IPOs Raise Record ₹2.23 Trillion in Best-Ever Samvat, Up 19.6%

India’s IPO Boom Puts Fresh Capital and Listing Returns Under the Lens

Record fundraising marked a strong year for public issues, but returns show why issue quality and pricing matter as much as market appetite.

Fresh issuance becomes a larger part of the record

Mainboard IPOs raised ₹2.12 trillion across 131 issues during Samvat 2082, up 19.6% from ₹1.78 trillion in the preceding Samvat. The number of issues rose 26%, while fresh capital reached ₹1 trillion, up 42% from ₹70,641 crore. That shift matters: fresh proceeds go to the issuing company and can support expansion, capacity creation or other business needs, although the article does not specify how each issuer will use its funds.

Offer-for-sale proceeds were ₹1.12 trillion, up 4.8%, but their share of mainboard fundraising fell to 52.8% from 60.2%. An OFS allows existing shareholders to sell their holdings; it does not raise money for the company. The change in mix therefore points to a stronger contribution from new capital, even as OFS remained slightly more than half of the total.

Large deals and financial firms shaped the market

Jio Platforms led the mainboard issues, raising ₹30,188 crore entirely through fresh capital. The National Stock Exchange of India raised ₹22,563 crore and ICICI Prudential Asset Management Company ₹10,603 crore, both entirely through OFS. Together, the three raised ₹63,353 crore, or 29.8% of the mainboard total. SBI Funds Management and Manipal Health Enterprises completed the top five.

Financial services and investments was the largest sector by proceeds: 14 issues raised ₹60,781 crore, or 28.6% of the mainboard total. Such concentration can make aggregate IPO fundraising look especially strong, while leaving investors exposed to the pricing and performance of a relatively narrow set of large offerings. The record total should not, by itself, be read as evidence that every sector or issuer enjoyed equal demand.

Listing gains conceal a wide spread in outcomes

Of the 131 mainboard IPOs, 89 finished above their issue price on listing day, with a median listing gain of 6.8%. Based on adjusted market prices on Friday, 87 were above their offer price and 43 below; the median return from the offer price was 16.8%. Among the 42 issues worth at least ₹1,000 crore, 34 traded above their offer price.

The winners included Billionbrains Garage Ventures, operator of Groww, up 115.1% from its offer price, Meesho, up 110.3%, and Lenskart Solutions, up 80.3%. But Pine Labs was down 26.5% and SBI Funds Management 13%. In the SME segment, the median return was a loss of 3.9%, despite 141 issues closing above their offer price on listing day. These contrasting outcomes underline that an initial listing pop does not guarantee sustained gains.

A busy pipeline will test investor selectivity

SME IPOs raised ₹10,826 crore, up 4% from the previous Samvat, while their OFS component fell 40.6% to ₹628 crore. The segment’s weaker median return is a reminder that smaller offerings can carry distinct liquidity, governance and earnings-quality risks. ASK Private Wealth’s Vinay Jaising said investors are increasingly differentiating issuers by earnings visibility, cash-flow conversion, balance-sheet quality, governance and valuation.

The next Samvat’s pipeline could remain active: SEBI approved five IPOs from IIFL Finance, Arjun Jewellers, Encube Ethicals, Sagar Defence Engineering and Mahanadi Coalfields. Three include OFS components. Large new offerings may compete with secondary-market shares for investor liquidity, even as strong domestic demand has helped absorb substantial issuance despite foreign institutional investor outflows, as noted by ASK Private Wealth’s Jaising.

Key Highlights

• Mainboard IPOs raised a record ₹2.12 trillion, up 19.6% from the preceding Samvat.
• Fresh mainboard capital rose 42% to ₹1 trillion; OFS accounted for 52.8% of proceeds.
• Financial services and investments contributed 28.6% of mainboard fundraising.
• Mainboard median return from offer price was 16.8%, while the SME median was a 3.9% loss.
• SEBI approved five IPOs for the pipeline, three with OFS components.

Investor Note: Record IPO fundraising signals a deep pool of potential public-market capital, not a uniform opportunity for investors. Assess each offer’s valuation, use of proceeds, earnings quality and governance, and consider post-listing performance separately from listing-day gains.