The first half of fiscal year 2025 has been significant for the Indian stock market. The National Stock Exchange (NSE) raised approximately $5.51 billion, equivalent to ₹45,800 crore, through Initial Public Offerings (IPOs) between January and June. This figure represents 8.9 percent of the total $61.95 billion raised globally, according to a recent report by S&P Global Market Intelligence.
According to the report, India's NSE has become the fourth-largest platform globally in terms of IPOs. This achievement has firmly established India in the global capital market race.
NSE Leads in Number of IPOs
While the Nasdaq Global Market, New York Stock Exchange (NYSE), and Nasdaq Global Select Market in the US remained in the top three positions in terms of capital raised. These three exchanges collectively raised $28.95 billion in the first half of 2025, accounting for approximately 46.73 percent of the total global amount.
However, in terms of the number of IPOs, the NSE surpassed all others. While the Nasdaq Global Market saw 66 IPOs, the NSE launched issues for 73 companies during the same period. This places the NSE at the top in terms of the number of IPOs.
Significant Growth Compared to 2024
In the first half of 2025, India witnessed a total of 119 IPOs, raising ₹51,150 crore. In comparison, the same period in 2024 saw 157 IPOs, but only ₹37,682 crore was raised.
This indicates that while the number of IPOs was slightly lower this time, the size and valuation of the issues were larger. This suggests that companies are entering the market with greater preparation and confidence.
Record Levels in the Previous Year
Looking at the entire calendar year of 2024, a total of 333 companies listed in India. These listings collectively raised approximately ₹1.713 lakh crore. This figure is considered one of the highest IPO collections to date.
The data from the first half of 2025 suggests that this year could also prove to be historic in terms of IPOs.
Demand for New Companies Remains Strong in a Bull Market
According to Shailesh Raj Bhan, Head of Equity at Nippon India Mutual Fund, investors are more enthusiastic about new issues in a bullish market. He stated that the demand for IPOs remains consistently b in the current environment, and companies are capitalizing on this trend.
Growing Participation of Startups and Mid-sized Companies
Fast-growing startups and mid-sized businesses in India are also increasingly turning to IPOs to raise capital at a larger scale. Companies from sectors such as technology, pharmaceuticals, manufacturing, and consumer goods have shown considerable confidence in the market this year.
These companies are receiving b support from domestic investors, as well as global funds and institutional investors.
Impact of Changing Mindsets and Technology
Digitalization in the IPO process has also provided an opportunity for retail investors to enter this sector. Applying through mobile apps and online platforms has become easier, enabling smaller investors to participate in larger issues.
This change has led to an increase in the number of investors and has deepened the market.
India's Identity Strengthened on the Global Stage
The NSE's global ranking indicates that India is no longer just an emerging market but has become a b and stable investment destination. Companies here are technologically b, recording revenue growth, and continuously improving in terms of corporate governance.
NSE's achievement of reaching the fourth position is not only a matter of pride for India but also suggests the potential for even greater accomplishments in the future.
