India Leads Global IPO Market in 2025; Momentum Seen Through 2026
India Leads Global IPO Market in 2025; Momentum Seen Through 2026
India tops global IPO deal volume in 2025, with growth projected to continue into 2026 as the market broadens beyond mega listings.
India’s equity capital markets have undergone a dramatic shift from a cyclical fund-raising channel to a structurally deeper, more resilient platform between 2020 and 2025. The Primary Pulse 2025 report highlights that India’s IPO market is now in a structurally stronger phase, leading globally by deal volume and setting the stage for a continuing expansion in 2026, with close to Rs 4 lakh crore of capital formation expected.
Beyond mega listings, the growth is broad-based across mainboard and SME segments, with issuance volumes rising across sizes. Mainboard IPOs crossed the 100 mark in 2025 for the first time since 2007. India ranked among the top three globally for IPO proceeds in CY 2025, reflecting a healthy ecosystem that supports issuers of varied scales, from Rs 100 crore to Rs 2,000 crore.
Investor participation has deepened geographically. While Mumbai remains the primary anchor, accounting for about 37-38% of retail and HNI applications, Gujarat centers—Ahmedabad, Surat, Rajkot, Bhavnagar, and Mehsana—have shown strong traction. Non-metro markets such as Bhilai (Chhattisgarh), Kendrapara (Odisha), and Hisar (Haryana) have also emerged as notable hubs, signaling broader participation across the country.
All told, the market is transitioning from opportunistic listings to sustained capital mobilization and broad issuer participation, underscoring the depth, scale, and maturity of India’s primary market ecosystem. With these fundamentals, the outlook for 2026 appears constructive, as the industry forecasts nearly Rs 4 lakh crore of capital formation and continued IPO activity across sizes and geographies.
