The initial public offering landscape for India's technology-enabled startups in 2025 is characterised by stake sales by existing investors. Analysis of the filed draft papers and completed listings shows that capital raised by selling shareholders frequently equals or exceeds the primary capital injected into the companies.
Among companies that have filed draft papers, Lenskart proposed a fresh issue of Rs 2,150 crore alongside an OFS totaling 12.8 crore shares. Groww is seeking Rs 1,060 crore in fresh capital against an OFS of 55.7 crore shares. Similarly, Fractal Analytics has structured its IPO with a fresh issue of Rs 1,279 crore and an OFS valued at Rs 3,621 crore. Kissht's proposed Rs 1,000 crore fresh issue is matched by an OFS of 88.8 lakh shares.
The pattern of emphasising investor exits via secondary share sales is also visible in the retail and co-working sectors. Urban Company's listing included a Rs 472 crore fresh issue with a Rs 1,428 crore OFS. Ather Energy raised Rs 2,626 crore in fresh issue capital against an OFS of Rs 356 crore. WeWork India's listing was structured exclusively around a Rs 3,000 crore pure OFS, with no fresh capital component.
Conversely, some listings have indeed prioritised capital infusion. DevX listed with a Rs 143 crore fresh issue and no OFS component. Aris Infra and Purple Style Labs also show a focus on primary funding.
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