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Kolkata: The year 2025 set a few records in the IPO market. There were more public issues that any other year earlier -- 103 mainboard and 270 SME IPOs. And they mobilised about Rs 1.93 lakh crore, more than any other year. In 2025, mutual funds too participated in the anchor rounds of IPOs more than earlier years.
While capital market regulator Sebi forbade mutual fund houses to participate in pre-IPO fund raising rounds, it expanded the scope of mutual funds to participate in the anchor investment rounds. In November, Sebi amended rules for share-allocation for anchor investors in public offerings. According to this rule, Sebi increased total reservation in the anchor portion from 33% to 40%. The 40% was subdivided into 33% for mutual funds and 7% for insurance companies and pension funds. Moreover, in as the 7% earmarked for insurers and pensions funds was unsubscribed, it could be allocated to mutual funds.
Against that backdrop of expanded role of mutual funds, it is interesting to find out which mutual funds came out as a biggest subscriber of IPOs in 2025. Data collated by Pantomath Capital recently provides a snapshot.
Incidentally, the mutual fund house that invested the most in IPOs in 2025 was also the country's biggest asset management company by AUM -- SBI Mutual Fund. It participated in the anchor round of 23 issues and invested Rs 2,924 crore, which constituted 4.9% of the total amount mutual funds invested in public issues last year. However, in terms of investment in number of public issues, Motilal Oswal had the highest count -- 39 IPOs.
SBI MUTUAL FUND
Number of IPOs: 23
Total amount invested (Rs cr): 2,924
ICICI PRUDENTIAL MUTUAL FUND
Number of IPOs: 33
Total amount invested (Rs cr): 2,446
HDFC MUTUAL FUND
Number of IPOs: 31
Total amount invested (Rs cr): 2,379
NIPPON INDIA MUTUAL FUND
Number of IPOs: 25
Total amount invested (Rs cr): 1,881
KOTAK MAHINDRA MUTUAL FUND
Number of IPOs: 27
Total amount invested (Rs cr): 1,821
ADITYA BIRLA SUN LIFE MUTUAL FUND
Number of IPOs: 29
Total amount invested (Rs cr): 1,807
AXIS MUTUAL FUND
Number of IPOs: 28
Total amount invested (Rs cr): 1,432
MOTILAL OSWAL MUTUAL FUND
Number of IPOs: 39
Total amount invested (Rs cr): 1,304
MIRAE ASSET MUTUAL FUND
Number of IPOs: 28
Total amount invested (Rs cr): 1,071
TATA MUTUAL FUND
Number of IPOs: 24
Total amount invested (Rs cr): 871
FRANKLIN TEMPLETON MUTUAL FUND
Number of IPOs: 17
Total amount invested (Rs cr):748
BANDHAN MUTUAL FUND
Number of IPOs: 35
Total amount invested (Rs cr): 710
DSP MUTUAL FUND
Number of IPOs: 16
Total amount invested (Rs cr): 685
EDELWEISS MUTUAL FUND
Number of IPOs: 35
Total amount invested (Rs cr): 621
WHITEOAK CAPITAL MUTUAL FUND
Number of IPOs: 20
Total amount invested (Rs cr): 596
HSBC MUTUAL FUND
Number of IPOs: 20
Total amount invested (Rs cr): 529
INVESCO MUTUAL FUND
Number of IPOs: 15
Total amount invested (Rs cr): 513
UTI MUTUAL FUND
Number of IPOs: 14
Total amount invested (Rs cr): 468
BARODA BNP PARIBAS MUTUAL FUND
Number of IPOs: 18
Total amount invested (Rs cr): 376
CANARA ROBECO MUTUAL FUND
Number of IPOs: 11
Total amount invested (Rs cr): 284
A point to note is that shares which are allotted to anchor investors are subject to a lock-in period. This period dictates that half of the shares purchased cannot be sold for 30 days and the remaining half cannot be sold for 90 days. The objective of this rule is to provide stability and prevent immediate selling pressure following listing.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)
