India’s primary market recorded its busiest month on record in October 2025, raising approximately ₹46,000 crore across 14 initial public offerings. The total exceeded the prior monthly high and signals strong retail and institutional appetite despite global volatility. The fundraising was led by marquee issues including major conglomerates and technology firms, tapping favourable valuations and excess liquidity. Year-to-date, the IPO market has crossed ~₹1.38 lakh crore, positioning 2025 as one of the most active listing years. Analysts say pipeline remains robust but caution valuations and macro risks.