Last Updated:
India’s primary market delivered a historic performance in October, marking the busiest month ever for mainboard IPOs
IPO
India’s primary market delivered a historic performance in October, marking the busiest month ever for mainboard IPOs. Fourteen public issues were launched during the month, collectively targeting more than Rs 46,000 crore, the largest fund mobilisation goal in any single month in India’s capital-market history.
The surge was driven by two marquee offerings. Tata Capital raised over Rs 15,512 crore, while LG Electronics India garnered Rs 11,607 crore through their mainboard listings — together accounting for more than half of the fundraising activity. The pipeline remained crowded, with Lenskart Solutions set to open for subscription on October 31, aiming to raise Rs 7,278 crore. Other notable IPOs during the month included WeWork India, Canara HSBC Life Insurance, Orkla India, and Rubicon Research.
October’s tally eclipsed the previous record set in October 2024, when six IPOs mobilised Rs 38,690 crore. The third-largest month on record remains November 2021, which saw nine IPOs raising Rs 35,665 crore, followed by November 2024 with eight IPOs collecting Rs 31,145 crore. The fifth-biggest month was May 2022, when eight IPOs garnered over Rs 29,510 crore.
This blockbuster activity caps an exceptional year for the primary market. Year-to-date in 2025, 89 IPOs have raised more than Rs 1.38 lakh crore, second only to 2024, when fundraising crossed Rs 1.6 lakh crore. The record issuance has come even as domestic equities experienced periods of weakness, diverging from strong global markets, supported by ample liquidity and robust investor participation.
Market sentiment remains optimistic. K. Balasubramanian, CEO for India Subcontinent and Banking Head at Citi, said 2025 has already exceeded expectations and is likely to end on a strong note. “Between now and December 15, we may see another $10–15 billion of capital being raised from the market, assuming conditions remain constructive,” he noted.
Addressing valuation concerns, Balasubramanian said the pricing is backed by growth potential. “Consumption will remain a defining India theme. Our penetration across key product categories is still much lower than other Asian markets. Even with modest multipliers, the growth runway here is long and structural,” he added.
With several major deals still awaiting launch and investor demand staying firm across categories, India’s IPO market appears squarely in a record-setting phase — and the year’s biggest offerings may still lie ahead.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
October 31, 2025, 09:04 IST
Read More
