According to a report by Kotak Institutional Equities, India’s primary-market IPO activity has raised approximately US $14 billion through about 80 issues in 2025. This is down from about US $19 billion in the same period last year. The report suggests that investors are becoming more selective due to weaker performance of many recent listings and valuation concerns. Smaller deals now dominate the pipeline and issuers may face increased scrutiny of business fundamentals and pricing.