Indian mutual funds have invested ₹22,750 crore across eight major IPO deals in 2025, accounting for 44% of total funds raised. Tata Capital, HDB Financial Services, and LG Electronics India led institutional allocations, reflecting renewed domestic appetite for equity issuances. Industry data shows financial and consumer segments drew the largest flows. Analysts see the trend as a vote of confidence in India’s IPO pipeline and long-term retail participation growth through mutual fund channels ahead of FY26.