Indian companies raised an all-time high of Rs 94,205 crore through mainboard initial public offerings (IPOs) during the first half of 2026-27, setting a new record even as secondary markets remained volatile for much of the period, according to data from PRIME Database.
A total of 78 companies tapped the mainboard IPO market during April-September, raising 35% more than the previous first-half record of Rs 69,533 crore mobilised by 65 IPOs during the corresponding period of 2025-26. The record came despite a subdued beginning to the financial year, with just Rs 3,794 crore raised through IPOs during the first three months.
Sharp second-quarter revival
The numbers point to a significant acceleration in primary market activity during the July-September quarter after a relatively quiet start to the year. Fundraising gathered pace from August and culminated in a busy September, helping the first-half mobilisation surpass the previous record.
PRIME Database Group Managing Director Pranav Haldea said the scale of fundraising was notable given the slow start and volatility in the secondary market during much of the six-month period.
The record IPO mobilisation also came at a time when the benchmark equity market delivered relatively modest returns, indicating that companies were able to tap investor demand even without a strong broader-market rally.
Rs 2.78 lakh crore waiting
The pipeline for the second half remains substantial. As many as 145 companies that have already received Securities and Exchange Board of India (SEBI) approval are waiting to launch IPOs expected to collectively raise around Rs 2.78 lakh crore.
Another 102 companies proposing issues worth around Rs 1.87 lakh crore are awaiting SEBI approval. Together, the two categories represent 247 prospective issuers seeking to raise about Rs 4.65 lakh crore.
Several more companies are also preparing to file their offer documents, suggesting that the primary market could remain crowded during the remaining six months of the financial year.
The extension of IPO approval validity by SEBI earlier this year has also given companies greater flexibility in deciding when to enter the market.
Investor demand strengthens
Investor participation improved markedly during the first half. Of the 64 IPOs for which subscription data was available, 42, or about 66%, were subscribed more than 10 times.
Twenty-five of these offerings received subscriptions exceeding 50 times, pointing to strong demand for selected issues despite uneven conditions in the secondary market.
Average oversubscription across investor categories increased to 44 times from 32 times during the corresponding period last year. Retail participation also strengthened, with average retail oversubscription rising to 29 times from 23 times.
The average number of retail applications per IPO increased to 17.71 lakh from 12.69 lakh a year earlier, indicating that individual investors continued to participate actively in new listings.
Listing gains improve
The performance of newly listed companies also improved sharply. The average listing gain for the 64 IPOs that had listed during the period stood at 19%, compared with 7% in the first half of 2025-26.
As of September 29, 46 of the 64 newly listed companies, or 72%, were trading above their respective issue prices.
Stronger listing performance has helped sustain investor interest in the primary market, although gains have varied considerably across individual offerings. High subscription levels also do not necessarily translate into sustained post-listing returns.
Big-ticket issues lead
Large offerings played an important role in pushing overall fundraising to a record. The National Stock Exchange's Rs 22,563-crore IPO was the biggest mainboard issue during the first half.
It was followed by SBI Funds Management, which raised Rs 9,795 crore, and Manipal Health Enterprises, which mobilised Rs 9,275 crore.
The presence of several large issues helped lift overall fundraising even as the IPO market also saw offerings from companies across a wider range of sectors.
The first-half performance represents a significant change from the initial three months of FY27, when issuers had been cautious amid geopolitical uncertainty and volatile market conditions.
Equity fundraising at record
The surge extended beyond mainboard IPOs. Overall public equity fundraising rose 75% to an all-time high of Rs 2.43 lakh crore during April-September, compared with Rs 1.39 lakh crore in the corresponding period last year.
The broader number includes mainboard and SME IPOs, offers for sale, qualified institutional placements and fundraising through infrastructure and real estate investment trusts.
Fundraising through IPOs, including SME issues, crossed Rs 1 lakh crore during the first half, compared with Rs 76,330 crore a year earlier.
Fresh capital accounted for around Rs 1.14 lakh crore, or 47%, of total equity mobilisation. Offers for sale also rose sharply, helped by government disinvestment, while qualified institutional placements contributed substantially to the overall fundraising tally.
Busy second half ahead
The size of the approved pipeline means market conditions will remain crucial for companies waiting to launch their offerings. Firms typically consider secondary-market sentiment, institutional demand, valuations and competing issues before finalising IPO dates.
With 145 SEBI-approved companies seeking around Rs 2.78 lakh crore and another 102 awaiting regulatory clearance for issues worth Rs 1.87 lakh crore, even a portion of the pipeline reaching the market could make the second half another significant period for primary fundraising.
The first-half numbers nevertheless show that India's IPO market has remained resilient despite broader market volatility. From only Rs 3,794 crore in the first quarter, the market accelerated sufficiently in the following three months to deliver its highest-ever first-half mainboard IPO mobilisation.