India’s mainboard IPO market set a new fundraising record in FY26, with 99 companies collectively mobilizing ₹1.65 trillion. This surpasses the ₹1.62 trillion raised in FY25, highlighting strong investor appetite despite global uncertainties. The surge reflects robust demand for large public offerings and India’s resilient capital markets. India’s primary market has remained buoyant throughout FY26, driven by strong liquidity inflows, larger issue sizes, and investor confidence in sectors such as financial services, infrastructure, and technology. While SME IPO activity showed moderation, the mainboard segment continued to dominate fundraising.
Fundraising Momentum
Between April 2025 and February 2026, 99 companies launched IPOs, raising ₹1.65 trillion. This marks a significant increase in participation compared to FY25, when 79 IPOs raised ₹1.62 trillion. The rise underscores steady investor interest in India’s equity markets.
Sectoral Drivers
Financial services, infrastructure, and technology companies accounted for a large share of IPO activity. Maharashtra-based firms led the fundraising momentum, reflecting regional strength in capital market participation.
Market Outlook
Analysts expect IPO activity to remain strong in FY27, supported by India’s economic growth, government reforms, and rising retail investor participation. However, global market volatility and interest rate trends may influence fundraising patterns.
Key Highlights
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Mainboard IPOs raised a record ₹1.65 trillion in FY26
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99 companies launched IPOs between April–February
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Surpassed FY25’s ₹1.62 trillion from 79 IPOs
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Financial services and Maharashtra-based firms led activity
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SME IPOs slowed, raising ₹5,121 crore from 105 listings
Sources: Mathrubhumi English, ABP News, The Hindu BusinessLine, Free Press Journal