India’s primary market witnessed an unprecedented boom in October, marking the busiest month ever for mainboard initial public offerings (IPOs) with 14 companies hitting the market so far, aiming to raise over Rs 46,000 crore.  

The month has set a new record for monthly fundraising in the domestic capital markets, driven by two heavyweight listings — Tata Capital and LG Electronics India — which together accounted for more than half of the total fundraising.

Tata Capital raised Rs 15,512 crore, while LG Electronics India mobilised Rs 11,607 crore through their respective initial share sale.

Adding to the momentum, Lenskart Solutions was set to open its Rs 7,278-crore issue on October 31, rounding off a packed primary calendar that also featured offerings from WeWork India, Canara HSBC Life Insurance, Orkla India, and Rubicon Research.

The record-breaking performance easily eclipsed the previous monthly high of October 2024, when six IPOs had raised Rs 38,690 crore. The latest figures also surpass earlier peaks seen in November 2021 (Rs 35,665 crore from nine IPOs), November 2024 (Rs 31,145 crore from eight IPOs), and May 2022 (Rs 29,510 crore from eight IPOs).

This milestone underscores the remarkable resilience and liquidity depth of India’s primary market, which has remained vibrant despite uneven secondary market sentiment amid global uncertainty, according to analysts.

In total, 89 IPOs have raised over Rs 1.38 lakh crore so far in 2025 — making it one of the strongest years on record and only slightly behind 2024, when total fundraising crossed Rs 1.6 lakh crore. With still two more months to go, the previous record is most likely to be passed as many IPOs are in line to hit the primary market in November and December.

According to market watchers, the rush of new listings reflects both robust investor confidence and companies’ eagerness to capitalise on strong demand before year-end.