Indian primary markets shine: Samvat 2081 sets new benchmark for corporate fundraising

Mumbai: Indian equity markets witnessed a record fundraising year between last Diwali and this year’s festival, with companies mobilising the highest-ever amount through mainboard IPOs, SME IPOs, and qualified institutional placements (QIPs) in Samvat 2081.

During the year, 433 Indian firms raised over ₹2.0 lakh crore through various routes, surpassing the ₹2.53 lakh crore raised by 429 firms in Samvat 2080. For comparison, 251 firms raised around ₹79,900 crore in Samvat 2079, while 165 firms collected ₹1.07 lakh crore in Samvat 2078.

The achievement came despite subdued secondary market activity and relatively weak listing gains, highlighting continued investor confidence across all categories.

Of the total mobilisation this year, 111 companies raised nearly ₹1.8 lakh crore via mainboard IPOs, while 275 small and medium enterprises (SMEs) collected ₹11,880 crore. Another 47 firms raised ₹98,993 crore through QIPs. Market analysts attributed the record fundraising to strong economic growth, favourable market conditions, and rising investor confidence.

Both domestic and foreign investors, including retail buyers, mutual funds, and foreign portfolio investors, showed strong interest in primary market opportunities, even as broader markets remained flat.

Despite strong fundraising, listing performance in 2025 was relatively muted. Of 85 mainboard IPOs listed so far, 29 opened below their issue price, while 27 recorded modest gains of 1-10 per cent. Twelve IPOs gained 11-20 per cent, 13 rose 25-50 per cent, and only three stocks delivered over 50 per cent gains on debut. Analysts cited stretched valuations and waning investor enthusiasm for the weaker listings.

By contrast, 2024 saw much stronger debuts. Of 93 mainboard IPOs, five stocks doubled investors’ money, 12 gained 50-99 per cent, 25 rose 25-50 per cent, and 30 delivered smaller gains of 1-25 per cent.

A similar trend was observed in the SME segment. In 2025, 218 SME IPOs were launched, with 76 listing below their issue price, while 27 delivered gains of 50-100 per cent. In 2024, 247 SMEs debuted, with over 100 delivering returns of 50-400 per cent, reflecting the previous year’s frenzy in smaller issues.

IANS