India dominates global IPO activity with 367 issues, $22.9 bn raised

India’s initial public offering (IPO) market continued to demonstrate resilience in calendar year 2025, accounting for 28.4% of global IPO volumes and 13.3% of total global fundraising, even as broader equity markets struggled. With a record 367 IPOs across mainboard and SME segments, Indian companies collectively raised $22.9 billion, reinforcing the country’s position as one of the world’s most active listing destinations despite subdued secondary-market conditions, as per EY Global IPO Trends 2025.

The strength of the primary market stood in sharp contrast to the performance of Indian equities. Indian stocks recorded their worst relative showing in nearly three decades against Asian and emerging-market peers, weighed down by sustained foreign portfolio investor (FPI) outflows, slowing earnings momentum, persistent currency pressures, and heightened geopolitical risks, including trade tariffs imposed by the United States.

The MSCI India index, which tracks large- and mid-cap stocks, rose just 2.2% in U.S. dollar terms on a total-return basis year-to-date as of December 17, 2025. By comparison, global peers delivered significantly stronger gains, with MSCI Asia Pacific ex-Japan up 25.9%, MSCI Emerging Markets rising 29.9%, and the MSCI World index gaining 21% over the same period.

In terms of fundraising, the United States topped the chart, raising $45.5 billion, followed by Hong Kong with $34.9 billion. The Chinese mainland garnered $19.8 billion, while Japan raised $8.3 billion. Other markets together accounted for a sizable $40.3 billion in IPO proceeds. This marked a sharp pickup from 2024, when the U.S. raised $33 billion, Hong Kong $11.3 billion, the Chinese mainland $9.3 billion, and Japan $6.2 billion, with other markets contributing $42.5 billion, EY data showed.

In IPO volumes, India remained the world’s most active market in 2025, with a record 367 listings, well ahead of the United States at 223 IPOs. The Chinese mainland saw 119 IPOs, followed by Hong Kong with 100 and South Korea with 76, while other markets collectively accounted for 408 IPOs. In comparison, 2024 saw 339 IPOs in India, 176 in the U.S., 100 in the Chinese mainland, 70 in Hong Kong, and 79 in South Korea, with other regions contributing 476 listings globally.

IPO activity hits new high

As per the EY report, India witnessed 367 IPOs in 2025, marking an 8% increase over a record-breaking year in 2024, with issuers collectively raising $22.9 billion, up 9% year-on-year—the highest IPO fundraising level in India’s history. The strong performance was supported by robust economic growth, resilient market sentiment and a more favorable regulatory environment, which together helped sustain issuer confidence even as global IPO markets navigated a nonlinear, accelerated, volatile and interconnected (NAVI) landscape.

“At the country and exchange level, India emerged as a leader by number of deals, followed by the US and the Chinese mainland. In terms of proceeds, the U.S. led, followed by Hong Kong and India,” the report noted.

The report added that the strong momentum was fuelled by robust economic growth, resilient market sentiment and a more favorable regulatory environment. India’s market remained characterized by a broad base of small- and mid-cap IPOs, alongside select large-cap offerings across various sectors.

“Despite many offerings being relatively small, India ranked among the top global markets by IPO proceeds, highlighting the depth and strength of its capital markets,” it noted.

Outlook for 2026

As per the EY report, sentiment across global IPO markets is likely to remain cautiously optimistic in 2026, supported by improving macroeconomic indicators, greater predictability in monetary policy and a broader base of investor demand. Continued momentum in AI and technology investments is expected to act as a key catalyst, channeling capital toward companies with scalable business models, strong fundamentals and clear paths to commercialisation. While challenges around infrastructure spending, valuation discipline and market absorption persist, the overall outlook remains constructive, it said.

A diverse global IPO pipeline is taking shape, with large-cap, sponsor-backed and cross-border-ready companies positioning themselves for potential listings. If volatility remains contained, the groundwork laid in 2025 could translate into a meaningful expansion of IPO activity in 2026.

“The 2025 IPO landscape reflected a complex interplay of challenges and opportunities. For issuers, agility became a defining differentiator as leading IPO candidates adjusted timelines, refined equity stories and explored multiple pathways to capital, readying themselves for rapidly shifting market windows. As companies look toward 2026, this emphasis on adaptability will be increasingly critical,” the report noted.

Factors shaping IPO activity in 2026

As per the report, the pace of IPO recovery in 2026 will hinge on several interconnected factors: a clearer monetary-policy trajectory, sustained equity market stability and contained volatility. Easing geopolitical tensions, healthy consumer demand and robust labor markets will be key to restoring investor confidence. At the same time, the continued evolution of AI and broader technology adoption, particularly at the application level, is expected to influence deal supply.

Taken together, these dynamics suggest that 2026 could mark the next phase of the global IPO recovery, especially for companies entering the year with strong preparation, strategic clarity and the agility to act decisively when conditions align.

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