has "materially increased the number of DRHPs being filed".

Goyal said much of this year's demand was led by domestic investors, while foreign investors focused on developed markets—the US, China and Japan—where secondary valuations looked more attractive and AI-led themes dominated allocations. "We expect a portion of that capital to come to India next year, provided the macro backdrop remains supportive and pricing continues to look attractive," he said.

Strong pipeline

Whether this momentum sustains will become clearer as several large and mid-sized issuers gear up for 2026 listings.

Investors believe that much will depend on the performance of companies listed this year. "The sustainability of this buoyancy will depend on broader macro stability, global capital flow trends, and the ability of newly listed companies to deliver on their growth and profitability promises," said Goyal.

Companies across tech-enabled services, specialty manufacturing, consumer platforms, health-tech, and energy-transition themes have already laid the groundwork for a strong pipeline.

At least 30 companies—including Milky Mist Dairy Food, Curefoods India, Shiprocket, Shadowfax Technologies and Gaja Capital—have secured regulatory approval in the past six months, setting the stage for a robust listing calendar next year.