Market Capitalisation Hits Rs 410.87 Lakh Crore: India's National Stock Exchange Witnesses Record Rs 18.68 Lakh Crore Fund Mobilisation and 242 IPOs in FY25
NSE achieved significant growth in FY25 with increased listings, higher market capitalisation, record IPOs, strong fund mobilisation, and expanding investor participation across various market segments.
The National Stock Exchange (NSE) has shown significant growth in the financial year 2024-25, marked by increased listings, substantial fund mobilisation, and expansion in investor participation. This article provides a detailed overview of the key highlights of NSE's performance in FY25, drawing insights from the official report.
Listings and Market Capitalisation
As of March 31, 2025, the total number of companies listed on the NSE reached 2,720, with a total market capitalisation of Rs. 410.87 lakh crore (USD 4.81 trillion). This represents an increase from the market capitalisation of Rs. 384.2 lakh crore (USD 4.61 trillion) as of March 31, 2024. The NSE's Main Board had 2,110 companies listed as of March 31, 2025.
The NSE Emerge platform, dedicated to Small and Medium Enterprises (SMEs), has played a crucial role in facilitating SME listings. Since its inception, the NSE Emerge platform has seen 610 SME IPOs. The market capitalisation of NSE Emerge listed companies reached Rs. 1.8 lakh crore (USD 20.8 billion) as of March 31, 2025, compared to Rs. 1.2 lakh crore (USD 14.8 billion) in the previous year.
Initial Public Offerings (IPOs)
FY25 witnessed a total of 242 IPOs, raising a total of Rs. 1.7 lakh crore. Of these, 79 were Mainboard IPOs and 163 were SME IPOs. Additionally, there were 56 direct listings during the fiscal year.
Mainboard IPOs in FY25 raised a total of Rs. 1.63 lakh crore, with an average fund raise per IPO of Rs. 2,057 crore. The highest funds raised in a Mainboard IPO were by Hyundai Motor India Ltd. (Rs. 27,859 crore), and the lowest were by Kronox Lab Sciences Ltd. (Rs. 130 crore). SME IPOs collectively raised Rs 7,111 crore, with an average fund raise of Rs. 44 crore per IPO. The highest funds raised in an SME IPO were by Danish Power Ltd. (Rs. 198 crore), and the lowest were by Hoac Foods India Ltd. (Rs. 6 crore).
Fund Mobilisation
Fund mobilisation through equity and debt issuances on the NSE saw substantial growth in FY25. Total equity raised amounted to Rs. 4,26,010 crore, a 110 per cent increase compared to the previous year's Rs. 2,03,239 crore. Primary market equity segments saw significant increases, with fresh listings and Offers for Sale (OFS) showing growth of 100 per cent and 222 per cent, respectively.
Debt markets also experienced growth, with total debt raised reaching Rs. 14,18,443 crore, a 24 per cent increase from Rs. 11,42,077 crore in the previous year. However, InvITs saw a decline in fund mobilisation, with a 36 per cent decrease compared to the previous year. Overall, the total fund mobilisation in FY25 reached Rs. 18,68,924 crore, a 35 per cent increase from Rs. 13,83,547 crore in FY24.
Regional and City-wise IPO Activity
Maharashtra led in Mainboard IPO listings with 28 listings and a total issue size of Rs. 52,660 crore, followed by Tamil Nadu and Karnataka. In the SME segment, Maharashtra also topped with 50 listings, raising Rs. 1,950 crore, followed by Gujarat and Delhi. Bangalore led among cities for Mainboard IPOs, with 10 listings totalling Rs. 28,062 crore, while New Delhi led in SME IPOs with 27 listings raising Rs. 1,233 crore.
IPO Allocation
Mainboard IPOs allocated Rs. 31,666 crore to Retail Individual Investors, Rs. 19,361 crore to Non-Institutional Investors, and Rs. 1,09,213 crore to Qualified Institutional Buyers. SME IPOs allocated Rs. 2,670 crore to Retail Individual Investors, Rs. 1,290 crore to Non-Institutional Investors, and Rs. 2,745 crore to Qualified Institutional Buyers.
Market Performance
The Indian equity markets showed positive performance in FY25, with key indices recording gains. The Nifty 50 rose to 23,519, a 5.3 per cent increase, and the Nifty Total Market index reached 11,985, a 5.5 per cent increase. The Nifty Midcap 150 showed the highest growth at 7.6 per cent. The market capitalisation of NSE-listed companies increased by 6.9 per cent, although the market cap to GDP ratio saw a slight decrease.
Municipal and Social Stock Exchange (SSE) Bonds
NSE facilitated the raising of Rs. 1,058.9 crore through 6 issuances of Municipal Bonds. The Social Stock Exchange (SSE) also saw activity, with 12 projects listed and a total of Rs. 40.8 crore raised.
Investor Participation
The total number of registered unique investors reached 11.3 crore as of March 28, 2025, with a total of 21.94 crore unique accounts. New investor registrations in FY25 amounted to 2.09 crore. Maharashtra and Uttar Pradesh led in total investor base, while Uttar Pradesh recorded the highest number of new investor registrations.
Trading Activity
The total turnover in the cash segment increased by 39.9 per cent, and equity futures turnover increased by 40.4 per cent. However, commodity futures saw a significant decline. The average daily turnover in the cash market reached Rs. 1,12,963 crore.
NSE IX (GIFT IFSC)
NSE IX at GIFT IFSC achieved a total notional turnover of USD 1,144 billion in FY25, compared to USD 735 billion in FY24. The exchange also saw a substantial increase in unique client registrations. GIFT Nifty reported a total cumulative volume of 23.99 million contracts and a turnover of approximately USD 1.111 trillion.
Conclusion
NSE's performance in FY25 reflects a vibrant and growing market, with increased participation from both issuers and investors. The exchange's focus on diversifying its offerings and enhancing market infrastructure has contributed to its robust growth across various segments.
Disclaimer: The article is for informational purposes only and not investment advice.