India’s equity primary market staged a commanding comeback in FY 2025, not just reviving but setting historic benchmarks. In FY25, 79 companies went public and raised over INR 1.62 lakh crore. Notably, 13 out of 79 IPOs were listed in negative territory. FY25 emerged as one of the most active years in Indian capital market history. From deep retail participation to robust institutional backing, the IPO market reflected widespread investor confidence and a mature investment ecosystem.
FY25 IPO Performance – Overview
- Total Number of IPOs: 79
- Cumulative Funds Raised: INR 1,62,517.23 crore
- Average Listing Gains: 29.39%
- Average Subscription Level: 71.5x
IPOs in FY25 comfortably surpassed recent years in both issue size and listing performance, driven by macroeconomic stability, strong domestic demand, and renewed FII interest.
IPO Types Breakdown
1. Fresh Issues
- Number of IPOs: 13
- Funds Raised: INR 14,921.45 crore
- Average Listing Gain: 34.84%
2. Mixed Issues (Fresh + OFS)
- Number of IPOs: 52
- Funds Raised: INR 88,715.05 crore
- Average Listing Gain: 27.05%
3. Pure Offer for Sale (OFS)
- Number of IPOs: 14
- Funds Raised: INR 58,880.73 crore
- Average Listing Gain: 32.99%
Despite concerns around promoter exits, OFS-based IPOs in FY25 delivered strong performances, reflecting market maturity.
Participation Trends
Broadened Retail & Employee Participation
- IPOs in FY25 with Shareholder and Employee Quota:
- Dr. Agarwal’s Health Care
- NTPC Green Energy
- Bajaj Housing Finance
- IPOs Offering Employee Discount: 28
Top 5 Most Subscribed IPOs
| IPO Name | QIB (X) | NII (X) | Retail (X) | Total (X) | Listing Returns (%) |
|---|---|---|---|---|---|
| Indo Farm Equipment | 242.40 | 503.83 | 104.92 | 229.68 | 27.30 |
| Manba Finance | 148.55 | 511.65 | 144.03 | 224.10 | 26.88 |
| Denta Water & Infra | 236.94 | 507.27 | 90.56 | 221.68 | 16.07 |
| KRN Heat Exchanger | 253.04 | 431.63 | 98.29 | 214.42 | 117.63 |
| Gala Precision | 232.54 | 414.62 | 91.95 | 201.41 | 43.13 |
Listing Day Champions
| IPO Name | Listing Day Gains (%) |
|---|---|
| Mamata Machinery | 159.26% |
| Bajaj Housing Finance | 135.71% |
| KRN Heat Exchanger | 117.63% |
| Unicommerce eSolutions | 94.52% |
| One Mobikwik Systems | 89.25% |
Post-Listing Performance Standouts
| IPO Name | Listing Returns (%) | Current Return (%) |
|---|---|---|
| KRN Heat Exchanger | 117.63 | 301.82% |
| Bharti Hexacom | 42.68 | 152.25% |
| Premier Energies | 86.64 | 109.78% |
| Quadrant Future Tek | 53.10 | 83.43% |
| Bajaj Housing Finance | 135.71 | 77.64% |
Biggest IPOs of FY25
Below is the list of Biggest IPOs of FY25:
| Company Name | Issue size (crore) | Listing Day Returns (%) |
|---|---|---|
| Hyundai Motor India | 27,858.75 | -7.16 |
| Swiggy | 11,327.43 | 16.92 |
| NTPC Green Energy | 10,000.00 | 12.64 |
| Hexaware Technologies | 8,750.00 | 7.70 |
| Vishal Mega Mart | 8,000.00 | 43.50 |
Institutional Participation
In the FY25:
- Top 20 QIB-Subscribed IPOs: Avg Listing Gain: 55.29%
- Top 20 NII-Subscribed IPOs: Avg Listing Gain: 44.74%, while
In FY24, the top 20 IPOs with the highest QIB subscription delivered an average return of 59.02%, while the top 20 IPOs with the highest HNI subscription yielded an even higher average return of 63.29%. This suggests that HNIs may have been the smarter money this fiscal year.
Sectoral Trends
Top Performing IPO Sectors of FY25:
| Sector | No. of IPOs |
|---|---|
| Capital Goods | 17 |
| Financial Services | 10 |
| Consumer Services | 8 |
| Healthcare | 8 |
| Construction | 7 |
| Automobile & Auto Components | 5 |
| IT | 5 |
Capital goods remained dominant, supported by government-led capex and private investment momentum. Financial services showed sustained traction due to the rise of fintech and NBFCs tapping the markets. Healthcare and consumer services benefited from both urbanization and evolving consumer behavior.
Emerging sectors like renewables and logistics signaled a shift in investor appetite towards sustainable and infrastructure-linked themes. IT and auto components, though smaller in IPO count, delivered strong listing and post-listing performances, showcasing innovation-driven investor conviction.
State-Wise Distribution
Below is the statewise distribution of the IPOs:
| State | Number of IPOs |
|---|---|
| Maharashtra | 30 |
| Karnataka | 10 |
| Haryana | 8 |
| New Delhi | 7 |
| Gujarat | 4 |
| Tamil Nadu | 3 |
| Telangana | 2 |
| Punjab | 1 |
Maharashtra continued to lead, owing largely to its role as India’s financial nucleus and headquarters for many leading brokerages and investment banks. Karnataka, with its burgeoning startup scene centered in Bengaluru, retained a strong presence.
Meanwhile, the emergence of IPOs from southern states such as Tamil Nadu and Telangana underlines the decentralization of entrepreneurial activity in India. Haryana and Gujarat also played notable roles, driven by strong SME participation.
No IPOs in March: A Rare Pause in an Otherwise Active Year
March witnessed a complete halt in IPO activity, marking a rare pause in what has otherwise been a vibrant financial year. This is not the first time the primary market has seen such a dry spell.
Over the last 60 months, there have been 14 months with zero IPO listings. These include:
- 2023: February
- 2022: March, July
- 2021: May
- 2020: January, February, April, May, June, August
- 2019: January, June, September, November
While FY25 has been marked by strong investor interest and steady listings, these inactive months reveal the primary market’s vulnerability to macroeconomic and geopolitical conditions.
Most of these IPO-less periods coincided with heightened global uncertainty, poor quarterly performance by companies, liquidity challenges driven by aggressive FII outflows, and domestic policy shifts.
Notable slowdowns include the pandemic-induced freeze in 2020 and the cautious environment during parts of 2019.
Analyst Insights
- Retail & Employee Participation Soared: Enabled by better fintech infrastructure and seamless KYC-linked digital investment platforms.
- Anchor Strength = Better Performance: Strong QIB backing not only lent credibility but also improved price discovery.
- Sector & Regional Breadth: From capex-driven plays to tech and renewables, FY25 marked a diversification inflection point.
- Expanding Geographic Footprint: While Maharashtra continues to lead, increasing representation from southern and northern states signifies more inclusive capital formation.
- Momentum Beyond Listings: Many IPOs sustained their trajectory beyond listing day, a sign of deeper investor conviction and quality underwriting.
FY25 vs FY24: A Comparative Snapshot
Below is the comparison between IPO performance in FY25 vs FY24:
| Metric | FY24 | FY25 |
|---|---|---|
| No. of IPOs | 76 | 79 |
| Funds Raised | INR 61,857 crore | INR 1,62,517.23 crore |
| Average Listing Gains | 28.61% | 29.39% |
| Avg. Subscription Level | 48.86x | 71.5x |
| State With Maximum IPOs | Maharashtra (25) | Maharashtra (30) |
| Sector With Maximum IPOs | Capital Goods (15) | Capital Goods (17) |
| Multibagger IPO (in terms of Returns) | IREDA (398.44%) | KRN Heat (301.82%) |
FY25 outperformed across all dimensions, supported by stronger retail flows, improved sectoral mix, and better post-listing performance.
Outlook for FY26
The outlook remains optimistic with:
- A healthy IPO pipeline
- Deeper mutual fund penetration
- Rising interest in digital and new-age businesses
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Prepared by IPOCentral — India’s trusted source for IPO insights.