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India IPO Fundraising Hits Record $12.5 Billion Through September
Indian companies raised more money than ever before from IPOs during the first nine months of 2026.
An IPO is when a company offers its shares to the public for the first time.
The companies raised $12.5 billion, even though there were fewer IPOs than a year earlier.
On average, each offering was larger.
Many of the shares sold belonged to existing shareholders, rather than being new shares that brought money directly to companies.
Domestic investors helped support the IPO market while foreign investors sold Indian shares.
But IPO listing gains cooled in September compared with August.
More than 130 companies have approval to launch IPOs, and it remains to be seen whether investor demand will continue.
Indian companies raised a record $12.5 billion through IPOs from January to September 2026, the highest total for that period since records began in 1980.
The number of IPOs fell 17.9% year over year to 220, while proceeds rose 11.3% and average issue size increased to about $57 million.
September mainboard IPOs raised Rs 39,380 crore, the highest monthly total of 2026; offers for sale made up nearly three-fourths of proceeds.
Overall equity capital market proceeds fell 1.7% year over year to $40.8 billion, while foreign investors sold an estimated Rs 2.7 lakh crore to Rs 3 lakh crore of Indian equities.
Average IPO listing premiums fell to 15.1% in September from 24.4% in August, and more than 130 companies had SEBI approval for IPOs.
- Who
- Indian companies raising money through IPOs, with domestic and foreign investors participating in the market.
- What
- IPOs raised a record $12.5 billion during January-September 2026, despite a decline in the number of offerings.
- Where
- India.
- When
- January to September 2026; September alone was the highest month of the year for mainboard IPO proceeds.
- Why
- Domestic liquidity helped support IPO fundraising despite selling pressure in the broader equity market.
Key facts
- IPO proceeds
- $12.5 billion in January-September 2026, a record for that period since records began in 1980.
- Number of IPOs
- 220, down 17.9% year over year from 268.
- Average issue size
- About $57 million, up from $42 million a year earlier.
- September mainboard IPO proceeds
- Rs 39,380 crore across 34 IPOs, the highest monthly total of 2026.
- Offers for sale
- Accounted for nearly three-fourths of IPO proceeds.
- Overall equity capital market proceeds
- $40.8 billion, down 1.7% year over year and a three-year low.
- Listing premiums
- Average premium fell to 15.1% in September from 24.4% in August; median premium fell to 5.9% from 21.3%.
- Companies with IPO approval
- More than 130 companies held SEBI approval for IPOs.
Sources
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