The year marked a historic milestone for India’s primary equity markets with 108 companies raising INR 1.76 trillion through IPOs (Initial public offer). This continued momentum from last year reflects the broadening issuer base as well as growing depth of Indian capital markets.
Private equity (PE) backed listings increased significantly to 35 per cent of total issuances from 28 per cent in FY 2024-251, signalling accelerated exit activity by promoter investors amid favourable market conditions. However, the average listing day gains in the current year declined sharply to 8 per cent from 28 per cent in the previous year1 indicating a more cautious and selective approach adopted by subscribers to fresh issues.
From a sector perspective, more than half of the capital raised was concentrated in financial services and consumer discretionary sectors.
Although, FY 2025-26 witnessed record breaking activity in IPOs, funds raised remained at similar levels as previous year. Amid global volatility impacting equity markets, investor sentiment continued to lean towards quality driven issuances with pricing discipline playing central role. Overall, we are witnessing our primary equity markets transition from an exuberance led capital raising wave to a more mature value-driven capital flow.
The publication highlights key statistics of IPO activity in FY2025-26, as well as key updates on evolving regulatory developments impacting new listings.
