Record Year for IPO Market: Startups Shine in 2025

The IPO market reached unprecedented heights in 2025, fueled by strong domestic liquidity, investor confidence, and supportive macroeconomic factors. Notable was the surge in startup listings, with companies like Lenskart and Groww raising significant funds. Market optimism remains high for 2026, with diverse sectors and major offerings expected.

The IPO market soared to a historic high in 2025, with companies raising an unparalleled Rs 1.76 lakh crore, buoyed by abundant domestic liquidity, steadfast investor confidence, and favorable macroeconomic conditions. This buoyant year underscored issuers' self-assurance and investors' eagerness to pursue lucrative listing-day gains.

A standout feature was the revival of startup listings, notably with 18 startups such as Lenskart, Groww, and Meesho going public, collectively securing over Rs 41,000 crore. This resurgence reflects a shift in valuation expectations and business models post-caution. The momentum is expected to continue into 2026, spurred by diversity across sectors like technology and financial services.

Offer for Sale (OFS) dominated fundraising, comprising 60% of total capital raised, highlighting a preference for efficient liquidity unlocking by promoters without capital base dilution. Analysts like Bhavesh Shah of Equirus Capital project a robust IPO future, supported by a deep pipeline and significant market listings from industry giants like Reliance Jio and SBI Mutual Fund.

(With inputs from agencies.)