Although FY26 so far has been a year of heightened volatility for the Indian stock market, the initial public offering (IPO) segment continues to ride the wave of a capital-raising spree for unlisted stock investors.
Companies ranging from tech startups and fintech firms to renewable energy businesses have entered Dalal Street as a means to expand the scale of their operations. Most issues have received strong investor response, even in cases where big-ticket IPOs—which typically struggle to attract attention—have drawn robust demand, flipping the usual script.
Sustained interest from retail investors, along with robust participation from overseas investors amid rich valuations in the secondary market, has contributed to another busy fiscal year for the primary market.
IPO listings remain strong amid market volatility
According to the Economic Survey 2025-26, the Indian primary market in FY26 (up to December 2025) remained resilient and vibrant, leading the world in IPO issuances. The report notes that this strong performance was underpinned by sound macroeconomic fundamentals, robust investor participation, and the continued fine-tuning of regulatory frameworks by SEBI, despite global headwinds.
India’s primary markets continued to attract both domestic and international investors, reinforcing the country’s position as a key driver of global capital formation. The report showed that total resource mobilisation from primary markets, including both debt and equity, stood at ₹10.7 lakh crore during FY26 (till December 2025)”> ₹10.7 lakh crore during FY26 (till December 2025).
It also highlights that from FY22 to FY26 (till December 2025), India’s primary markets have been instrumental in channelising savings into productive investments, mobilising a total of ₹53 lakh crore through equity and debt issuances. Of this, Rs14 lakh crore was raised through equity issuances.
In terms of volumes, the report stated that the number of issuances was up by 20% compared with FY25 (up to December 2025), and the amount mobilised was 10% higher than the corresponding period of FY25.
Listings on the main board, the primary market for established companies meeting stricter regulatory and size thresholds, rose from 69 to 94, with the amount raised increasing from ₹1,46,534 crore to ₹1,60,273 crore, the survey showed.
The report also points to an interesting trend in fundraising: the contribution of Offer for Sale (OFS) components, where existing shareholders sell their stakes rather than the company issuing new shares, accounted for 58% of total proceeds.
SME market expands as a launchpad for growth
The number of SME listings in FY26 (up to December 2025) increased to 217 from 190 in FY25 (up to December 2024), with the amount mobilised rising from ₹7,453 crore to ₹9,635 crore.
“Since its inception, more than 1,380 companies have been listed on the SME platforms of BSE and NSE, cumulatively raising over ₹35,000 crore. This highlights the expanding footprint of India’s entrepreneurial base within the formal capital market framework. Of these, around 350 companies have migrated to the mainboard platform, underscoring the role of SME exchanges as a stepping stone for high-potential firms,” the Economic Survey said.
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