New Delhi, Dec. 25 -- India's primary equity market scaled new heights in 2025, with companies raising a record Rs 1.95 trillion through more than 365 initial public offerings (IPOs), marking the strongest year ever for fundraising activity, according to a latest strategy report by Motilal Oswal Financial Services.

The milestone follows an already strong 2024, when Rs 1.90 trillion was mobilised through 336 IPOs. Together, the two years have seen Rs 3.8 trillion raised via 701 IPOs, surpassing the Rs 3.2 trillion collected over the entire five-year period between 2019 and 2023, the report said.

Mainboard listings continued to dominate the market, accounting for nearly 94% of the total funds raised in 2025. Of the 365 IPOs this year, 106...