India’s IPO market hits all-time high with ₹4.18 lakh crore drafts filed

India’s primary market is surging: 288 companies filed draft prospectuses in 2025 worth about ₹4.18 lakh crore ($500 billion) and 111 IPOs raised ₹2.18 lakh crore so far this year. Domestic investor participation via mutual funds and systematic investment plans (SIPs) is fuelling the boom, enabling companies to launch large issues even amid global volatility. Investment bankers predict that 2025 may end with about 130-135 mainboard IPOs – a 20% increase on 2024. The depth of retail liquidity is reducing dependence on foreign capital.