India’s Primary Market Sees Over ₹1.53 Lakh Crore Raised in 2025 as Big IPOs Dominate
India’s primary market has seen more than 90 main board listings so far in 2025, with corporates raising Rs 153,168 crore. The main board of stock markets has witnessed bigger IPOs hitting the primary market this year, as the response has been strong at a time when the secondary market has not given handsome returns to investors. At this rate, 2025 may surpass 2024, when approximately Rs 1.67 lakh crore was raised through corporate listings.
In October, India recorded its highest-ever monthly primary market fundraising through IPOs, with 10 IPOs raising $5 billion (Rs 44,000 crore). November is also proving productive, with nine IPOs raising close to Rs 30,000 crore (over $3.5 billion).
The ten biggest listings in 2025 included:
Tata Capital (Rs 15,511.87 crore), HDB Financial (Rs 12,500 crore), LG Electronics (Rs 11,607 crore), Hexaware Technologies (Rs 8,750 crore), Lenskart Solutions (Rs 7,278 crore), Billionbrains Garage Ventures (Rs 6,632 crore), NSDL (Rs 4,010.95 crore), Pine Labs (Rs 3,900 crore), Tenneco Clean Air India (Rs 3,600 crore), JSW Cement (Rs 3,600 crore), and Schloss Bangalore (Rs 3,500 crore).
The financial services and technology companies have dominated the 2025 list. Big financial services companies included HDB Financial Services, Tata Capital, Groww’s promoter Billionbrains Garage Ventures, National Securities Depository Services, and Pine Labs.
Technology-driven platforms such as NSDL, Groww, and Pine Labs, along with Hexaware Technologies (IT software), LG Electronics and Lenskart Solutions (consumer tech), and Tenneco (auto components), also featured prominently. JSW Cement and Leela Palaces Hotel Resorts came from traditional sectors and still raised sizable capital.
Besides strong domestic institutional and retail support, the primary market has seen strong inflows from foreign portfolio investors (FPIs).
FPIs have been selling in the secondary market but buying aggressively in the primary market in 2025.
“The long-term trend of FPIs investing through the primary market continues with an investment of Rs 7,833 crore so far in November. From 2025 till now, the total FPI sell figure through exchanges is Rs 2,08,126 crore, while the total FPI buying in primary issuances is Rs 62,125 crore.”
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