IPOs in India – Q3 FY26

The Indian IPO market picked momentum in the second half of the year, with a surge in participation from both foreign and domestic institutions as well as retail investors.

During the third quarter of the current financial year, IPO activity remained strong with 39 new listings raising nearly INR984 billion in funds. Cumulatively, till December 2025, the Indian IPO market exhibited robust activity, with more than 90 listings, raising nearly INR1.6 trillion in funds, thus reflecting healthy investor appetite for new issues. Existing shareholders capitalised on the supportive market sentiments to pursue exits with Offer for Sale (“OFS”) accounting for more than half of the total proceeds.

The nine month period ended December 2025 saw few well known names ringing the ceremonial bell, along with several high profile start ups debuting on the bourses with strong listing gains. Notably, the top 15 listings accounted for more than 60% of the funds raised in YTD FY26, and these top 15 listings included seven high profile start up IPOs, together accounting for over 20% of the IPO funds raised. Companies in the financial services and consumer discretionary sectors topped the charts in new listings during the quarter and year to date.

The publication highlights key statistics of IPO activity in Q3 and across 9 months FY26, as well as key updates on evolving regulatory developments impacting new listings.