MUMBAI, Dec. 8 -- India's primary market is undergoing a quiet transformation. A cluster of new-age technology companies has emerged, following an early cohort that listed at rich valuations and later corrected sharply. These firms now account for a quarter of the market capitalization raised on the mainboard this year, a shift that underscores how rapidly investor perceptions have changed.

Initial public offering (IPOs) of tech companies so far in 2025 collectively command a market cap of Rs.2.8 trillion, or 25% of the combined valuation of all new listings. To put it plainly: one in every four rupees of debutants' market value now comes from tech. That's a sharp rise from just 3% in 2022 and 5% in 2023, with 2024 offering the first rea...