SEBI data highlight the strength of India’s primary market, with companies continuing to raise capital despite geopolitical and financial pressures.
India’s primary capital market continued to command global attention in October 2025 with the country featuring prominently among the world’s largest initial public offerings (IPOs).
According to a report by the Securities and Exchange Board of India (SEBI), two Indian offerings ranked among the five largest IPOs globally during the month, underscoring the depth of domestic fundraising activity.
India leads the way in IPOs globally.
The global IPO market remained active despite geopolitical tensions, trade uncertainties and financial market volatility. In October last year, 139 companies worldwide raised approximately $22 billion through initial public offerings.
India accounted for two of the five largest transactions. Tata Capital raised around $1.7 billion through its domestic listing, placing it second among the month’s biggest IPOs. Verisure, which is registered in the UK, topped the ranking with an offering valued at more than $4.2 billion. Together, the five largest IPOs raised more than $10 billion, with Indian companies making a notable contribution to that total.
Record fundraising in the Indian market.
October was particularly significant for India’s IPO market. Domestic primary-market fundraising reached ₹41,783 crore, exceeding the previous monthly record of ₹36,305 crore set in November 2021. The listings of Tata Capital and LG Electronics India were major contributors to the month’s fundraising. The figures indicate that Indian companies continued to gain access to public equity markets even as investors globally were navigating an uncertain economic environment.
Another notable feature was the increased contribution of Offer for Sale (OFS) transactions. OFS accounted for 73% of funds raised through mainboard IPOs during the month, while the proportion was considerably lower for SME IPOs, at 4%.
SEBI’s findings also point to the broader strength of Asian capital markets. India remained ahead of China and Japan in IPO issuance during the period, while Asia continued to dominate global IPO activity in both volume and value. Europe, meanwhile, surpassed the United States in funds raised during the month. The regional figures suggest that global IPO activity is becoming increasingly diverse, with several markets competing for companies seeking public capital.
India’s performance reflects the growing importance of its primary market as a source of corporate financing. The country had already secured the top global position by IPO volume in 2024, recording 335 offerings, according to industry data.
