The most ‘golden age’ ever for IPOs! Companies raised a record ₹2.23 lakh crore from the market

The primary market raised a record ₹2.23 trillion through 375 mainboard and small and medium enterprise (SME) initial public offerings (IPOs). Of these, 230 IPOs were listed above their issue price. According to Prime Database data, 131 issues of mainboard IPOs in Samvat 2082 (between October 21, 2025 and November 6, 2026) raised a record Rs. 2.12 trillion was raised. Which is the previous year’s Rs. 1.78 trillion is 19.6 percent more. The number of mainboard issues rose 26 percent to 131 from 104 a year ago. Fresh capital Rs. 1 trillion, which was Rs. 70,641 crore is 42 percent more than Rs. Offer for sale (OFS) increased by 4.8 percent to Rs. 1.12 trillion, which was earlier Rs. 1.07 trillion. OFS accounted for 52.8 percent of the total, compared to 60.2 percent a year ago.

These companies raised the most money

• The issue was the largest by Jio Platforms, which raised Rs. 30,188 crore was collected.
• This is followed by National Stock Exchange of India (Rs 22,563 crore) and ICICI Prudential Asset Management Company (Rs 10,603 crore).
• Both raised the entire amount through OFS. These top three companies together have collected Rs. 63,353 crore was collected, which is 29.8 percent of the total amount.
• The list of top five companies is completed with SBI Fund Management (Rs 9,795 crore) and Manipal Health Enterprises (Rs 9,275 crore).

Heavy investment by foreign investors

Mahavir Lunawat, Chairman and Managing Director (CMD), Pentomuth Capital Advisors, said the record fundraising in Samvat 2082 is an important milestone for India’s primary market. Access to public capital by Indian companies of various sectors and sizes shows their growing potential. The special thing is that about Rs. 1 trillion has come through new capital issue, which is being directly invested in business expansion, capacity building and development.

Through OFS (Offer for Sale), investors get an opportunity to extract value from their stake and improve market liquidity, provided the exit price and reasons are fully transparent. Vinay Jaisingh, Chief Investment Officer (CIO) and Senior Managing Partner, Ask Private Wealth, said that despite massive withdrawals by FIIs (foreign institutional investors), the market was able to digest such a large primary issue shows the strength of domestic liquidity. However, the flip side is that large IPOs compete with the secondary market for liquidity.

89 out of 131 mainboards are above issue price

Financial services and investment was the largest sector, with 14 issues contributing Rs. 60,781 crore was collected, which is 28.6 percent of the total amount. 89 of Mainboard’s 131 issues closed above their issue price on the day of listing. The average gain on the day of listing was 6.8 percent. Based on Friday’s adjusted market prices, 87 mainboard issues were above their offer prices, while 43 were below. The average return from the offer price was 16.8 percent. Of the 42 issues of ₹1,000 crore or more, 34 were trading above their offer prices. Vinay Jaisingh further said that the market has now started to differentiate between companies. This distinction is made on the basis of earnings clarity, cash-flow conversion, balance sheet quality, governance and valuation.

These companies made huge profits

BillionBrains Garage Ventures, the company that manages Grove, was 115.1 percent above its offer price. An increase of 110.3 percent was seen in Mishaw and 80.3 percent in Lenscart solutions. ICICI Prudential Asset Management Company rose 35.6 percent and Jio Platforms gained 25.7 percent. At the same time, Pine Labs fell 26.5 percent and SBI Fund Management fell 13 percent. Among all mainboard listings, Omnitech Engineering led with a gain of 166.2 percent and KSH International with a gain of 161.7 percent. On the other hand, Shree Ram Twistex recorded a major decline of 64.8 percent and Astha Spintex by 63.4 percent.

In the SME segment, 244 issues raised Rs. 10,826 crore was collected

In SME segment through 244 issues Rs. 10,826 crore was raised, compared to Rs. raised through 240 issues in the previous year. 10,407 crore is 4 percent more. OFS (Offer for Sale) declined by 40.6 percent to Rs. 628 crore, which is 5.8 percent of the total amount raised. Of the SME issues, 141 issues closed above their issue price on the day of listing. However, as of November 6, 114 issues were above the offer price, while the rest were below. In case of average returns, there was a loss of 3.9 percent. The IPO pipeline may see some movement in the coming year. The Securities and Exchange Board of India (SEBI) has approved five IPOs this week. These include IIFL Finance, Arjun Jewellers, Ncube Ethics, Sagar Defense Engineering and Mahanadi Coalfields. Of these five IPOs, three also include an OFS (Offer for Sale) component.