India's primary market has undergone a remarkable transformation over the past two-and-a-half decades, with 999 companies raising ₹9,83,497 crore through initial public offerings between 2002 and August 2026. According to reports from Essential Business Intelligence, this represents a sustained expansion of India's IPO market that reflects the growing role of equity markets in corporate fundraising. The market has demonstrated increasing investor participation and stronger market infrastructure, enabling companies to access public capital at an unprecedented scale.
2025 emerged as the biggest year for IPOs in terms of both the number of issues and capital raised, with 103 companies raising ₹1,75,914 crore. As reported by Essential Business Intelligence, this surpassed the previous record set in 2024, when 91 companies raised ₹1,59,784 crore. The sustained activity continued into 2026, with 61 companies listing and raising ₹73,057 crore till August, keeping the primary market on track for another strong year.
The IPO market has experienced several cycles of boom and slowdown throughout this period. According to Essential Business Intelligence, 2007 marked the first year when the number of IPOs crossed 100, with 100 companies raising ₹34,179 crore. Fundraising accelerated again in 2017, when 36 companies raised ₹67,147 crore, followed by another major milestone in 2021 with 63 IPOs raising ₹1,18,723 crore. The market subsequently witnessed moderation in 2022 and 2023 before activity rebounded strongly in 2024 and 2025.
The biggest public issue in the last 25 years remains Hyundai Motor India's ₹27,870-crore IPO in 2024, followed by Life Insurance Corporation of India (LIC) raising ₹20,557 crore in 2022. As reported by Essential Business Intelligence, Paytm's ₹18,300-crore IPO in 2021 ranks third, while Coal India raised ₹15,199 crore in 2010. Other major offerings include Tata Capital's ₹15,512-crore issue in 2025, HDB Financial Services at ₹12,500 crore, and Reliance Power at ₹11,700 crore.
