According to Equirus Capital, India raised more money through IPOs in last five years than in the previous two decades. Companies collected ₹5.39 lakh crore from 2020-2025, surpassing the ₹4.56 lakh crore raised between 2000-2020. "A reason for it is, average IPO size in last 5 consecutive years was ₹1,605 crore vs ₹692 crore between 2000-2020," Equirus Capital's MD said.