India shattered records in 2025 with over 365 IPOs raising nearly ₹1.95 lakh crore, including ₹1.80 lakh crore from mainboard listings. However, analysis of SEBI filings reveals a startling truth: 63% of funds came from Offer for Sale (OFS), directly benefiting promoters, PE funds, and early investors rather than fueling company expansion. Notable cases like LG Electronics India and WeWork India w
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