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IPO boom: FY26 sees record 109 listings, ₹1.9 lakh crore raised
IPO boom: FY26 sees record 109 listings, ₹1.9 lakh crore raised
Indian companies raised a record ₹1.9 lakh crore through 109 mainboard IPOs in FY26, the highest number of listings ever in a fiscal year, according to a Grant Thornton Bharat report. The…
The Story in Brief
Indian companies raised a record ₹1.9 lakh crore through 109 mainboard IPOs in FY26, the highest number of listings ever in a fiscal year, according to a Grant Thornton Bharat report. The surge comes amid a sharp shift in investor behaviour: average oversubscription fell to 39 times from 71 times in FY25, and average listing-day gains moderated to 7% from 29% previously. The report attributes the discipline to geopolitical volatility and stronger scrutiny of fundamentals.
Despite global uncertainties, India accounted for 14% of worldwide IPO listings in March 2026, second only to China. Of the total proceeds, 61% came from offer-for-sale (OFS) transactions, while fresh capital raising rose to 39%, signalling a gradual revival in growth funding. The SME segment also hit a record, with 258 IPOs mobilising ₹12,030 crore. Pranav Haldea of PRIME Database noted that SEBI approvals are valid for a year, prompting companies to list even at lower-than-desired valuations rather than let approvals lapse.
The Indian Opinion
The narrative that Indian IPOs have cooled is lazy. The data shows a market maturing, not weakening. Oversubscription fell from 71 times to 39 times, and listing gains halved to 7%. This isn't a crash, it's investors demanding real earnings visibility, not just hype. The real test will be whether September-October pipeline clears without a single offer flopping on listing day. That will separate disciplined pricing from market froth.
Sources (2): thehindu.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
