Funds raised through mainboard initial public offerings (IPOs) in India rose 30 per cent to a record ₹84,400 crore in the first half of the financial year 2026-27, according to Grant Thornton Bharat's India IPO Market Review released on Monday, November 2. As much as 94 per cent of the capital was mobilised between July and September, underscoring how quickly the issuance window opened after a subdued first quarter.

Source: The Hindu BusinessLine (Grant Thornton Bharat report)

About 71 mainboard companies entered the public markets between April and September, against 55 in the same period last year. Fundraising in the first half of FY26 stood at ₹64,900 crore.

₹84,400 croreRaised via mainboard IPOs in H1 FY27
30%Rise over the first half of FY26
71Mainboard listings in April–September
₹40,400 croreRaised in September alone — a record month

The acceleration was led by September, when 32 IPOs raised ₹40,400 crore — more than half of the second quarter's fundraising and the highest amount recorded in a single month. Financial services accounted for 43 per cent of the overall fundraise in the first half, while capital goods led issuance volumes with 15 IPOs.

Investor appetite stayed strong but selective. Average listing-day gains improved to 18 per cent from 10 per cent a year earlier, and average retail oversubscription rose to 28 times from 25 times. Domestic institutions were the market's anchor, recording net equity inflows of ₹1,694 billion during the July–September quarter, compared with ₹139 billion from foreign portfolio investors.

Source: IANS (Grant Thornton Bharat report)

Karan Marwah, Partner and Capital Markets Advisory Leader at Grant Thornton Bharat, said India's IPO market moved from caution to acceleration in the second quarter of FY27, helping deliver a record first half. He said investor demand remained focused on fundamentals, pricing, governance and the use of proceeds, and that successful execution depended on being fully prepared when the window opened.

The pipeline remains substantial, with 100 mainboard companies and 159 SME companies filing draft offer documents during the first half. The report, however, cautioned that a large pipeline may not automatically translate into completed listings, particularly where regulatory approvals lapse or market readiness remains incomplete.

Yaani — in simple words

₹84,400 crore means ₹844 billion raised by companies selling shares to the public for the first time in just six months — and almost all of it came in the last three of those months.