India’s IPO Market Raises Nearly ₹2.2 Lakh Crore Amid Surge in Filings

India’s IPO market has raised approximately ₹2.18 lakh crore across 111 IPOs during 2025, propelled by strong retail participation via digital platforms like UPI and a surge in draft filings. Between October 2024 and October 2025 around 288 firms filed DRHPs worth ~₹4.18 lakh crore, of which 174 got SEBI approval (~₹2.71 lakh crore). Investment bankers attribute the momentum to ample domestic liquidity and improved issuer readiness despite global headwinds. Focus now shifts to how many of the approved deals convert into listings.