Best-ever Samvat for IPOs: Record ₹2.23 trillion raised, up 19.6%

India's primary market raised a record ₹2.23 trillion through 375 IPOs in Samvat 2082, with mainboard issues accounting for ₹2.12 trillion and SME offerings for the rest.

The primary market raised a record ₹2.23 trillion through 375 mainboard and small and medium enterprise (SME) initial public offerings (IPOs), with 230 of them listing above their issue prices.

 

Mainboard IPOs raised a record ₹2.12 trillion through 131 issues during Samvat 2082, between October 21, 2025, and November 6, 2026, up 19.6 per cent from ₹1.78 trillion in the preceding Samvat year, according to data from Prime Database.

 

The number of mainboard issues rose 26 per cent from 104 a year earlier. Fresh capital stood at ₹1 trillion, up 42 per cent from ₹70,641 crore. Offer for sale (OFS) rose 4.8 per cent to ₹1.12 trillion from ₹1.07 trillion. OFS accounted for 52.8 per cent of the total, against 60.2 per cent a year earlier.

 

Jio Platforms, which raised ₹30,188 crore entirely through fresh capital, was the largest issue. It was followed by the National Stock Exchange of India (₹22,563 crore) and ICICI Prudential Asset Management Company (₹10,603 crore), both entirely through OFS. The top three together raised ₹63,353 crore, or 29.8 per cent of the total. SBI Funds Management (₹9,795 crore) and Manipal Health Enterprises (₹9,275 crore) completed the top five.

 

“The record fundraising in Samvat 2082 is a significant milestone for India’s primary markets. The breadth of issuances reflects the growing ability of Indian companies across sectors and sizes to access public capital. The fact that nearly ₹1 trillion came through fresh capital issuance is particularly encouraging, as it represents resources being channelled directly into business expansion, capacity creation, and growth. The remaining OFS component also gives an avenue for investors to realise value and improve market liquidity, provided the pricing and rationale for exits are transparent,” said Mahavir Lunawat, chairman and managing director (CMD), Pantomath Capital Advisors.

 

“The ability of the market to absorb such large primary issuances despite significant FII (foreign institutional investor) outflows demonstrates the strength of domestic liquidity. The flip side is that large IPOs inevitably compete with the secondary market for liquidity,” said Vinay Jaising, chief investment officer (CIO) and senior managing partner, ASK Private Wealth.

 

Financial services and investments was the biggest sector, with 14 issues raising ₹60,781 crore, or 28.6 per cent of the total.

 

Of the 131 mainboard issues, 89 closed above the issue price on the day of listing. The median listing-day gain was 6.8 per cent. Based on adjusted market prices on Friday, 87 of the mainboard issues were above their offer price and 43 below. The median return from the offer price was 16.8 per cent. Among the 42 issues of ₹1,000 crore or more in size, 34 were trading above the offer price.

 

“The market is increasingly differentiating between companies based on earnings visibility, cash-flow conversion, balance-sheet quality, governance, and valuation. We prefer businesses with demonstrated profitability and a credible growth runway, rather than those dependent on optimistic assumptions or a long gestation period to profitability. This is even more important in SMEs, where governance, liquidity, and earnings quality can vary considerably,” Jaising added.

 

Billionbrains Garage Ventures, the operator of Groww, was up 115.1 per cent from its offer price. Meesho gained 110.3 per cent and Lenskart Solutions 80.3 per cent. ICICI Prudential Asset Management Company was up 35.6 per cent and Jio Platforms 25.7 per cent. Pine Labs was down 26.5 per cent and SBI Funds Management 13 per cent.

 

Omnitech Engineering, at 166.2 per cent, and KSH International, at 161.7 per cent, posted the sharpest gains among all mainboard listings. Shree Ram Twistex (down 64.8 per cent) and Aastha Spintex (down 63.4 per cent) saw the steepest losses.

 

In the SME segment, 244 issues raised ₹10,826 crore, up 4 per cent from ₹10,407 crore raised by 240 issues in the previous Samvat. OFS fell 40.6 per cent to ₹628 crore, or 5.8 per cent of the amount raised.

 

Of the SME issues, 141 closed above the issue price on the listing day. As of November 6, however, 114 were above the offer price and the rest below. The median return was a loss of 3.9 per cent.

 

The IPO pipeline is expected to see some activity in the next Samvat, as the Securities and Exchange Board of India (Sebi) approved five IPOs this week. The five are from IIFL Finance, Arjun Jewellers, Encube Ethicals, Sagar Defence Engineering and Mahanadi Coalfields. Three of these five IPOs have OFS components. 

PERIOD	IPOs (MAINBOARD)				SME IPOs
	NO. OF ISSUES	FRESH CAPITAL (Rs. crore)	OFFER FOR SALE (Rs. crore)	ISSUE AMOUNT (Rs. crore)	NO. OF ISSUES	FRESH CAPITAL (Rs. crore)	OFFER FOR SALE (Rs. crore)	ISSUE AMOUNT* (Rs. crore)
Samvat 2077	49	30,781	51,030	81,811	47	498	91	589
Samvat 2078	39	26,256	56,393	82,648	100	1,527	164	1,691
Samvat 2079	59	19,184	29,751	48,935	175	3,960	277	4,237
Samvat 2080	84	45,181	73,737	118,917	243	7,916	497	8,413
Samvat 2081	104	70,641	106,985	177,626	240	9,350	1,058	10,407
Samvat 2082	131	100,320	112,112	212,432	246	10,198	628	10,826