IPO: Over the last five years, India has led the world in equity issuance, with an average mainboard size of Rs 1,570 cr. Report
IPO: According to a research by Pantomath Group, the average size of mainboard initial public offerings (IPOs) in India has expanded significantly over the last five years, indicating a fundamental change in the nation’s capital markets.
According to the research, the average mainboard IPO size increased from around Rs 1,100 crore in the 2015–2019 period to over Rs 1,570 crore in the 2020–2025 year-to-date period. This rise indicates a greater dependence on public markets by Indian corporations to seek expansion capital and represents a notable step-change from the pre-2020 period.
It said “Average mainboard IPO size increased from approx. Rs 1,100 crore in 2015-2019 to approx. Rs 1,570 crore during 2020-2025 YTD” .
The research claims that the main market’s transaction sizes have significantly increased, a sign of growing investor confidence and a developing stock ecosystem. The small and medium-sized business (SME) sector has grown significantly in tandem with the increase in mainboard IPO sizes.
The average size of SME IPOs more than doubled from around Rs 11 crore in the 2015–2019 period to approximately Rs 24 crore in the 2020–2025 YTD, indicating increased investor engagement and deeper capital absorption.
According to the analysis, 2025 will signal a turning point for the Indian financial markets. There were 373 initial public offerings (IPOs) throughout the year, including 270 SME issues and 103 mainboard issues. Together, these initial public offerings (IPOs) raised Rs 1.95 trillion, demonstrating the scope and diversity of capital creation in the nation’s major markets.
Globally, India’s robust initial public offering (IPO) activity in 2025 was particularly noteworthy. According to global IPO market statistics for the year, India led the globe in IPO volume. The nation was the most busy listing destination globally, accounting for about one-fifth of all IPO volumes.
In terms of the quantity of problems, this put India ahead of important markets like the US, Greater China, Europe, and ASEAN.
India was in fourth place internationally in terms of proceeds generated, accounting for almost 11% of all IPO funds raised worldwide. The paper pointed out that this discrepancy is due to structural factors rather than any weakness in India’s market, even if it was lower than markets like the US and several Asian nations that are driven by fewer but much bigger transactions.
The research emphasized that widespread involvement across size groups characterizes India’s IPO market. Scale, consistency, and variety have been produced by a high frequency of small and mid-sized issues combined with a few major issuances.
According to the research, this sets India apart from more sporadic or centralized international markets and solidifies its position as the most active IPO environment globally.