Mumbai, Oct 20 : Indian equity markets witnessed a record-breaking year of fundraising between last Diwali and this Diwali, with companies mobilising the highest-ever amount through mainboard IPOs, SME IPOs, and qualified institutional placements (QIPs) in Samvat 2081.

During Samvat 2081, as many as 433 Indian firms raised over Rs 2.9 lakh crore through various routes, up from Rs 2.53 lakh crore raised by 429 firms in Samvat 2080.

In comparison, 251 firms had raised around Rs 79,900 crore in Samvat 2079, while 165 firms collected Rs 1.07 lakh crore in Samvat 2078.

The achievement came even as secondary market activity remained subdued and listing gains were relatively weak, highlighting the continued confidence of investors across all categories.

Of the total fundraising this year, 111 companies garnered nearly Rs 1.8 lakh crore through mainboard IPOs, while 275 small and medium enterprises (SMEs) mobilised Rs 11,860 crore.

Another 47 firms raised Rs 98,993 crore via QIPs. Market experts attributed the record mobilisation to strong economic growth, favourable market conditions, and rising investor confidence.

They pointed out that both domestic and foreign investors -- ranging from retail buyers to mutual funds and foreign portfolio investors -- showed keen interest in primary market opportunities even as the broader markets remained flat.

However, despite the strong fundraising, listing performance in 2025 has been relatively muted. Of the 85 mainboard IPOs listed so far this year, 29 opened below their issue price, while 27 saw modest listing gains of 1'10 per cent.

Twelve IPOs delivered gains between 11'20 per cent, 13 rose 25'50 per cent, and only three stocks managed to gain over 50 per cent on debut.

Analysts believe stretched valuations and fading investor enthusiasm contributed to the weaker debuts.

In contrast, 2024 saw much stronger listing performances. That year, out of 93 mainboard IPOs, five stocks doubled investors' money on listing, 12 gained 50'99 per cent, 25 rose 25'50 per cent, and 30 delivered smaller gains between 1'25 per cent.

A similar pattern was visible in the SME segment. In 2025, 218 SME IPOs hit the market, of which 76 listed below issue price, while 27 delivered 50'100 per cent gains.

In 2024, however, 247 SMEs debuted, and over 100 of them delivered between 50'400 per cent returns on listing, reflecting the frenzy in smaller issues at the time.

/IANS