Listing Legends: India’s IPO Market Breaks Barriers with Historic Mainboard and SME Numbers

India’s primary market experienced a historic surge in September 2025, recording its busiest month for initial public offerings (IPOs) in nearly three decades. The mainboard saw 25 companies go public—a level not seen since January 1997—while the SME platform set fresh records with unprecedented volumes and value raised.

 

Mainboard IPO Listings:

 

25 companies launched their IPOs on the mainboard in September 2025, the highest monthly tally since January 1997, when 28 listings were recorded.

 

These IPOs collectively raised over Rs 13,300 crore, reflecting strong investor appetite.

 

The year 2025 has turned out to be robust for large IPOs, supported by steady inflows from foreign institutional investors and domestic mutual funds.

 

SME IPO Record Achieved:

 

The SME platform witnessed a record 53 IPOs raising Rs 2,309 crore in September alone, the largest monthly volume and value ever.

 

With 207 SME listings raising Rs 9,129 crore so far this year, 2025 is already a record year for SMEs, exceeding previous annual fundraising highs with three months yet to go.

 

Market Drivers and Context:

 

Analysts attribute this boom to sustained foreign institutional inflows, consistent retail investor demand, and stable domestic liquidity supplied by mutual funds, insurers, and pension funds.

 

Despite fluctuations in secondary markets, investor enthusiasm remains high for new issues, often resulting in heavily oversubscribed IPOs.

 

The broader market showed modest gains with Sensex rising about 2%, supported by strong MidCap and SmallCap performances.

 

India has strengthened its global standing, ranking third in tech startup funding, trailing only the US and UK.

 

Regulatory Update:

SEBI revised minimum public shareholding norms for large companies planning IPOs, allowing more time to meet thresholds of 15% within 5 years and 25% within 10 years for companies valued Rs 50,000 crore to Rs 1 lakh crore.

 

Sources: MoneyControl, The Hans India, SocialNews.XYZ, AngelOne IPO Data, IANS