Whalesbook
Indian companies have raised a record ₹5,394 billion through 336 IPOs between 2020 and 2025, surpassing the ₹4,558 billion raised over the prior 20 years. The average IPO size more than doubled to ₹1,605 crore, driven by larger deals and Offer for Sale transactions. Equirus Capital forecasts $20 billion in IPO issuances for 2026, with increasing participation from tier-2 and tier-3 cities.