The first public offering (IPO) market in India remained resilient in calendar year 2025, with an Indian share of 28.4 percent of all global IPOs, and 13.3 percent of all global funds raised as the wider equity markets faltered.
According to the EY Global IPO Trends 2025, Indian companies have raised a cumulative total of 367 IPOs on the mainboard and SME segments, raising a total of $22.9 billion, which has helped the country to be ranked as one of the most active listing destinations in the world despite the low secondary-market visibility.
The performance of the Indian equities was in direct contrast to the strength of the primary market.
The stocks of India had their poorest relative performance over the last 30 years versus Asian and emerging-market stocks, dragged by a series of significant foreign portfolio investor (FPI) capital outflows, declining earnings growth, constant currency pressures, and escalating geopolitical risks, including trade tariffs in the United States.
The MSCI India index, which tracks large- and mid-cap stocks, is up only 2.2 percent in U.S. dollar terms on a total-return basis this year to date as of December 17.
In contrast with the global counterparts, posted even greater returns, with MSCI Asia Pacific ex-Japan improving by 25.9 percent, MSCI Emerging Markets improving by 29.9 percent, and the MSCI World index improving by 21 percent in the same timeframe.
Therefore, the United States led the pack in terms of fundraising, bringing in $45.5 billion, and Hong Kong came in second with $34.9 billion. The Chinese mainland garnered $19.8 billion, while Japan surged by $8.3 billion.
The other markets combined to raise a significant amount of $40.3 billion worth of IPO proceeds. EY data reported that this was a significant increase compared to 2024, when the U.S. raised $33 billion, Hong Kong $11.3 billion, the Chinese mainland $9.3 billion, and Japan $62 billion, with other markets raising $42.5 billion.
India was the most active market in the world in IPO volumes in 2025, with 367 listings, far outpacing the United States with 223 IPOs. The Chinese mainland recorded 119 IPOs, Hong Kong registered 100, and South Korea recorded 76, with the rest of the markets recording 408 IPOs.
Comparatively, 339 IPOs took place in India in 2024, 176 in the United States, 100 in the Chinese mainland, 70 in Hong Kong, and 79 in South Korea, and other locations provided 476 listings worldwide.
IPO Records New Momentum
According to the EY report, India recorded 367 IPOs in 2025, an 8 percent increase on a record-breaking year in 2024, with issuers raising a total of $22.9 billion, up 9 percent year-over-year IPO raising in Indian history.
The solid performance remained pegged on the well-established economic growth strength, market sentiment, and improved regulatory environment that collectively contributed to maintaining issuer confidence despite world IPO markets traversing a nonlinear, accelerated, volatile, and interconnected (NAVI) environment.
The report indicated that “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 stated that the robust momentum was driven by the high economic growth rate, market sentiment, and a more favorable regulatory environment. The Indian market was still defined by the presence of a wide pool of small and mid-cap IPOs, as well as a few large-cap offerings in multiple industries.
It was reported that “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.”
Viewpoint for 2026
According to the EY report, the sentiment in the global IPO markets is projected to be passively optimistic in 2026, pegged on the improving macroeconomic performance, increased predictability in the monetary policy, and increased pool of investor demand.
The further movement in AI and technology investments is likely to serve as a driving force, directing investment capital to businesses that have scalable business models, solid fundamentals, and straightforward routes to commercialization.
The report said that although issues of infrastructure expenditure, valuation discipline, and market absorption are still present, the general picture is still optimistic.
The world is developing a diverse global IPO pipeline, with large-cap, sponsor-backed, and cross-border-ready companies getting ready to be listed. Volatility confinement can lead to the foundation being laid in 2025, amounting to a significant growth in IPO activity in 2026.
The report added that “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.”
Factors influencing IPO activity in 2026
According to the report, the recovery pace of IPO in 2026 will determine on many linked factors: a clearer monetary-policy trajectory, sustained equity market stability, and contained volatility.
Resolving the geopolitical tensions, healthy consumer demand, and increased labor markets will be significant factors in restoring investor confidence.
Eventually, at the same time, the continued evolution of AI and the biggest technology adoption, especially at the application level, is projected to influence deal supply.
