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OFS dominates IPO fundraising as shareholders cash out ₹48,260 crore across 15 financial-services listings

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OFS dominates IPO fundraising as shareholders cash out ₹48,260 crore across 15 financial-services listings

OFS dominates IPO fundraising as shareholders cash out ₹48,260 crore across 15 financial-services listings

An analysis by Tracxn of 15 IPOs between 2023 and September 2026 shows that 11 combined fresh capital with offers for sale, while just two were entirely fresh issues; NSDL and ICICI Prudential AMC were entirely OFS offerings.

India’s financial-services IPO market has been driven more by exits for existing shareholders than by fresh capital mobilisation , with nearly 69% of the total issue proceeds across 15 listings between 2023 and September 2026 attributable to offers for sale (OFS), according to a data analysis by Tracxn shared with ETBFSI. Of the ₹70,470 crore raised through these IPOs, approximately ₹48,260 crore came from OFS, while fresh issues accounted for ₹22,209 crore. In other words, existing shareholders sold shares worth more than twice the amount of fresh capital raised by the companies. The distribution of IPO structures reinforces the trend. Of the 15 offerings, 11 combined a fresh issue with an OFS, two were entirely OFS, and only two raised capital exclusively through fresh issues. Advt

The findings suggest that IPOs have increasingly served a dual purpose: providing companies with growth capital while allowing promoters and private-equity investors to monetise their holdings. However, the distinction is important because money raised through an OFS goes to the selling shareholders, not to the company whose shares are being listed. The dataset covers core fintech businesses as well as adjacent financial-services companies, including non-banking financial companies (NBFCs), housing finance companies and asset managers.


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