The Indian stock market has entered a transformative era, shifting from conventional trading-floor operations to digitally enabled, investor-centric capital ecosystems. This research explores the structural evolution of the Indian stock market and examines how Initial Public Offerings (IPOs) have influenced capital formation, investor participation, wealth creation, and economic growth. Using secondary data from credible sources such as the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and major financial reports, the study evaluates the role of emerging technologies including screen-based trading, demat accounts, ASBA, UPI-linked applications, and fintech platforms in driving operational efficiency, transparency, and financial inclusion. Landmark reforms such as the introduction of the book-building process, online IPO applications, and real-time settlement systems have modernized the primary market, while high-profile listings in sectors like technology, renewable energy, defence, and manufacturing have fuelled unprecedented fund-raising. The findings indicate that IPO activity has surged dramatically, with India raising over ₹1.63 trillion through IPOs in FY2024-25 alone, reflecting strong investor confidence and digital democratization of capital markets. Nonetheless, the study identifies challenges such as market volatility, regulatory gaps, cybersecurity threats, and limited financial literacy in rural regions. It concludes that the long-term success of India‘s IPO-led capital market transformation depends on continuous regulatory refinement, robust investor-protection policies, enhanced financial education, and collaboration between regulators, stock exchanges, and fintech firms to ensure an inclusive, secure, and resilient investment ecosystem.