Promoter exits hit Rs 79,000 crore, while PE–VC stake sales total Rs 20,644 crore in 2025  

markets

Promoters and private equity investors used the public markets aggressively in 2025, tapping the initial public offering route through large offer-for-sale components. Total IPO fundraising during the year stood at around Rs 1.76 lakh crore. Of this, offer-for-sale transactions accounted for Rs 1.11 lakh crore, while fresh issuances contributed Rs 64,406 crore.

Within the OFS segment, promoters dominated activity, accounting for 71 percent of all sales, while private equity investors represented 19 percent. The balance came from banks, domestic companies and individual shareholders. Promoters offloaded shares worth about Rs 79,000 crore, while private equity investors sold stakes valued at Rs 20,644 crore.

LG Electronics Inc emerged as the largest promoter seller, divesting Rs 11,600 crore through the IPO of LG Electronics. Prudential Corporate Holdings, the promoter of ICICI Prudential AMC, was the second-largest with sales of Rs 10,600 crore.

HDFC Bank, the promoter of HDB Financial Services, ranked third, selling about Rs 10,000 crore in the company’s IPO. Other significant promoter exits included CA Magnum Holdings, which sold Rs 8,752 crore in Hexaware Technologies, and Tata Sons, which offloaded Rs 7,500 crore in Tata Capital.

Private equity and venture capital investors also booked partial exits through OFS routes. Peak XV Partners led the list, selling stakes worth Rs 2,687 crore across Pine Labs, Meesho, Wakefit Innovations and Billionbrains Garage Ventures.

International Finance Corporation was the second-largest seller, followed by YC Holdings, with sales of Rs 1,310 crore and Rs 1,054 crore respectively. IFC exited holdings in Tata Sons and Nephrocare Health Services, while YC Holdings sold shares in Billionbrains Garage Ventures.

Other notable sellers included Cayman’s SVF LI Lightbulb, Synergy Metals Investments Holding, AP Asia Opportunistic Holdings, Schroders Capital Private Equity Asia Mauritius, Ribbit Capital, Claymore Investments (Mauritius) and GW-E Ribbit Opportunity.

Startup promoters were active participants as well. Peyush Bansal of Lenskart Solutions sold shares worth Rs 824 crore through OFS. PhysicsWallah founders Alakh Pandey and Prateek Boob each sold Rs 190 crore, while Meesho founders Sanjeev Kumar and Vidit Aatrey sold Rs 178 crore each.

At the same time, listing performance turned subdued. Average IPO gains, which had risen from 11 percent in 2022 to 29 percent and 30 percent in 2023 and 2024, slipped to 9 percent so far in 2025. Only a small number of the year’s 91 listings delivered returns above 50 percent, while many traded lower within three to six months of debut. Foreign investors continued to participate in primary markets, infusing $7.55 billion into IPOs, even as they sold nearly $24 billion in secondary markets.