India's Record IPO Fundraising Hits Rs 1.65 Lakh Crore in FY26
Synopsis
In FY26, India's mainboard IPO market has experienced unprecedented growth, raising Rs 1.65 lakh crore despite a slight dip in SME activities. Discover how investor interest remains high and which sectors are leading this remarkable trend.
Key Takeaways
India's mainboard IPOs raised a record Rs 1.65 lakh crore in FY26.
99 companies participated in the mainboard IPO segment.
The SME segment raised Rs 5,121 crore from 105 IPOs.
Financial services led the mainboard fundraising with 34% share.
Maharashtra topped the fundraising by region.
New Delhi, March 24 (NationPress) The primary market in India has shown remarkable resilience in the financial year 2025-26 thus far, achieving unprecedented fundraising levels on the mainboard, despite a slight slowdown in the SME sector, as detailed in the NSE’s Market Pulse report released on Tuesday for March 2026.
The mainboard IPO market has maintained its impressive trajectory this year. From April to February, a total of 99 companies completed their public offerings, amassing an astounding Rs 1.65 lakh crore.
This figure surpasses the previous fiscal year, where 79 IPOs collectively garnered Rs 1.62 lakh crore. This uptick signals a robust and sustained interest from investors in substantial public offerings.
Conversely, the SME segment has experienced a degree of moderation. During FY26 to date, 105 IPOs were introduced on the NSE Emerge platform, raising Rs 5,121 crore. This is a decline from FY25, which saw 163 SME IPOs securing over Rs 7,000 crore.
In total, across both segments, 204 companies have raised Rs 1.70 lakh crore through IPOs in FY26 so far. In comparison, 242 companies raised Rs 1.69 lakh crore in the preceding year. This trend indicates that even with a reduction in the number of IPOs, the total capital raised has remained robust, attributed to larger issue sizes.
The report also noted a consistent increase in the average size of SME IPOs. The average issue size has significantly escalated over the years—from Rs 13 crore in FY20 to Rs 44 crore in FY25, and now approximately Rs 50 crore in FY26 thus far—suggesting a maturation of the SME fundraising landscape.
From a sector perspective, financial services firms led the mainboard fundraising, accounting for 34% of the total. Consumer discretionary companies followed closely with 31%, while industrial firms contributed 11%. In the SME space, industrial companies took the lead with a 36% share, trailed by consumer discretionary at 23% and materials at 10%.
Regionally, Maharashtra emerged as the top contributor, raising Rs 5,830 crore. Firms from Gujarat followed with Rs 4,794 crore, while companies based in Delhi raised Rs 3,643 crore. Maharashtra also led in market capitalization of listed SME firms at Rs 48,428 crore, with Gujarat and Delhi following closely behind.
Point of View
It's clear that India's IPO market is showcasing resilience and potential. The impressive fundraising figures indicate a strong appetite among investors, particularly in the mainboard segment, despite challenges faced by smaller enterprises. This trend reflects a growing maturity in the market, which is vital for the economy.
NationPress
10 May 2026
Frequently Asked Questions
What is the total amount raised by IPOs in FY26?
In FY26, a total of Rs 1.70 lakh crore has been raised by 204 companies through IPOs.
How does the SME segment compare to the previous year?
The SME segment has seen a decline, raising Rs 5,121 crore from 105 IPOs in FY26, down from over Rs 7,000 crore in FY25.
Which sector contributed the most to mainboard fundraising?
Financial services companies dominated mainboard fundraising, contributing 34% of the total amount raised.
What region raised the highest funds?
Maharashtra raised the highest funds at Rs 5,830 crore, followed by Gujarat and Delhi.
What is the trend in SME IPO average size?
The average size of SME IPOs has increased significantly, from Rs 13 crore in FY20 to around Rs 50 crore in FY26 so far.
