India logs busiest IPO month ever as October fundraising hits record Rs 46,000 crore

IPO

India’s primary market delivered a landmark performance in October, registering the busiest month for mainboard IPOs on record. A total of 14 IPOs hit the market, collectively seeking more than Rs 46,000 crore — the highest fundraising target in any single month in India’s capital-market history.

The rush was led by two mega offerings. Tata Capital raised over Rs 15,512 crore, while LG Electronics India mobilised Rs 11,607 crore through their mainboard IPOs, together accounting for more than half of October’s mop-up. Meanwhile, Lenskart Solutions, set to open for subscription October 31, plans to raise Rs 7,278 crore, adding to an already crowded primary calendar. Other prominent deals launched during the month include WeWork India, Canara HSBC Life Insurance, Orkla India and Rubicon Research.

October’s tally surpassed the previous record set in October 2024, when 6 IPOs raised Rs 38,690 crore. The third-highest month remains November 2021, which saw 9 IPOs raising Rs 35,665 crore, followed by November 2024 with 8 IPOs raising Rs 31,145 crore. The fifth-largest month was May 2022, when 8 IPOs mobilised more than Rs 29,510 crore.

The blockbuster activity underscores a record-breaking year for the primary market. So far in 2025, 89 IPOs have raised over Rs 1.38 lakh crore, trailing only 2024, when IPO fundraising crossed Rs 1.6 lakh crore. The surge has come despite muted domestic equities through parts of the year, diverging from global market strength, and has been supported by deep liquidity and strong investor appetite.

Market participants remain upbeat. In a recent conversation with Moneycontrol, K. Balasubramanian, CEO for India sub-continent and banking head at Citi, noted that 2025 has already exceeded expectations and is poised to close strong. “Between now and December 15, we may see another $10–15 billion of capital being raised from the market, assuming conditions remain constructive,” he said.

On valuation concerns, Balasubramanian argued that growth prospects justify pricing. “Consumption will remain a defining India theme. Our penetration across key product categories is still much lower than other Asian markets. Even with modest multipliers, the growth runway here is long and structural,” he added. With large deals still lined up and sentiment buoyed by robust demand across investor classes, the record-setting momentum suggests India’s IPO market is firmly in a historic phase — and the year is not done yet.