International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 8 Issue 4
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Fresh Issue Versus Offer for Sale in Indian Mainboard Ipos: a Descriptive Comparative Analysis

Author(s) Mr. Ajaykumar K S, Dr. Jayanthi M
Country India
Abstract Initial Public Offerings (IPOs) are an important source of equity financing and capital market development in India. Indian Mainboard IPOs generally comprise two components: Fresh Issue, through which companies raise new capital, and Offer for Sale (OFS), which enables existing shareholders to divest their holdings. This study examines the comparative composition of Fresh Issue and OFS in Indian Mainboard IPOs during 2021–2025, with emphasis on issue proportions, temporal trends, fund mobilization, and listing market dynamics. A descriptive comparative research design was adopted using secondary data collected from Draft Red Herring Prospectuses, Red Herring Prospectuses, SEBI disclosures, and NSE and BSE listing records. Descriptive statistics were employed to analyse IPO composition and fundraising patterns. The findings indicate that IPO activity recovered strongly after a temporary slowdown in 2022, reaching its highest fundraising level in 2025. Throughout the study period, OFS consistently represented the dominant share of issue proceeds, while Fresh Issues accounted for a comparatively smaller proportion, indicating greater reliance on shareholder divestment than corporate capital raising. The study provides a descriptive benchmark for understanding IPO structuring trends and offers valuable insights for investors, regulators, issuers, and future researchers.
Keywords Fresh Issue, Offer for Sale, Mainboard IPO, Capital Formation, IPO Structure
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-29
DOI https://doi.org/10.36948/ijfmr.2026.v08i04.84392
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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