Mainboard IPOs 2025: The year’s largest and smallest public issues

Mainboard IPOs 2025: The National Stock Exchange (NSE) has released its annual highlights for the calendar year 2025. As per the document, a total of 101 IPOs were launched in 2025 as of December 19, compared to 90 issues in 2024. A total of ₹1,71,368 crore was raised through the public offers.

Tata Capital's initial share sale emerged as the biggest IPO of 2025, raising ₹15,512 crore. The smallest mainboard IPO was Jinkushal Industries' ₹116 crore offer.

The average issue size was ₹1,697 crore. This year saw four initial public offerings raising more than ₹10,000 crore.

Mainboard IPOs 2025

Tata Capital IPO

The public offer of Tata Group's financial arm, Tata Capital, was a mix of fresh issuance of 21 crore shares worth ₹6,846 crore and an offer for sale of shares aggregating to ₹8,665.87 crore. The stock debuted at ₹330 per unit on the NSE and the BSE on October 13, a premium of 1.23% over the IPO issue price of ₹326 per share. It is up 8.43% from the issue price as of 11:12 am on December 24.

The issue was subscribed 1.95 times. The company had reported a 2% increase in its consolidated profit after tax to ₹1,097.32 crore in the latest September quarter, compared to ₹1,075.72 crore in the same period of the previous fiscal year.

The company offers more than 25 lending products, serving a diverse customer base, including SMEs, entrepreneurs, small businesses, corporates, salaried workers and self-employed individuals. It provides commercial finance, wealth management, private equity, consumer loans, investment banking and cleantech finance.

Jinkushal Industries

Jinkushal Industries' ₹116.15 crore IPO, the smallest public offer this year, was a combination of fresh issuance of ₹104.54 crore and an offer for sale of ₹11.61 crore.

The stock started trading at ₹125 per unit on the NSE and the BSE on October 3, reflecting a premium of 3.31% over the IPO issue price of ₹121 per share. Currently, it is down 23.14% from the issue price.

The issue was subscribed to 65.10 times. The Chandigarh-based company is involved in the export trading of new and used construction machines in global markets, including motor graders, backhoe loaders, soil compactors, bulldozers, hydraulic excavators, wheel loaders, asphalt pavers and cranes.