Jio, NSE made headlines, but India's average IPO size shrunk in 2026

2026 has been a big year for India's IPO market, with blockbuster offerings from Jio, NSE, SBI Funds Management and Manipal Health Enterprises grabbing investors' attention. But these big-ticket issues tell only part of the story. Despite these marquee offerings, the average size of an IPO has come down, indicating that most companies are raising smaller amounts from the market.

Data from Prime Database shows that 109 companies raised ₹1,57,560 crore through mainboard initial public offerings (IPOs) between January and October 2026. This is lower than the ₹1,75,914.29 crore raised by 103 companies during the whole of 2025, despite the presence of some of the largest public offerings in India's capital market.

The average IPO size stood at around ₹1,445 crore in the first ten months of 2026, compared with roughly ₹1,700 crore in both 2025 and 2024. While marquee offerings such as Jio Platforms, NSE, SBI Funds Management and Manipal Health Enterprises pushed up the overall fundraising numbers, they also mask a shift towards smaller issues in the broader market.

Excluding four mega IPOs, average IPO size falls to ₹820 crore

Jio Platforms raised ₹30,213 crore through what became India's largest-ever IPO. NSE mobilised ₹22,561.57 crore, making it the third-largest IPO in the country's history, after Jio and Hyundai Motor India's ₹27,870-crore issue. SBI Funds Management raised around ₹9,795 crore, while Manipal Health Enterprises mobilised ₹9,275 crore. However, these four large offerings account for a significant share of the total fundraising. Excluding them, the average IPO size drops to around ₹820 crore, highlighting how smaller issues are driving much of the market activity.

Fundraising gathered pace in the second half of the year. Between July and October, 82 companies raised ₹1,34,988 crore, accounting for nearly 85% of the total amount mobilised through mainboard IPOs in the first ten months. October alone saw 13 companies raise ₹44,506 crore, led by NSE, while September recorded 34 issues aggregating ₹39,380 crore, driven by Jio's mega IPO.

The trend towards smaller IPOs comes amid volatile equity markets, geopolitical uncertainties, foreign institutional investor (FII) outflows and increasingly selective investor participation. With institutional investors becoming more discerning about valuations, companies appear to be adopting a calibrated approach to fundraising. Smaller issue sizes can help issuers align their offerings with available market liquidity and improve the prospects of subscription.

In April, the Securities and Exchange Board of India (Sebi) temporarily relaxed the rules governing changes in IPO issue sizes. Under the revised framework, companies can increase or reduce their proposed issue size by up to 50%, compared with the earlier 20% threshold, without filing fresh draft offer documents, subject to prescribed conditions.

The relaxation, initially valid until September 30, 2026, was extended to March 31, 2027, following representations from the Association of Investment Bankers of India (AIBI).

Under the framework, lead managers can file updated offer documents reflecting the revised issue size, provided the main object of the issue remains unchanged and the required disclosures are updated.