mumbai, Dec. 8 -- Behind the blockbuster exits by early investors and promoters this year, a quiet trend is emerging in initial public offerings: Nearly 20% of the money raised from fresh issuances in 2025 was earmarked for new projects, plant, and machinery, up significantly from just 8% last year, a Mint analysis shows. The increase in expansion-related funding remains at odds with India Inc.'s broader hesitation towards major capacity additions. This also comes at a time when senior government functionaries have repeatedly urged the private sector to step up capital expenditure. In recent years, investors have increasingly gravitated towards companies which prioritize capex visibility, balance-sheet strength and operational cash flows, s...