India's primary market has witnessed a remarkable transformation over the past two-and-a-half decades, with nearly 1,000 companies listing on the stock exchanges and collectively raising close to Rs 9.83 lakh crore since 2002.
Data shows that 999 companies have raised Rs 9,83,497 crore through initial public offerings (IPOs) between 2002 and August 2026. The pace of fundraising has accelerated sharply in recent years, with 2025 emerging as the biggest year for IPOs in terms of both the number of issues and capital raised.
In 2025, as many as 103 companies tapped the public markets and raised Rs 1,75,914 crore. This surpassed the previous record set in 2024, when 91 companies raised Rs 1,59,784 crore.
The IPO market has remained active in 2026 as well. Till August, 61 companies have listed and raised Rs 73,057 crore, keeping the primary market on track for another strong year. The journey has been marked by several cycles of boom and slowdown. In 2007, 100 companies went public and raised Rs 34,179 crore, making it the first year in the period when the number of IPOs crossed the 100 mark.
Fundraising accelerated again in 2017, when 36 companies raised Rs 67,147 crore. The year 2021 saw another major milestone, with 63 IPOs raising Rs 1,18,723 crore amid strong retail participation and buoyant equity markets.
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The market subsequently witnessed a moderation in 2022 and 2023, before activity rebounded strongly in 2024 and 2025.
Biggest IPOs
Hyundai Motor India's Rs 27,870-crore IPO in 2024 remains the largest public issue in the last 25 years. It is followed by Life Insurance Corporation of India (LIC), which raised Rs 20,557 crore in 2022. Paytm's Rs 18,300-crore IPO in 2021 ranks third, while Coal India raised Rs 15,199 crore in 2010.
Tata Capital's Rs 15,512-crore issue in 2025 ranks among the largest IPOs during the period, followed by HDB Financial Services at Rs 12,500 crore. Other major offerings include Reliance Power at Rs 11,700 crore, LG Electronics India at Rs 11,607 crore, Swiggy at Rs 11,327 crore and General Insurance Corporation at Rs 11,373 crore.
ONGC's Rs 10,695-crore issue in 2004, SBI Cards' Rs 10,355-crore IPO in 2020, New India Assurance's Rs 9,600-crore issue in 2017, Zomato's Rs 9,375-crore IPO in 2021 and HDFC Life's Rs 8,695-crore issue in 2017 also feature among the biggest offerings.
The sustained expansion of India's IPO market reflects the growing role of equity markets in corporate fundraising, while increasing investor participation and stronger market infrastructure have helped companies access public capital at an unprecedented scale.
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