Initial-Public-Offering Landscape Shifts as Stake-Sales Dominate 2025 Listings

An analysis of India’s IPO market through 2025 shows that for most technology-enabled companies, capital raised via selling-shareholders (stake-sales) now equals or exceeds new-capital issues. The shift reflects investor caution amid valuation resets and a preference for founders/existing backers to monetise rather than dilute. The trend could reduce fresh-capital on listing days and raise questions about post-listing trading behaviour and lock-in commitments. Market participants say these structural changes may impact the dynamics of India’s listing pipeline.