Mumbai.
India’s primary capital market recorded an unprecedented revival in the first half of financial year 2026–27 (H1 FY27). Companies raised a historic ₹94,205 crore through 78 mainboard initial public offerings (IPOs) between April and September 2026, surpassing all previous H1 fundraising totals in the country’s economic history.
The landmark expansion highlights strong investor confidence in India’s macroeconomic fundamentals, even as secondary markets navigated global headwinds and heightened volatility.
A Slow Start Followed by a Massive Q2 Acceleration
The financial year 2026–27 began on a subtle note. During the first quarter (April–June 2026), corporate India mobilized approximately ₹3,794 crore across select public offerings. However, primary market activity accelerated dramatically from August, culminating in a historic September rush.
The sudden uptick was propelled by large-ticket issues that expanded the average mainboard IPO ticket size to ₹1,208 crore, up from ₹1,070 crore during the corresponding period in FY26.
H1 FY27 IPO Activity Summary:
├── Total Mainboard IPOs Completed : 78
├── Total Capital Raised : ₹94,205 crore
├── Q1 Mobilization (Apr-Jun) : ₹3,794 crore
├── Average Issue Size : ₹1,208 crore (vs ₹1,070 crore in H1 FY26)
└── Average Listing Gains : ~19% (vs ~7% in H1 FY26)
Mega Issues Lead the Market: NSE, SBI FM, and Manipal Health
The primary market’s record figure was heavily anchored by mega-cap listings that drew substantial domestic and international institutional capital.
The long-awaited listing of the National Stock Exchange (NSE) dominated the capital market landscape, standing out as the largest mainboard issue of the half-year with a total issuance of ₹22,563 crore.
| Company / Issuer Name | Total Capital Raised |
| National Stock Exchange (NSE) | ₹22,563 crore |
| SBI Funds Management | ₹9,795 crore |
| Manipal Health Enterprises | ₹9,275 crore |
Unprecedented Retail Participation and Strong Listing Performance
Retail and high-net-worth individual (HNI) participation remained a central catalyst behind the primary market boom.
- Application Volume: The average number of retail applications per mainboard issue reached 17.71 lakh, up significantly from 12.69 lakh in H1 FY26.
- Capital Bid: Retail investors submitted cumulative applications worth ₹2.47 lakh crore, resulting in a final allocation of approximately ₹25,944 crore.
- Listing Gains: Average debut gains rose to ~19%, compared to ~7% in H1 FY26. As of late September 2026, 46 out of the 64 tracked IPOs were trading comfortably above their initial issue prices.
Decoupling from Secondary Market Volatility
A defining feature of the H1 FY27 primary market surge was its resilience against secondary market benchmarks. During September 2026, broader equity indices experienced severe pullbacks—with the Nifty 50 declining 6.1% and the Sensex sliding 5.8% amid foreign institutional investor (FII) outflows.
Despite secondary volatility, primary issuances remained heavily oversubscribed. Analysts attribute this divergence to deep domestic mutual fund liquidity, high retail SIP inflows, and deferred public offerings returning to market following regulatory clearances.
Massive ₹4.65 Lakh Crore Pipeline Ahead for H2 FY27
Looking ahead to the remainder of FY27, primary market activity is expected to stay robust:
- Approved Offers: As of October 2026, 145 companies holding valid SEBI approvals are waiting to launch IPOs to raise ₹2.78 lakh crore.
- Awaiting Approvals: An additional 102 companies seeking ₹1.87 lakh crore have filed draft red herring prospectuses (DRHP) with the market regulator.
This combined ₹4.65 lakh crore potential pipeline indicates that fundraising in H2 FY27 could match or exceed the H1 record, provided broader macroeconomic stability persists.
Frequently Asked Questions (FAQ)
Q1: How much money was raised through IPOs in H1 FY27?
Indian companies raised a record total of ₹94,205 crore through 78 mainboard initial public offerings between April and September 2026.
Q2: Which was the largest IPO in India during H1 FY27?
The National Stock Exchange (NSE) IPO was the largest issue, raising approximately ₹22,563 crore.
Q3: What was the average listing gain for IPOs in H1 FY27?
The average listing gain for IPOs reached approximately 19%, up from roughly 7% during the same period in FY26.
Q4: How did retail investors perform in the IPO market?
Retail investors submitted bids worth nearly ₹2.47 lakh crore, with average retail applications rising to 17.71 lakh per issue.
Disclaimer
This article is published for informational and educational purposes only and does not constitute financial advice, an offer, or a solicitation to buy or sell securities. Equity investments and IPO subscriptions carry market risks. Readers and prospective investors are advised to conduct independent due diligence, evaluate company prospectuses (DRHP/RHP), and consult a SEBI-registered financial advisor before making investment decisions.
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