Overall public equity fundraising in India fell 18% in 2025 to ₹3.06 lakh crore, down from ₹3.74 lakh crore in the previous year, as issuances through follow-on public offers (FPOs), offer-for-sale routes (OFS-SE), and qualified institutional placements (QIPs) slowed sharply, according to the latest release by PRIME Database.

Of the total equity mobilisation, fresh capital amounted to ₹1.73 lakh crore (57%, compared with 65% last year), while the remaining ₹1.33 lakh crore came through offers for sale.

The decline came even as the initial public offering (IPO) market scaled new highs, with 103 Indian corporates raising an all-time high of ₹1,75,901 crore through mainboard IPOs in 2025—10% more than the ₹1.59 lakh crore mobilised by 91 issuers in 2024.

Pranav Haldea, Managing Director of PRIME Database Group, said this was the first time India had witnessed two consecutive years of record IPO fundraising. Historically, a boom year in IPOs has almost always been followed by a two- to three-year lull in activity.

“Overall public equity fundraising, however, declined by 18% to ₹3.06 lakh crore in 2025 from ₹3.74 lakh crore raised in 2024, on account of lower mobilisation through FPOs, OFS (SE), and QIPs,” he said.

Fundraising via OFS drops 38%

According to primedatabase.com, there was just one FPO in 2025—and that too by an SME—with CFF Fluid Control raising ₹83 crore. Offers for sale through stock exchanges (OFS), which facilitate dilution of promoter holdings, declined 38%, from ₹31,985 crore in 2024 to ₹19,712 crore this year. Of this, government divestment accounted for ₹7,697 crore, or 39% of the total. The largest OFS was that of Adani Wilmar (₹4,829 crore).

“OFS accounted for just 6% of the year’s public equity market mobilisation. 2025 did not see any OFS by an InvIT or ReIT,” the release noted.

The report further highlighted that 39 companies mobilised ₹72,387 crore through QIPs in 2025, a decline of 47% from ₹1.38 lakh crore in 2024. The largest QIP was by State Bank of India, which raised ₹25,000 crore, accounting for 35% of the total QIP amount. In addition, there were five QIPs by InvITs and ReITs—Anzen India Energy Yield Plus Trust, Brookfield India Real Estate Trust, Capital Infra Trust, IRB InvIT Fund, and National Highways Infra Trust—raising a combined ₹13,453 crore.

For the year, the amount raised through InvITs and ReITs increased 75% to ₹13,106 crore across six issues, up from ₹7,516 crore last year.

“At an overall level, fundraising by Indian corporates—through equity and debt in India and overseas, covering IPOs, FPOs, OFS (SE), rights issues, QIPs, InvITs/ReITs, preferential issues, public debt, debt private placements, overseas bonds, ECBs, and FCCBs—declined by 8% to ₹19.80 lakh crore in 2025 from ₹21.47 lakh crore last year,” the report noted.

Meanwhile, mobilisation through rights issues more than doubled to ₹44,562 crore from ₹21,989 crore in 2024, according to primedatabase.com, largely driven by the year’s largest rights issue from Adani Enterprises (₹24,930 crore), which accounted for 56% of the total rights issue amount. By number, 54 companies tapped the rights route in 2025, compared with 34 in 2024, aided partly by revised guidelines that have made rights issues simpler and faster. There were no rights issues by InvITs or ReITs.

Public bond issuances moderate in 2025

The data also showed a decline in the public bond market, with 42 issues raising ₹8,343 crore, compared with 48 issues raising ₹11,910 crore last year. The largest issue was from Adani Enterprises, which raised ₹1,000 crore.

In debt private placements, ₹10.84 lakh crore was raised till December 24, 2025, broadly in line with the ₹10.93 lakh crore raised last year. This was mobilised by 1,280 institutions and corporates. The highest mobilisation through debt private placements was by NABARD (₹65,465 crore), followed by PFC (₹49,101 crore) and REC (₹40,400 crore). In addition, there were 38 debt private placements by InvITs and ReITs, raising ₹38,518 crore.

Overseas bond issuances by Indian companies, including ECBs, also declined, with ₹3.73 lakh crore raised in 2025—down 31% from ₹5.38 lakh crore in 2024.

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