Archive · 2 Oct 2026
IPO Rush Lifts Lead Managers’ Earnings to Rs 2,290 Crore
Many companies in India sold shares to the public during the first nine months of 2026.
The banks and financial firms managing these sales are called lead managers.
They earned Rs 2,290 crore in fees.
This was a little more than they earned during the same period in 2025.
Their fees jumped especially sharply during July, August, and September.
August was their best month, with Rs 652 crore in fees.
The National Stock Exchange IPO was a major reason September’s fundraising was so large.
The IPO boom also took some investment money away from already-listed shares.
Analysts said that this created pressure in the wider stock market.
Lead managers earned Rs 2,290 crore from mainboard IPOs during January-September 2026, up over 2% year-on-year.
Fees rose 31% year-on-year in July-September, reaching about Rs 1,580 crore compared with Rs 1,202 crore in 2025.
India recorded 82 mainboard IPOs through September, with 55 opening during the July-September period.
The July-September IPO issue amount totaled Rs 83,903 crore, more than double the Rs 39,881 crore raised a year earlier.
August generated the highest monthly fees at Rs 652 crore, followed by September at Rs 512 crore and July at Rs 417 crore.
- Who
- Lead managers of Indian mainboard IPOs, including managers involved in offerings from the National Stock Exchange and SBI Funds Management.
- What
- Lead managers earned Rs 2,290 crore in fees during the first nine months of 2026, with a 31% year-on-year fee increase in July-September.
- When
- January through September 2026, with the sharpest increase during July-September.
- Where
- India’s primary equity market.
- Why
- A surge in IPO activity and fundraising increased the fees paid to lead managers.
Primary-Market Optimism
Secondary-Market Concerns
Effect of the IPO boom
Primary-Market Optimism
The strong pipeline and large offerings increased fundraising and substantially lifted lead managers’ fees.
Secondary-Market Concerns
Analysts said heavy IPO issuance drew liquidity away from listed equities while crude prices, high US Treasury yields, a weaker rupee, and margin-trading pressure weighed on the secondary market.
- Lead managers’ fees
- Rs 2,290 crore during January-September 2026
- Year-on-year comparison
- More than 2% above Rs 2,238 crore earned during the same period in 2025
- July-September fees
- About Rs 1,580 crore, up 31% from Rs 1,202 crore in 2025
- Mainboard IPOs
- 82 through September 2026
- July-September issue amount
- Rs 83,903 crore, compared with Rs 39,881 crore a year earlier
- Highest-fee month
- August, with Rs 652 crore
- Largest September IPO
- National Stock Exchange, with an issue size of Rs 22,562.71 crore