Mumbai (Maharashtra)[India], December 31 : The average size of mainboard initial public offerings (IPOs) in India has increased sharply over the last five years, highlighting a structural shift in the country's capital markets, according to a report by Pantomath Group.
The report noted that the average mainboard IPO size rose to around Rs 1,570 crore during the 2020-2025 year-to-date period, compared with approximately Rs 1,100 crore in the 2015-2019 period. This increase reflects a clear step-change from the pre-2020 era and signals a stronger reliance on public markets by Indian companies to raise growth capital.
It stated "Average mainboard IPO size increased from approx. Rs 1,100 crore in 2015-2019 to approx. Rs 1,570 crore during 2020-2025 YTD".
According to the report, deal sizes in the primary market have expanded meaningfully, indicating deeper investor confidence and a maturing equity ecosystem. Alongside the rise in mainboard IPO sizes, the small and medium enterprises (SME) segment has also witnessed significant growth.
Average SME IPO sizes more than doubled from around Rs 11 crore in the 2015-2019 period to about Rs 24 crore during 2020-2025 YTD, pointing to deeper capital absorption and widening investor participation.
The report described 2025 as a watershed year for Indian capital markets. During the year, a total of 373 IPOs were launched, comprising 103 mainboard issues and 270 SME issues. These IPOs together mobilised Rs 1.95 trillion, underscoring both the scale and breadth of capital formation in the country's primary markets.
India's strong IPO activity in 2025 also stood out in the global context. Global IPO market data for the year showed that India ranked first worldwide by the number of IPOs. The country accounted for nearly one-fifth of global IPO volumes, reinforcing its position as the most active listing venue internationally.
This placed India ahead of major markets such as the United States, Greater China, Europe and ASEAN in terms of the number of issues.
In terms of proceeds raised, India ranked fourth globally, contributing around 11 per cent of total global IPO funds raised. While this was lower than markets such as the United States and certain Asian economies that are driven by fewer but much larger transactions, the report noted that this divergence reflects structural differences rather than any weakness in India's market.
The report highlighted that India's IPO market is characterised by broad-based participation across size segments. A high frequency of small and mid-sized offerings, complemented by select large issuances, has created a combination of scale, consistency and diversity.
This, the report said, differentiates India from more episodic or concentrated global markets and reinforces its standing as the world's most active IPO ecosystem.