India’s primary market hit a historic high in October 2025, delivering its strongest performance ever in terms of fundraising. The month turned out to be a watershed moment for mainboard IPOs, with 14 companies hitting D-Street and collectively raising ₹44,831 crore—the largest mobilisation in India’s capital market history.

What made October truly stand out was the scale and quality of issuances, led by two heavyweights—Tata Capital and LG Electronics India—together accounting for more than half the total fundraising.

Tata Capital’s ₹15,512-crore issue became one of the largest financial-sector IPOs in recent memory, riding on the Tata brand’s credibility and the group’s aggressive expansion into retail finance. LG Electronics India followed with an ₹11,607-crore debut that marked a significant vote of confidence in the country’s consumer electronics and appliance story.

According to data from Prime Database, October’s total mobilisation of ₹44,831 crore broke all previous records, surpassing the earlier record high of ₹38,690 crore achieved in October 2024. The previous milestones—November 2021 (₹35,665 crore), November 2024 (₹31,145 crore), and May 2022 (₹29,510 crore)—now stand eclipsed by the scale of this fundraising frenzy.

Analysts say the record-breaking spree was fuelled by a combination of factors—steady secondary-market sentiment, resilient domestic liquidity, and a robust pipeline of large, well-known issuers.

IPO frenzy to continue in Nov

The momentum is set to gain further in November, with a flurry of new issues worth around ₹48,000 crore—spanning renewable energy, infrastructure, fintech, and consumer brands—waiting in the wings.

While Lenskart Solutions (₹7,278 crore) and Billionbrains Garage Ventures (₹6,632 crore) have already launched their IPOs, big-ticket players such as ICICI Prudential AMC (₹9,000 crore), Clean Max Enviro Energy Solutions (₹5,200 crore), and Pine Labs (₹3,900 crore) are set to hit the Street in the coming weeks.

Other notable upcoming issues include PhysicsWallah (₹3,800 crore), Juniper Green Energy (₹3,000 crore), Prestige Hospitality (₹2,500 crore), Tenneco Clean Air (₹2,000 crore), boAt (₹1,200 crore), and Park Medi World (₹1,100 crore).

So far in calendar year 2025, 84 mainboard companies have raised approximately ₹1.3 lakh crore through IPOs till the end of October.

Meanwhile, in the first half of the financial year 2025-26 (H1FY26), companies mobilised ₹9.7 lakh crore through equity and debt, with IPOs contributing ₹64,363 crore. A total of 122 listings (mainboard and SME) added nearly ₹4.1 lakh crore in market value, thanks to record fundraising in October.

On the mainboard, 54 companies raised ₹60,991 crore, led by consumer discretionary (₹18,359 crore), financials (₹14,312 crore), and industrial (₹8,708 crore) sectors—together accounting for 68% of the total.

The NSE SME Emerge platform saw 68 listings raising ₹3,372 crore, dominated by industrial (₹1,235 crore), consumer discretionary (₹805 crore), and materials (₹398 crore), which collectively made up 72% of funds raised.

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