So far, 2025 has seen 93 mainboard listings, featuring names such as HDB Financial Services, Tata Capital, Groww, and Lenskart, compared with 76 during the same period in 2024.

Despite this rise in volume, the total funds raised remain almost unchanged at Rs. 1.54 lakh crore versus Rs. 1.53 lakh crore last year. The surge in the number of issues, along with only a marginal increase in total fundraising, highlights softer demand and a higher concentration of small to mid-sized IPOs.

Investor enthusiasm also appears to be cooling. The average oversubscription level has dropped sharply in 2025. With 76 listings in 2024 up to November, the average oversubscription stood at 42 times, but for the 93 listings so far in 2025, it has slipped to 33 times. This reflects a noticeable shift in invest

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