India’s primary market witnessed a historic run in October — the busiest month ever for mainboard IPOs. Fourteen public issues hit the market, collectively eyeing more than ₹46,000 crore in fundraising, the highest monthly tally in India’s capital-market history.
Leading the charge were two big names. Tata Capital mopped up over ₹15,512 crore, while LG Electronics India raised ₹11,607 crore, together accounting for more than half of the month’s total mobilisation. The pipeline didn’t stop there — eyewear retailer Lenskart Solutions opened its ₹7,278 crore issue on October 31, extending the streak of investor buzz.
Other notable IPOs that lit up the month included WeWork India, Canara HSBC Life Insurance, Orkla India — which counts Kerala’s Meeran brothers among its legacy stakeholders — and Rubicon Research.
October’s fundraising spree comfortably topped the previous record from October 2024, when six IPOs raised ₹38,690 crore. That was followed by November 2021 (₹35,665 crore across nine IPOs), November 2024 (₹31,145 crore across eight IPOs), and May 2022 (₹29,510 crore across eight IPOs).
This blockbuster momentum has capped off a remarkable year for the primary market. In 2025 alone, 89 IPOs have already raised more than ₹1.38 lakh crore — second only to 2024’s ₹1.6 lakh crore tally. The strength comes despite occasional weakness in domestic equities, suggesting that investor participation and liquidity remain strong even as global markets fluctuate.
Market mood remains upbeat, with analysts and bankers suggesting that the momentum may carry into the final quarter. K Balasubramanian, CEO for India Subcontinent and banking head at Citi, said in a recent report that 2025 has already outperformed expectations and could close even stronger. “Between now and December 15, we may see another $10–15 billion of capital being raised from the market, assuming conditions remain constructive,” he noted.
