India IPO Market Hits Record Rs 1.8 Lakh Crore in FY26: NSE Report

India’s primary market delivered a landmark performance in FY26, with record-breaking fundraising through initial public offerings, even as momentum in smaller company listings showed signs of cooling, according to a report by the National Stock Exchange.

Companies collectively raised an unprecedented Rs 1.8 lakh crore (USD 20 billion) through IPOs during the fiscal year, making it the strongest year on record for public market fundraising. A total of 219 companies made their market debut, underscoring the scale of activity and investor appetite.

The NSE noted, "Record mainboard issuances in FY26, SME IPO activity moderates. During the last fiscal year, a total of 219 companies were listed on the exchange, collectively raising Rs 1.8 lakh crore".

The mainboard segment emerged as the clear driver of this surge. Of the total listings, 108 companies launched IPOs on the mainboard, raising Rs 1.7 lakh crore—setting new highs both in terms of the number of issues and capital mobilised. In contrast, 111 SME IPOs were listed on the Emerge platform, raising Rs 5,363 crore.

However, the SME segment lost some steam compared to the previous fiscal year. The number of SME IPOs declined by 32 per cent, while funds raised dropped by 25 per cent, reflecting a moderation in smaller company participation.

Despite this divergence, the overall market expansion remained strong. Newly listed companies added Rs 12.5 lakh crore to the total market capitalisation by the end of FY26, pointing to sustained investor confidence and deepening market breadth.

Beyond IPOs, already listed firms also tapped equity markets more aggressively. Total fundraising through additional equity issuances reached Rs 2.4 lakh crore during the year, marking a 6 per cent increase compared to the previous fiscal.

Preferential allotments dominated this segment, accounting for 54 per cent of the total fundraising. Qualified institutional placements (QIPs) contributed 28 per cent, while rights issues made up the remaining 18 per cent.

Within the mainboard category, preferential allotments more than doubled, jumping 105 per cent year-on-year to Rs 1.3 lakh crore. Rights issues witnessed an even sharper surge, rising 172 per cent to around Rs 42,700 crore. In contrast, QIP fundraising fell sharply by 47 per cent to approximately Rs 67,600 crore.

The resilience of India’s IPO market stood out despite global uncertainties, including geopolitical tensions in West Asia. Activity remained robust through the year, culminating in a particularly strong March 2026.

During the month, nine mainboard IPOs collectively raised Rs 8,056 crore, while six SME IPOs mobilised Rs 242 crore. The total fundraising of Rs 8,297 crore made March 2026 the busiest March for IPO activity in the past six years, the report highlighted.

(With inputs from ANI)