India has secured its position as the fourth largest market globally for fundraising through initial public offerings (IPOs) in calendar year 2025, as per a report by Bernstein. The Indian markets collectively raised about $14.2 billion (Rs. 1,26,096 crore), underscoring the country’s growing appeal as a key destination for capital market investments.
The United States topped the list with $52.9 billion (Rs. 4,69,752 crore) in IPO proceeds, followed by Hong Kong with $23.4 billion (Rs. 2,07,792 crore), and China with $16.2 billion (Rs. 1,43,856 crore). India’s robust performance came despite significant foreign institutional investor (FII) withdrawals from secondary markets, highlighting a strong distinction in investment patterns between primary and secondary avenues.
So far, 74 Indian companies have raised approximately $9.6 billion (Rs. 85,241 crore) from primary markets this year, excluding three large upcoming IPOs — WeWork India, Tata Capital, and LG Electronics India — which together aim to raise an additional $3.38 billion (Rs. 30,000 crore). This year’s total marks India’s third-highest fundraising in the past five years, following $17.99 billion (Rs. 1,59,784 crore) raised in 2024 and $13.37 billion (Rs. 1,18,723 crore) in 2021.
The Bernstein report highlighted that while FIIs pulled out nearly $18 billion (Rs. 1,59,840 crore) from secondary markets this year, they invested around $5 billion (Rs. 44,400 crore) in primary markets, reflecting confidence in new listings. Analysis of 161 companies listed since January 2024 shows that IPOs have consistently outperformed major indices, surpassing Nifty returns in five of the past seven quarters. In the last six months, 61% of IPOs beat the index, with average listing gains at 22% and more than half delivering double-digit returns.
Sectorally, consumer technology, green energy, and digital businesses dominated the IPO scene, contributing 16% of total offerings. Smaller IPOs particularly stood out: those below $20 million (Rs. 178 crore) saw average gains of 40%, mid-sized offerings between $20–40 million (Rs. 178–355 crore) rose 31%, while the largest IPOs exceeding $1 billion (Rs. 8,880 crore) posted average gains of 9%.
The data underscores India’s growing role as a primary market powerhouse, backed by robust investor participation, a dynamic startup ecosystem, and expanding opportunities across emerging sectors.
