Whalesbook
India's IPO market is seeing a record run, but most funds are going to sellers, not companies. Offer for Sale (OFS) exits accounted for nearly two-thirds of the Rs 5.4 lakh crore raised via IPOs between 2021-2025. Experts say this signifies market maturity, as early investors and promoters realize gains and new-age companies need less capital. The focus, they argue, should be on company quality and valuation.