Gujarat races ahead in IPO rush, tops Q1 listings and fundraising
Data from the National Stock Exchange (NSE) shows that nine Gujarat-based firms listed on both the mainboard and NSE Emerge, mobilised Rs 3,374 crore during April-June 2025. Maharashtra matched Gujarat in terms of the number of NSE listings but trailed slightly in proceeds at Rs 3,300 crore. Meanwhile, four companies from the NCT of Delhi raised the highest capital among states, mopping up Rs 3,657 crore.
On the BSE SME platform, Gujarat again led in terms of company count, with five firms raising Rs 121.6 crore, nearly a third of the total SME IPOs during the quarter.
"Among the companies listed in Q1, Gujarat led with the highest number of nine listings, reflecting the state's growing dominance in capital market activity," the NSE noted.
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Nationally, the sectoral breakdown of IPO activity reveals broad-based investor interest in sectors such as industrials, consumer discretionary, and energy. The industrial sector led with 13 companies raising Rs 2,176 crore, followed by consumer discretionary players, who raised a whopping Rs 9,033 crore from eight firms — the highest in terms of proceeds.
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The energy sector saw just two listings, but raised a sizeable Rs 2,873 crore, putting it second in terms of capital raised.
According to BSE SME data, 12 companies listed on the exchange's SME platform in Q1, raising a cumulative Rs 387.26 crore. Gujarat led with five listings, followed by Maharashtra, Haryana, Delhi and Uttar Pradesh.
Vaibhav Shah, director at the Association of National Exchanges Members of India (ANMI), attributed the trend to strong governance and rising equity awareness among Gujarat's entrepreneurs. "Gujarat-based companies have seen rapid growth in recent years. Many are now eyeing aggressive expansion, and IPOs are the natural route. Strong governance frameworks and a solid understanding of equity markets are driving the surge in SME IPOs," he said.
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