India’s initial public offering (IPO) market has made a remarkable comeback over the past year, raising nearly double the funds of the previous year even as broader stock markets struggled.Between October 2024 and September 2025, 86 IPOs brought in Rs 1,70,897 crore, compared with Rs 90,436 crore that 88 IPOs raised in the same period a year earlier, according to an ET report.The surge comes as the stock market continues to fall. Over the same period, the BSE Sensex slipped 3.5% to 80,426 from 84,266, while the Nifty dropped 4.4% to 24,655 from 25,797.The boom has been driven by high-value issues, a wider mix of sectors, and strong domestic investor interest. “We have seen the surge in domestic liquidity from mutual funds, insurers, and even retail investors which has reduced reliance on foreign flows,” said V Jayasankar, MD of Kotak Investment Banking.“We had perhaps the best quarter for IPOs between October and December 2024, and anticipate a similar trend this year,” Jayasankar told ET.The year began with a flurry of activity, as 30 IPOs raised Rs 95,513 crore in the first three months. After a slowdown in the first half of 2025, the market rebounded in July-September, with 37 IPOs raising Rs 45,551 crore.In total, 56 IPOs raised Rs 75,384 crore from January to September 2025, up from Rs 64,011 crore in the same period of 2024.Major deals this year include HDB Financial Services (Rs 12,500 crore), Hexaware Technologies (Rs 8,750 crore), and NSDL (Rs 4,010 crore).“It’s becoming tougher to make money in the secondary market, so a lot of that money is flowing into the primary market,” Siddarth Bhamre, head of institutional research at Asit C Mehta told ET.“The IPO market is essentially a function of a bull market and liquidity, and this frenzy will continue.”In 2024, Hyundai Motor India led the way with a Rs 27,859-crore IPO, followed by Swiggy at Rs 11,327 crore and NTPC Green Energy at Rs 10,000 crore. The top five listings together accounted for around 70% of the total funds raised that year.Looking ahead, the IPO pipeline remains strong. Jayasankar noted that upcoming offerings cover a wide range of sectors, including digital technology, NBFCs, consumer and retail, automobiles, renewable energy, and TMT (technology, media, and telecommunications).Pranav Haldea, managing director at Prime Database, said that the total planned size is nearly Rs 3 lakh crore“Going forward, there is a strong pipeline of over 150 IPOs with Sebi, both approved and awaiting approval, with a total issue size of nearly `3 lakh crore,” Haldea said, as quoted by ET.Companies expected to launch IPOs in the coming months include Tata Capital (Rs 17,000 crore), LG Electronics (Rs 10,000 crore), WeWork, Hero Fincorp, Hero Motors, and BoAt.
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