In 2025, India's primary market saw record IPO fundraising, with 103 companies raising Rs 1.8 lakh crore, marking the second consecutive strong year. This occurred despite stagnant secondary market performance, with Sensex and Nifty showing modest gains and mid/small-cap indices declining. While average listing gains fell from previous years, investor demand from retail, HNI, and institutional segments remained robust, with many IPOs experiencing over 50 times subscription.