109 firms raise ₹1.58 lakh crore through IPOs till Oct 2026; ₹4.5 lakh crore pipeline awaits

Indian companies raised ₹1.58 lakh crore through 109 mainboard initial public offerings (IPOs) between January and October 2026, taking the fundraising tally close to the ₹1.60 lakh crore mobilised in the entire 2024 calendar year. While the amount is 10.5% lower than the ₹1.76 lakh crore raised through 103 IPOs in 2025, the robust pipeline of upcoming issues is expected to push 2026 fundraising past last year’s record, setting a new high for India’s primary market.

The primary market witnessed a sharp pickup in October, when 13 companies raised ₹44,450.77 crore, the highest monthly mobilisation so far this year. The record fundraising was largely driven by Jio Platforms’ mega IPO of around ₹30,188 crore, which accounted for nearly 68% of the total amount raised during the month.

September was the busiest month in terms of the number of IPOs, with 34 companies raising ₹39,380.13 crore. The National Stock Exchange of India (NSE) led the fundraising, mobilising ₹22,563 crore through the second-largest IPO in India's history, after Hyundai Motor India's ₹27,859-crore offering in 2024. July saw 12 IPOs raise ₹28,648.49 crore, followed by 23 issues that mobilised ₹22,452.84 crore in August.

250 IPOs worth ₹4.77 lakh crore in pipeline

The primary market pipeline remains substantial, with 252 companies proposing to raise an estimated ₹4.5 lakh crore, according to Prime Database.

Of these, 122 companies have received approval from the Securities and Exchange Board of India (Sebi), with proposed issues worth around ₹2.2 lakh crore. Another 130 companies have filed their draft red herring prospectuses (DRHPs) and are awaiting regulatory approval, with a combined proposed issue size of around ₹2.35 lakh crore.

The list includes 16 new-age technology companies (NATCs) looking to raise a combined ₹57,410 crore. In addition, 81 NATCs are preparing to file their offer documents in the near future, with proposed fundraising of around ₹1.51 lakh crore.

According to Pranav Haldea, Managing Director of PRIME Database Group, the record fundraising has come despite an extremely slow start to the year, with just ₹3,794 crore raised in the first three months, and volatile secondary markets through much of the six-month period.

However, with pressure on the supply side as regulatory approvals begin to lapse, and demand coming from both domestic and foreign investors, several more issuances are expected in the remaining part of the year, Haldea said.

The response to IPOs was further buoyed by strong listing performance. The average listing gain, based on the closing price on the listing day, of the 64 IPOs listed so far rose to 19%, compared with 7% in the first half of 2025-26.

As many as 36 of these 64 IPOs, or 56%, delivered listing gains of more than 10%, compared with 31% in the first half of 2025-26. ESDS Software Solution recorded a listing-day gain of 109%, followed by Tempsens Instruments at 96% and SS Retail at 80%.

Overall public equity fundraising rose 75% to an all-time high of ₹2.43 lakh crore in the first half of 2026-27, compared with ₹1.39 lakh crore in the corresponding period of 2025-26. Apart from IPOs, funds mobilised through offers for sale (OFS), primarily by the government as part of its disinvestment programme, and qualified institutional placements (QIPs) also witnessed a significant increase, Haldea said.