IPO Surge Makes October the Strongest Fundraising Month for Indian Markets: Report

India’s capital markets saw their strongest fundraising month of 2025 in October, driven by a surge in initial public offerings (IPOs), according to data from Grant Thornton Bharat. A total of 24 IPOs and five qualified institutional placements (QIPs) collectively mobilised $6.2 billion, marking the highest monthly tally of the year, the data showed.

The fundraising momentum was led by marquee listings of Tata Capital and LG Electronics, both of which crossed the $1 billion threshold, underscoring strong investor appetite for large, diversified businesses. While overall deal volumes dipped 6 per cent month-on-month, IPO values rose sharply by 134 per cent, highlighting sustained depth and liquidity in domestic markets.

QIP activity, however, was relatively muted, with five transactions aggregating $1.1 billion.

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On the other hand, the M&A and private equity for October stood at 189 worth $10.6 billion, dropping by 13 per cent in volume and growing by 63 per cent in value month-on-month. The surge was propelled by three billion-dollar transactions totalling $5.9 billion and 11 high-value deals worth $3.1 billion, together accounting for nearly 85 per cent of total deal value. 

Including public market activity, the total deal count grew to 218 transactions worth $16.8 billion, marking a 134 per cent jump in overall value despite a 6 per cent dip in volumes compared to September 2025.

“We expect sustained deal momentum across sectors supported by high-value strategic transactions, resilient private capital flows, and vibrant public market participation,” said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.

Among sectors, banking and financial services topped the charts in terms of deal values for the month, while also ranking third in volumes with 23 deals totalling $5.1 billion. Growth in the NBFC segment was a major driver, led by three large transactions exceeding $500 million each, totalling $4.7 billion and accounting for 95 per cent of the sector’s total value.

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Deal activity diversified across sub-segments, with financial services leading at 35 per cent of volumes, followed by the fintech and banking & NBFC segments, which contributed 30 per cent each.

The retail and consumer sector led in deal activity this month, though it displayed a contrasting trend. While deal volume dropped over the past three months, overall value increased, indicating a move toward fewer but higher-value transactions. The surge in value was primarily driven by Zepto’s $450 million fundraise, its third this year, which boosted the company’s valuation by nearly 40 per cent.