Group 1: Primary Equity Market Performance - In 2025, India's primary equity market reached a record ₹1.95 trillion through over 365 IPOs, with a total of ₹3.8 trillion raised across 701 IPOs in the last two years [1] - In 2024, ₹1.90 trillion was mobilized through 336 IPOs, highlighting the resurgence of Non-Banking Financial Companies (NBFCs) and banks' strategic re-entry into primary fundraising [2] Group 2: Sector Contributions and Performance - NBFCs dominated the IPO landscape in CY25, accounting for 26.6% of total IPO proceeds, raising ₹635 billion across 24 IPOs, with an oversubscription rate of 23x [3] - Prominent NBFCs such as Tata Capital, HDB Financial, ICICI Prudential AMC, and Bajaj Housing Finance contributed significantly to market confidence in retail lending and housing finance [4] Group 3: Individual Company Highlights - Tata Capital's IPO raised ₹155.1 billion and was subscribed about 2x, trading flat post-listing, indicating efficient price discovery [4] - HDB Financial Services had a strong subscription of 17.6x but experienced moderate secondary market performance, trading slightly above its offer price [5] - ICICI Prudential AMC emerged as a high-quality listing, trading over 20% above its offer price due to strong franchise strength [5] - Bajaj Housing Finance raised ₹65.6 billion with a robust 50x subscription, marking it as one of the most successful NBFC listings [6] Group 4: Bank Participation and Capital Raising - Private banks recorded virtually no IPO fundraising in CY25, while PSU banks dominated the Qualified Institutional Placement (QIP) market, with State Bank of India raising ₹250 billion, accounting for ~35% of total QIP issuance [6][7] - Other PSU banks like UCO Bank and Indian Overseas Bank also tapped equity markets to enhance capital ratios and support balance-sheet growth [7] Group 5: Offers for Sale (OFS) Trends - Banks and NBFCs were prominent in Offers for Sale (OFS), with Bank of Maharashtra and IOB among the largest transactions, indicating promoter monetization amid strong valuations [8]

Core Insights - The Indian primary equity market raised a record Rs 1.95 trillion through over 365 IPOs in 2025, following Rs 3.8 trillion raised across 701 IPOs in the previous two years [7] - Non-Banking Financial Companies (NBFCs) emerged as the dominant players in 2025, accounting for 26.6% of total IPO proceeds, raising Rs 635 billion across 24 IPOs, marking the highest contribution by any sector in the last two years [2][7] - The resurgence of NBFCs and the strategic re-entry of banks into primary fundraising were significant trends during this period [7] NBFC Performance - NBFC IPOs saw aggregate subscriptions of nearly Rs 14.9 trillion, resulting in a 23x oversubscription, competing with sectors like capital goods and healthcare [4][7] - Notable NBFC IPOs included Tata Capital's Rs 155.1 billion IPO, which was subscribed about 2x and has traded flat since listing, indicating efficient price discovery [5][7] - Bajaj Housing Finance was highlighted as one of the most successful NBFC listings, raising Rs 65.6 billion with a robust 50x subscription [6][7] Bank Activity - Private banks recorded virtually no IPO fundraising in 2025, while Public Sector Undertaking (PSU) banks dominated the Qualified Institutional Placement (QIP) market, raising Rs 250 billion, which accounted for approximately 35% of total QIP issuance [6][8] - Banks and NBFCs were prominent in Offers for Sale (OFS), with 60% of OFS proceeds coming from privately owned enterprises, indicating promoter monetization amid strong valuations [6][8]