The slowdown has been sharp. Mainboard fundraising peaked in October 2025, when 10 IPOs raised ₹45,187.66 crore, before easing to ₹23,613 crore across nine issues in November and ₹21,858 crore across 10 IPOs in December. The momentum weakened further in 2026. Three IPOs raised ₹4,765 crore in January, seven issues mobilised ₹8,162 crore in February, and eight companies mopped up ₹5,852 crore in March. By April, fundraising had collapsed to just ₹1,076 crore through two IPOs, followed by a complete dry spell in May.
