The Indian IPO market witnessed an extraordinary boom in 2025, raising a staggering Rs 1.95 trillion. This unprecedented surge not only highlights the growing investor appetite for new public offerings but also delivered an impressive payoff for investment banks and underwriters involved in managing these deals.

According to recent reports, the IPO activity over the last year generated around $417 million in fees for the banking sector. Leading financial institutions including Axis Bank, Kotak Mahindra Capital, Citigroup, and several others were the prime beneficiaries of this lucrative windfall.

Axis Bank emerged as a leading beneficiary, raking in fees of about $34.3 million from their role in underwriting and managing multiple IPOs throughout the year. This marked a significant achievement for the bank, consolidating its position as a major player in India’s primary market.

Kotak Mahindra Capital and Citigroup also played critical roles in underwriting various high-profile IPOs, sharing significant portions of the total fee pie. The massive scale of the IPO boom underscores the increasing importance and dynamism of India’s capital markets.

The robust IPO pipeline reflects strong investor confidence, as companies from various sectors tapped the market to raise fresh capital. From technology startups to infrastructure firms and consumer goods companies, the diverse slate of IPOs points to widespread optimism about India’s economic prospects.

For investors, the IPO boom has provided ample opportunities for portfolio diversification across promising sectors. Meanwhile, investment banks have capitalized on rising deal flow and buoyant market conditions to boost their revenue streams substantially.

This massive IPO issuance comes at a time when global markets are experiencing volatility and sector-specific uncertainties. Despite these challenges, India’s capital markets have demonstrated resilience and attractiveness for new listings.

Looking ahead, market watchers are optimistic that IPO activity will continue to be a vibrant feature of India’s financial landscape in 2025 and beyond. With regulatory bodies facilitating smoother listing processes and more companies seeking public funding, the IPO market shows no signs of slowing down.

In summary, the Rs 1.95 trillion IPO boom is a strong indicator of India’s capital markets maturity and the evolving ecosystem of investors and financial institutions. The $417 million in fees earned by Axis, Kotak, Citi, and other banks not only reflects their pivotal role but also underscores a thriving environment of growth, innovation, and opportunity in the Indian financial sector.