27 issuers and one mega deal: 2025 QIP issuances tell a split story

SBI's ₹25K crore fundraise hides a stark contrast - most companies trail last year's pace

Qualified institutional placements (QIPs) have slowed in 2025 after a record-breaking year for fundraising. 

As of August, 27 companies have raised ₹57,254 crore, compared with 58 firms that raised ₹64,924 crore during the same period in 2024. Excluding State Bank of India’s ₹25,000 crore fundraise — the largest QIP ever in the domestic market — the total capital raised this year would be less than half of last year’s figures. 

Bankers link the slowdown in QIP activity to the broader equity market selloff. 

“Markets have been turbulent for most of the year due to US tariff concerns and other factors,” said Mahavir Lunawat, founder and managing director of Pantomath Financial Services. 

Lunawat added that the effects of recent goods and services tax cuts, combined with higher consumption during the festival season, are likely to show up in corporate earnings after the July–September 2025 quarter, potentially encouraging companies to return to the market. 

“After the festival season, we expect more QIPs. Buoyancy in the primary market tends to lag behind economic indicators. Investors want clarity, and corporate earnings should give them reason to cheer,” he said. 

A QIP allows a company to issue new shares to a select group of investors at a discount to the market price. It remains a preferred method for follow-on capital raises because it is fast and cost-effective.