Between 2021 and 2025, Indian firms mobilised ₹5.4 lakh crore via IPOs, of which ₹3.37 lakh crore, or nearly two-thirds, came entirely from offer-for-sale (OFS) exits, according to Prime Database. Fresh capital raised through primary share issuance stood at ₹2.03 lakh crore. Large technology listings and increasing promoter monetisation through IPOs are among the factors behind the trend.