The year 2025 turned out to be very active for India’s mainboard IPO market. According to data released by the National Stock Exchange (NSE), a total of 101 mainboard IPOs were launched by December 19, 2025. This was higher than the 90 IPOs seen in 2024. Together, these public issues raised a large amount of ₹1,71,368 crore, showing strong investor interest.
The average IPO size in 2025 stood at ₹1,697 crore. Although this was slightly lower than the average issue size in 2024, the overall fundraising was higher. One key highlight of the year was the presence of four very large IPOs that raised more than ₹10,000 crore each. This shows that big companies continued to trust the capital markets for growth.
The biggest IPO of 2025 was Tata Capital, the financial services arm of the Tata Group. The company raised ₹15,512 crore through its public offer. The IPO included both fresh shares and an offer for sale. Tata Capital made a modest debut on the stock exchanges and later showed steady gains. The company offers more than 25 lending and financial products and serves a wide range of customers, including small businesses, corporates, and individual borrowers.
On the other end of the scale, the smallest mainboard IPO of the year was Jinkushal Industries, which raised about ₹116 crore. Despite its small size, the issue received very strong demand and was subscribed more than 65 times. However, after listing, the stock saw a decline and is currently trading below its issue price.
Jinkushal Industries is based in Chandigarh and works in the export trading of construction machinery. Its business includes selling new and used equipment such as excavators, bulldozers, cranes, and loaders in international markets.
Overall, the mainboard IPO market in 2025 showed a healthy mix of large and small companies. Strong fundraising numbers, high participation, and diverse business sectors marked the year. With many big names expected to go public in 2026, market experts believe investor interest in IPOs may remain strong in the coming years.
