Mumbai (Maharashtra) [India], January 2 : In the Calendar Year (CY) 2025, the Initial public offering (IPO) markets remained active, with 220 public issues raising Rs 1.78 lakh crore; mainboard IPOs increased to 103 from 90 a year earlier, said National Stock Exchange's (NSE) annual highlights for Calendar Year (CY) 2025.
Maharashtra, Delhi-NCR and Karnataka led mainboard IPO activity by both volume and value, it said.
Last year in 2024, a total of 268 IPOs were launched. The decline in 2025 was led by fewer SME offerings, which fell to 117 from 178 a year earlier. In contrast, mainboard IPOs increased to 103 in 2025 from 90 in the previous year, underlining sustained appetite for larger issues.
The NSE report further said the mainboard IPOs collectively mobilised Rs 1.72 lakh crore, up 8% year-on-year, though the average issue size moderated to Rs 1,672 crore from Rs 1,772 crore in 2024.
The year saw four mega issues of over Rs 10,000 crore each. Tata Capital Limited emerged as the largest IPO of 2025, raising Rs 15,512 crore, while Jinkushal Industries Limited was the smallest mainboard issue at Rs 116 crore.
The SME segment raised Rs 5,784 crore during the year, down from Rs 7,348 crore in 2024, even as the average SME IPO size increased to Rs 49 crore.
The report further added that the equity fundraising stood at Rs 4.19 lakh crore, while debt issuances rose 13% to Rs 15.11 lakh crore.
Business trusts also saw higher traction, with REITs and InvITs together raising Rs 33,860 crore, a 33% jump over 2024.
Further, India's equity investor base continued to widen. Unique registered investors rose to 12.5 crore by end-December 2025, with 1.6 crore new registrations during the year. Northern and southern India recorded the fastest growth, while Uttar Pradesh and Maharashtra led new additions in absolute terms.
In 2025, Nifty 50 gained 10.5% to end at 26,130, while the broader Nifty 500 rose 6.7%. Midcaps delivered modest gains, even as smallcaps corrected during the year.
Overall market capitalisation of NSE-listed companies increased to Rs 474 lakh crore, though the market-cap-to-GDP ratio edged lower to 135%, reflecting faster nominal GDP growth.
Total fund mobilisation reached Rs 19.64 lakh crore in 2025, up 10% year-on-year, driven by strong debt issuance and steady equity activity, the NSE report said.
At the international exchange in GIFT City, notional turnover crossed the USD 1 trillion mark for the year, supported by rising volumes in GIFT Nifty contracts, the report said.
New products, including daily expiry options and additional single-stock derivatives, expanded the offshore offering.
Overall, 2025 underscored the Indian market's resilience, with steady index gains, expanding participation, and continued innovation across products and platforms, even as select segments adjusted to tighter global financial conditions.
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