India's IPO market reached a record Rs 1.76 lakh crore in 2025, surpassing 2024's figures and marking two consecutive years of record fundraising. Despite this, overall public equity fundraising declined due to lower Qualified Institutional Placements (QIPs) and Offers for Sale (OFS). The year also saw a shift towards a more selective primary market, with weaker listing gains, softer retail participation, and lower oversubscription levels, indicating a maturing market. Mutual funds also overtook Foreign Portfolio Investors (FPIs) as anchor investors for the first time.