India, Jan. 20 -- In 2025, India's IPO (Initial Public Offering) market was described as a successful revival story. A wave of new issues ensued, many of them were oversubscribed multiple times, and new-age tech firms made their way to Dalal Street, and were listed on the stock exchanges. But beneath the surface of a busy primary market, the structure of these IPOs told a more complex story. Most of the massive amounts did not go into the coffers of the firms that raised them. It went to the existing shareholders, including promoters.

According to data compiled by Fortune India magazine, Indian firms and MNCs raised INR1.54 lakh crore through IPOs in 2025. Of this, INR97,000 crore, or almost two-thirds was through offer for sale, (OFS). ...