Is India’s IPO market maturing? Key trends from FY26
New Delhi: India’s IPO market continues its strong momentum in FY26, with the mainboard segment raising a record ₹1.65 lakh crore even as SME IPO activity shows signs of moderation, according to the latest Market Pulse report by the National Stock Exchange of India (NSE).
The mainboard IPO segment remained robust throughout the financial year 2025–26. Between April and February, 99 companies launched initial public offerings (IPOs), collectively mobilising ₹1.65 lakh crore. This surpasses the previous financial year (FY25), when 79 IPOs raised ₹1.62 lakh crore, underscoring sustained investor appetite for large public issues.
In contrast, the SME IPO segment witnessed a slight slowdown. A total of 105 SME IPOs were launched on the NSE’s Emerge platform during FY26 so far, raising ₹5,121 crore. This is lower compared to FY25, when 163 SME IPOs garnered over ₹7,000 crore.
Despite the dip in the number of SME listings, overall IPO fundraising in India remained resilient. Across both segments, 204 companies raised ₹1.70 lakh crore in FY26 to date, marginally higher than ₹1.69 lakh crore raised by 242 companies in FY25. The data indicate a shift towards larger IPO issue sizes, compensating for fewer listings.
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The report also highlighted a steady rise in the average SME IPO size, reflecting a maturing ecosystem. The average issue size has increased from ₹13 crore in FY20 to ₹44 crore in FY25, and further to approximately ₹50 crore in FY26 so far.
Sector-wise trends show that financial services companies dominated mainboard IPO fundraising, contributing 34 per cent of the total. Consumer discretionary firms followed with a 31 per cent share, while industrial companies accounted for 11 per cent. In the SME segment, industrial firms led with 36 per cent, followed by consumer discretionary (23 per cent) and materials (10 per cent).
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On the regional front, Maharashtra-based companies topped IPO fundraising, raising ₹5,830 crore. Firms from Gujarat followed with ₹4,794 crore, while Delhi-based companies raised ₹3,643 crore. Maharashtra also led in terms of market capitalisation of listed SME firms, at ₹48,428 crore, ahead of Gujarat and Delhi.
The NSE report underscores that India’s IPO boom in FY26 remains intact, driven by strong mainboard activity, rising issue sizes, and continued investor confidence in the primary market.
IANS