India's IPO Boom Defies Global Headwinds in 2025

In August 2025, India's primary market experienced a remarkable surge, defying the ongoing trade war with the US and geopolitical tensions. The month saw 43 companies tap the mainboard and SME exchanges to raise a combined ₹17,252 crore in fresh capital.

The IPO market's sentiments were buoyed by ample liquidity in the system and an increasing risk appetite among investors. Despite tighter regulations by the capital market regulator, SEBI, the funds raised through the SME exchanges increased by 6% in August to ₹1,345 crore, up from ₹1,274 crore in July. The number of SME IPO issues also reached a high of 28, compared to 24 in the previous month.

Similarly, the number of mainboard IPOs increased to 15 in August, up from 13 in July, though the funds raised were slightly lower at ₹15,907 crore compared to ₹16,126 crore. So far in 2025, there have been 215 IPOs, with 162 on the SME platform and 53 on the mainboard.

The robust pipeline of upcoming IPOs, including offerings from Groww, Tata Capital, Zepto, PhonePe, Hero FinCorp, and FabIndia, suggests that the bullish trend in the primary market is likely to continue. Experts believe that the SME IPO spree will hold strong for the next 18-24 months, as India has a large number of credible businesses in the SME space that are now getting the opportunity to go public.