Mumbai, Jan. 2 -- In the Calendar Year (CY) 2025, the Initial public offering (IPO) markets remained active, with 220 public issues raising Rs 1.78 lakh crore; mainboard IPOs increased to 103 from 90 a year earlier, said National Stock Exchange's (NSE) annual highlights for Calendar Year (CY) 2025.

Maharashtra, Delhi-NCR and Karnataka led mainboard IPO activity by both volume and value, it said.

Last year in 2024, a total of 268 IPOs were launched. The decline in 2025 was led by fewer SME offerings, which fell to 117 from 178 a year earlier. In contrast, mainboard IPOs increased to 103 in 2025 from 90 in the previous year, underlining sustained appetite for larger issues.

The NSE report further said the mainboard IPOs collectively mobi...