Mainboard IPO fund-raise up 30% to ₹84,400 crore in H1

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The concentration of activity underscores how quickly the issuance window opened after a subdued first quarter, according to Grant Thornton Bharat’s report, India IPO Market review

By BL Mumbai Bureau

Updated - November 02, 2026 at 10:07 PM. | Mumbai

About 71 mainboard companies entered the public markets between April and September against 55 in the same period last year | Photo Credit: lakshmiprasad S

Funds raised through mainboard initial public offerings (IPOs) increased 30 per cent to ₹84,400 crore in the first half of this fiscal with 94 per cent of the capital mobilised between July and September.

The concentration of activity underscores how quickly the issuance window opened after a subdued first quarter, according to Grant Thornton Bharat’s report, India IPO Market review.

About 71 mainboard companies entered the public markets between April and September against 55 in the same period last year.

Retail interest

India Inc has raised ₹64,900 crore in in the FY26, while average listing-day gains improved to 18 per cent from 10 per cent. The average retail oversubscription also rose to 28 times from 25 times.

The acceleration was led by September, when 32 IPOs raised ₹40,400 crore, more than half of Q2’s fundraising and the highest amount recorded in a single month.

Financial services accounted for 43 per cent of overall fundraise in H1, while capital goods led issuance volumes was 15 IPOs.

Karan Marwah, Partner & Capital Markets Advisory Leader, Grant Thornton Bharat, said India’s IPO market moved from caution to acceleration in Q2 FY27, helping deliver a record first half.

While the scale of fundraising shows the market can absorb new issuance, investor demand stayed selective and increasingly focused on fundamentals, pricing, governance and the use of proceeds, he said.

The quarter showed that successful IPO execution is not only about choosing the right window, but about being fully prepared when it opens, he added.

The IPO pipeline remains substantial with 100 mainboard companies and 159 SME companies filed draft offer documents during H1 FY27.

However, the report cautions that a large pipeline may not translate automatically into completed listings, particularly where regulatory approvals lapse or market readiness remains incomplete, it added.

Published on November 2, 2026

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