 "Year-ender 2025: Financials, new-age cos dominate India's IPO fundraising")
India’s IPO market in 2025 saw record fundraising, with a large number of companies entering the capital markets across segments. However, fund mobilisation was concentrated across a limited set of sectors, with financial services emerging as the single largest contributor.
Alongside financial services, manufacturing and industrial segments accounted for a meaningful share of IPO proceeds. Sectors such as engineering, pharmaceuticals, electrical equipment, automobile components, cement and construction materials featured prominently among listings.
According to data from Motilal Oswal Financial Services (MOFSL), 365 IPOs were launched during the year, of which 106 were listed on the mainboard and 259 on the SME platform. Mainboard IPOs raised ₹1.83 trillion, accounting for around 94 per cent of the total capital raised in 2025. Over the last two years, 198 mainboard companies raised ₹3.6 trillion out of the total IPO fundraising of ₹3.8 trillion.
Financial services accounted for the largest share of IPO issuance in 2025, reflecting strong issuance from non-banking financial services (NBFCs), asset managers, insurers and financial platforms during the year. The segment contributed 26.6 per cent or ₹51,700 crore from the total capital raised.
The year also saw the fourth-largest IPO in India’s history, with Tata Capital raising ₹15,511.87 crore in October 2025. Other major IPOs from the financial sector included HDB Financial Services (₹12,500 crore) and Laxmi India Finance (₹254 crore). According to analysts at investment banking firm Pantomath Capital Advisors, it highlights the central role of NBFCs, asset managers, insurers, and financial platforms in India’s growth narrative. ALSO READ | India 2025 IPO: Record listings, mixed returns; check top winners, losers
Manufacturing, infrastructure and technology gain traction
After financial services, the capital goods segment accounted for 9.5 per cent or ₹18,500 crore of total capital raised through IPOs. Companies from the infrastructure, manufacturing and industrial segments featured prominently among listings, reflecting capacity expansion and domestic manufacturing momentum. IPOs such as Highway Infrastructure, Quadrant Future Tek and Standard Glass Lining recorded strong investor response and listing-day gains. "IT services, electronics and media, household & personal products, hospitality, education, and healthcare highlight structural demand drivers linked to consumption, digitalisation, and urbanisation," according to Pantomath.
According to MOFSL, technology companies contributed 9.2 per cent or ₹18,000 crore of total IPO issuance during the year. Listings such as Meesho (₹5,421.20 crore) and Urban Company (₹1,900 crore) were among the notable technology-related IPOs in 2025 and featured among the top performers on listing day.
Healthcare accounted for 6.4 per cent (₹12,500 crore), while consumer durables (₹11,700 crore) made up 6 per cent of total IPO issuance.
However, telecom, utilities and private banking space recorded no IPO fundraising in 2025, despite accounting for a significant share of capital raised in the previous year.
Additionally, MOFSL revealed that companies less than 20 years old contributed around 53 per cent of IPO fundraising over the last two years, raising approximately ₹2 trillion through 508 listings. By size, small-cap companies raised ₹1.98 trillion, accounting for 51.5 per cent of the total funds raised, followed by large-cap companies at ₹1.07 trillion and mid-cap companies at ₹788 billion. ALSO READ | IPO frenzy? Data shows only 1 in 4 IPOs drew Mutual Fund anchors in 2025
What the sectoral mix signals for 2026
Looking ahead to 2026, analysts at Pantomath Capital expect financial services, manufacturing, infrastructure-linked industries and consumption-oriented businesses to dominate primary markets in the coming year.
Additionally, it expects the issuance volumes to remain elevated but more calibrated compared with the peak seen in 2025. Based on historical trends and the visible pipeline, mainboard IPO activity is expected to remain in the range of 100 to 120 issues, while SME listings could exceed 250, subject to market conditions.