According to primedatabase.com, there was just one FPO in 2025—and that too by an SME—with CFF Fluid Control raising ₹83 crore. Offers for sale through stock exalters (OFS), which facilitate dilution of promoter holdings, declined 38%, from ₹31,985 crore in 2024 to ₹19,712 crore this year. Of this, government divestment accounted for ₹7,697 crore, or 39% of the total. The largest OFS was that of Adani Wilmar (₹4,829 crore).
“OFS accounted for just 6% of the year’s public equity market mobilisation. 2025 did not see any OFS by an InvIT or ReIT,” the release noted.
The report further highlighted that 39 companies mobilised ₹72,387 crore through QIPs in 2025, a decline of 47% from ₹1.38 lakh crore in 2024. The largest QIP was by State Bank of India, which raised ₹25,000 crore, accounting for 35% of the total QIP amount. In addition, there were five QIPs by InvITs and ReITs—Anzen India Energy Yield Plus Trust, Brookfield India Real Estate Trust, Capital Infra Trust, IRB InvIT Fund, and National Highways Infra Trust—raising a combined ₹13,453 crore.
For the year, the amount raised through InvITs and ReITs increased 75% to ₹13,106 crore across six issues, up from ₹7,516 crore last year.
“At an overall level, fundraising by Indian corporates—through equity and debt in India and overseas, covering IPOs, FPOs, OFS (SE), rights issues, QIPs, InvITs/ReITs, preferential issues, public debt, debt private placements, overseas bonds, ECBs, and FCCBs—declined by 8% to ₹19.80 lakh crore in 2025 from ₹21.47 lakh crore last year,” the report noted.
Meanwhile, mobilisation through rights issues more than doubled to ₹44,562 crore from ₹21,989 crore in 2024, according to primedatabase.com, largely driven by the year’s largest rights issue from Adani Enterprises (₹24,930 crore), which accounted for 56% of the total rights issue amount. By number, 54 companies tapped the rights route in 2025, compared with 34 in 2024, aided partly by revised guidelines that have created rights issues simpler and rapider. There were no rights issues by InvITs or ReITs.
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