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161 IPOs, 22% Average Returns: India’s Primary Market Shines Amid Global Volatility
India IPO: This year, Indian companies raised $14.2 billion through IPOs. Investors received an average return of 22% during this period. This puts India fourth in the world in terms of IPO funding, while the US leads.
Despite fluctuations in domestic stock markets, India ranks fourth in the world in terms of initial public offering (IPO) funding. As per Bernstein's analysis, Indian companies raised $14.2 billion through IPOs in calendar year 2025.
The US tops the list with $52.9 billion. Hong Kong is second with $23.4 billion, and China is fourth with $16.2 billion. According to the analysis, 74 Indian companies raised ₹85,241.08 crore through IPOs in the primary market in calendar year 2025 in rupee terms. This is the third-highest amount raised from the primary market in the last five years. This does not include the three large IPOs of BWork India, Tata Capital, and LG Electronics India, which opened to raise ₹30,000 crore. Previously, ₹1,59,783.76 crore was raised from 91 IPOs in 2024, and ₹1,18,723.17 crore from 63 issues in 2021.
Investors received an average return of 22%. In the 21 months from January 2024 to the present, 161 IPOs have been listed in India. These stocks have generated an average return of 22% for investors, outperforming major market indices. These stocks have outperformed the Nifty in five of the last seven quarters. Of the 161 stocks, 61% delivered better returns to investors than the Nifty index over six months.
According to the analysis, smaller IPOs have delivered better returns to investors upon listing. IPOs under $20 million have generated returns of approximately 40%. Issues valued between $20 million and $40 million have generated 31% returns for investors upon listing. IPOs over $1 billion have been the least successful, delivering an average return of 9%.
Investment of $5 billion in primary markets. Wernstein said, IPO activity in India is significant because foreign institutional investors (FIIs) have withdrawn approximately $18 billion from the secondary market this year, but have invested only $5 billion in the primary market. India lags behind all major economies, with returns of almost zero in US dollar terms this year.
