Mumbai, Maharashtra, 31st of December 2025 : India’s equity capital markets have undergone a profound transformation between 2020 and 2025, evolving from a largely cyclical fund-raising avenue into a structurally deeper and more resilient platform for capital formation, according to the Primary Pulse 2025 Report by Pantomath Capital. The Report highlights that India’s IPO market has now entered a structurally stronger phase, emerging as the global leader by deal volume, with the country’s capital markets poised to facilitate close to INR 4 lakh crore of capital formation in 2026, underscoring the growing depth, scale, and maturity of India’s primary market ecosystem.
The Report highlights that post-2020, there has been a decisive inflection point for India’s IPO ecosystem. Issuance volumes have risen sharply across both mainboard and SME segments while signalling a shift from opportunistic listings to sustained capital mobilisation and also reflecting broad-based issuer participation. Notably, mainboard IPOs have surpassed 100+ IPOs in 2025, first time since 2007. Interestingly, India leads the IPO charts in terms of numbers of IPO in CY 2025 and India is also among the top three markets in the world for IPO proceeds. Unlike markets driven by a handful of mega listings, India’s IPO activity was characterised by continuity across issue sizes, with strong growth across segments, especially in the ₹100–500 crore and ₹1,000 – 2,000 crore segments.
The Report highlights a continued deepening of investor participation across geographies. While Mumbai remains the primary anchor, accounting for approximately 37% and 38% of retail and HNI applications, respectively, there has been strong traction from key Gujarat centres including Ahmedabad, Surat, Rajkot, Bhavnagar and Mehsana. Importantly, non-metro markets such as Bhilai (Chhattisgarh), Kendrapara (Odisha) and Hisar (Haryana) have also emerged as meaningful contributors, underscoring the steady democratisation of equity investing across India and the widening participation beyond traditional financial hubs
The Report underscores a clear shift toward productive capital deployment, with over three quarters of IPO proceeds directed toward expansion, capacity creation, debt reduction, and working capital rather than financial structuring. Financial services led fund mobilization, followed by manufacturing, industrials, and consumption-oriented sectors aligned with India’s long term growth themes.
Investor participation also matured as mutual funds strengthened their role as anchor investors, providing both capital and confidence though the participation was quite selective in nature. Foreign portfolio investors also continued to add global credibility through targeted involvement, supporting disciplined price discovery.
“India’s IPO market today reflects structural maturity rather than cyclical exuberance,” said Mahavir Lunawat, CMD, Pantomath Capital. “The simultaneous rise in issuance volumes, average deal sizes, and institutional discipline indicate a durable capital-raising framework. As regulatory guardrails strengthen further, the pipeline visibility is encouraging, we expect more than ₹4 trillion worth of IPO pipeline in 2026, backed by strong domestic participation and selective global capital.”
Supported by calibrated regulatory reforms in 2025, focused on governance standards, anchor stability, India’s IPO ecosystem is increasingly aligned with long-term economic growth, positioning primary markets as a core financing engine for India Inc.
About Pantomath Capital:
Pantomath Capital Advisors Private Limited is the investment banking arm of the Pantomath Group, known for its discovery-led approach to capital formation and deep alignment with founder-driven enterprises. As a SEBI-registered Category I Merchant Banker, the company has built a reputation for precision-led execution across IPOs, QIPs, private placements, and M&A. Pantomath Capital is among the most active and trusted investment banker to mid-market companies. With a sector-agnostic approach backed by proprietary research, regulatory clarity, and capital markets expertise, it plays an active role i India’s public market ecosystem—not just as facilitators, but as long-term capital architects.
About Pantomath Group:
India’s most integrated & fastest growing mid-market financial services group
Built for Bharat & Beyond
Pantomath Group is a diversified financial institution built on the conviction that capital, when deployed with insight and intent, can shape enduring institutions and catalyze meaningful economic progress. Founded by Mahavir Lunawat and Madhu Lunawat, the Group brings together institutional discipline with entrepreneurial drive. Pantomath has evolved into a full-spectrum capital powerhouse spanning investment banking, asset management, retail and institutional participation, and digital capital infrastructure. Headquartered in Mumbai with pan-India operations and a regulated presence at GIFT City through The Wealth Company, and a growing global footprint across USA, Singapore & UAE.
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