Financial services, consumer discretionary drive nearly two-thirds of IPO fundraising in 2025

In 2025, when 103 mainboard initial public offerings (IPOs) raised an all-time high of ₹1,75,901 crore, fundraising was anchored by financial services and consumer discretionary companies, which together accounted for nearly two-thirds of total fund proceeds. This was driven by a clutch of big-ticket listings such as Tata Capital, HDB Financial Services, LG Electronics India, Meesho and Lenskart, among others.

Taken together, consumer discretionary and financial services raised roughly ₹1.12 lakh crore in 2025, accounting for around 63% of total IPO capital raised during the year.

Financial services dominate

Financial services emerged as the single-largest contributor, mobilising ₹58,812.09 crore through 11 IPOs, translating into nearly 33% of total IPO fundraising for the year. The data underscores strong investor confidence in banks, NBFCs, insurers and fintech platforms as India’s formal credit penetration continues to deepen.

Tata Capital led the pack with a ₹15,512-crore issue, followed by HDB Financial Services, which raised ₹12,500 crore. Other notable listings included ICICI Prudential AMC, with an issue size of ₹10,603 crore, and fintech platform Groww (Billionbrains Garage), which mobilised ₹6,632 crore. The sector also saw the listing of National Securities Depository (NSDL), an all–offer-for-sale issue that raised about ₹4,011 crore.

Data from PRIME Database Group showed that financial services displayed consistency across market cycles. The sector raised ₹15,861 crore in 2020 and more than doubled that figure to ₹43,805 crore in 2021. While fundraising slowed during the volatile 2022–23 period, activity rebounded sharply in 2025, when 11 IPOs together garnered ₹58,812 crore, marking the sector’s strongest showing in six years.

Consumer discretionary anchor flows

The consumer discretionary sector followed closely, raising ₹53,652 crore through 24 IPOs and accounting for about 30% of total funds mobilised in 2025. While this was lower than the sector’s record ₹72,973 crore haul in 2024, demand for consumption-led businesses remained robust. The year saw a diverse mix of listings spanning new-age technology firms, electric vehicle makers, automotive companies and retail brands.

Among the marquee offerings, LG Electronics India emerged as the largest issue in the sector, raising ₹11,607 crore and delivering a strong debut, with shares jumping nearly 50% on listing day. E-commerce major Meesho also drew strong investor interest, raising ₹5,421 crore and gaining about 53% on debut. Other notable listings included electric two-wheeler maker Ather Energy (around ₹2,790 crore), online services platform Urban Company, and eyewear retailer Lenskart.

Taken together, consumer discretionary and financial services raised roughly ₹1.12 lakh crore in 2025, accounting for around 63% of total IPO capital raised during the year.

Data compiled by PRIME Database showed that the industrials sector emerged as a rising force, mirroring India’s infrastructure and manufacturing push. Fundraising in the sector climbed steadily from ₹505 crore in 2020 to over ₹21,000 crore in 2024, before remaining robust at ₹18,723 crore in 2025.

Healthcare and IT delivered steady but selective participation. Healthcare fundraising strengthened in the post-Covid period, reaching over ₹12,300 crore in 2025, while IT saw renewed interest in 2024–25 after a lull, driven by digital transformation themes and platform-led businesses.

In contrast, sectors such as FMCG, telecom, utilities and energy played a marginal role, contributing sporadically and largely through smaller issue sizes.

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