In comparison, in a decade from 2015, companies have raised more than Rs 7.5 trillion from IPOs, according to historical data from Prime Database. In 2015, 21 IPOs raised Rs 13,614 crore, which rose to Rs 26,494 crore in 2016 from 26 issues, 2017 saw 36 issuers collecting Rs 67,147 crore, but declined in 2018 to Rs 30,959 crore from 24 issues, and 2019 saw a sharper decline to Rs 12,362 crore by 16 issues.
Come 2020, 15 issues raised Rs 26,613 crore, which rose manifold to Rs 1,18,723 crore in 2021 by 63 issuers, but more than halved in 2022 to just about Rs 59,302 crore in 2022 from 63 issues, and going down further to Rs 54,125 crore in 2023 from 57 issues, but rose sharply in 2024 to Rs 1,68,545 crore from 91 mainboard issues raising Rs 1,59,784 crore and 240 tiny issues raising Rs 8,761 crore.
But listing gains are the lowest this year with average IPO gains being just 9% this year—lowest in a decade. This was 11% in 2022, 29% in 2023 and 30% in 2024. Only a tiny number of the 91 listings delivered returns above 50%, while many traded lower within three to six months of debut. According to Chittorgarh.com, of the 103 mainboard IPOs, only 53 issues created listing day gains, 49 created listing day losses, 67 are trading in gains now and 35 are in losses.
Of the 267 SME issues, 123 created listing day gains, 133 created listing day losses and 162 are in green now while 94 are in the red now. Foreign investors continued to participate in primary markets, infapplying $7.55 billion into IPOs, even as they sold nearly $24 billion in secondary markets. Non-banking financial companies, capital goods, technology, healthcare, and consumer durables are the leading sectors in terms of funds raised in the year under review with the largest mainboard issues being Tata Capital (Rs 15,512 crore), HDB Financial Services (Rs 12,500 crore), LG Electronics India (Rs 11,605 crore), and ICICI Prudential AMC (Rs 10,602 crore).With investor demand remaining robust, IPOs received oversubscribed by an average of 26.6 times over the past two years.
However, average listing gains in 2025 dropped to a three-year low of 9.9%, a stark contrast to the high gains seen in previous years, which analysts attribute to richer IPO valuations and increased investor selectivity. Another notable feature of the year was offer-for-sale (OFS) commanding a significant portion of the funds raised, about 63.5% or Rs 1,11,495 crore), as existing shareholders (promoters and private equity firms) monetized their stakes. Of this promoter exits touched a whopping Rs 79,000 crore, while PE–VC stake sales totalled Rs 20,644 crore in 2025.
Fresh issuance contributed only Rs 64,406 crore in the year.Within the OFS segment, promoters dominated activity, accounting for 71% of all sales, while private equity investors represented 19%. The balance came from banks, domestic companies and individual shareholders.LG Electronics emerged as the largest promoter seller, divesting Rs 11,600 crore through the IPO. Prudential Corporate Holdings, a promoter of ICICI Prudential AMC, is the second-largest with sales of Rs 10,600 crore.
HDFC Bank, the promoter of HDB Financial Services, ranks third selling about Rs 10,000 crore in IPO. Other significant promoter exits include CA Magnum Holdings, which sold Rs 8,752 crore in Hexaware Technologies, and Tata Sons, which offloaded Rs 7,500 crore in Tata Capital.Private equity/venture capital investor exits are led Peak XV Partners, selling stakes worth Rs 2,687 crore across Pine Labs, Meesho, Wakefit Innovations and Billionbrains Garage Ventures.
IFC is the second-largest seller, followed by YC Holdings, with sales of Rs 1,310 crore and Rs 1,054 crore respectively. IFC exited holdings in Tata Sons and Nephrocare Health Services, while YC Holdings sold shares in Billionbrains Garage Ventures (Groww).Startup promoters created windfall gains with Peyush Bansal of Lenskart selling sahres worth Rs 824 crore; Physicsqallah founders Alakh Pandey and Prateek Boob creating Rs 190 crore each and Meesho founders Sanjeev Kumar and Vidit Aatrey cashing out Rs 178 crore each.
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