India's IPO Boom: Record Growth and Global Dominance

India's mainboard IPO sizes have seen a significant rise, growing from Rs 1,100 crore in 2015-2019 to Rs 1,570 crore in 2020-2025. This marks a pivotal shift in India's capital markets, fostering increased investor confidence. By 2025, India emerged as a leading global IPO hub with 373 launches.

The average size of mainboard initial public offerings (IPOs) in India has noticeably increased over the past five years, marking a structural transformation in the nation's capital markets, as reported by Pantomath Group. The report finds that from 2020 to 2025, the average IPO size surged to about Rs 1,570 crore, a clear leap from the Rs 1,100 crore average witnessed during the 2015-2019 timeframe. This uptick indicates Indian companies' growing dependence on public markets to secure growth capital.

The report emphasizes, "Average mainboard IPO size rose from approximately Rs 1,100 crore in 2015-2019 to around Rs 1,570 crore during 2020-2025 YTD." The enlargement of deal sizes in the primary market underscores enhanced investor confidence and a matured equity ecosystem. The small and medium enterprises (SME) segment mirrored this trend, witnessing a significant increase in average IPO size, doubling from Rs 11 crore in 2015-2019 to Rs 24 crore in 2020-2025 YTD, thereby showcasing stronger capital absorption and broader investor engagement.

Touted as a watershed moment for Indian capital markets, 2025 saw the launch of 373 IPOs, including 103 mainboard and 270 SME issues, collectively mobilizing Rs 1.95 trillion. This underscores both the scale and reach of capital formation in India's primary markets. On the global stage, India led in the number of IPOs, accounting for nearly one-fifth of the world's IPO volumes, placing it ahead of the United States, Greater China, Europe, and ASEAN. In terms of IPO proceeds, India ranked fourth globally, contributing about 11% of the total, highlighting the market's unique structure characterized by a steady frequency of small and mid-sized offerings combined with significant large issuances.

(With inputs from agencies.)