India’s mainboard initial public offerings raised ₹844 billion in April–September 2026, up 30% from a year earlier, Grant Thornton Bharat said, though other published tallies put proceeds higher.
The firm counted 71 IPOs during the first half of fiscal 2026-27 and called the proceeds a first-half record. Its comparable figure for the preceding year was ₹649 billion.
Fundraising was concentrated in July–September. Grant Thornton counted 63 IPOs raising ₹797 billion in those three months, equivalent to 94% of its half-year total. September contributed ₹404 billion, its largest monthly figure for the period.
Mint’s analysis of Primeinfobase data counted 78 mainboard listings and ₹941.84 billion raised in April–September. For July–September, KPMG reported ₹876 billion raised by 62 mainboard companies listed, compared with Grant Thornton’s ₹797 billion from 63 IPOs. Their public summaries do not reconcile the differences in proceeds or in the measures used to count offerings and listings.
Grant Thornton cited domestic liquidity, investor demand and a growing pipeline of prospective issuers as factors behind the increase. KPMG said some companies had resumed IPO plans they previously deferred.
Fresh issues made up about 67% of Grant Thornton’s proceeds total, versus 51% a year earlier. The report put allocations of fresh-issue proceeds at 44% for debt repayment, 18.5% for capital spending, expansion and acquisitions, and 16.1% for general corporate purposes. These figures describe allocations, not completed spending.
Financial services issuers raised about 43% of the six-month total. Grant Thornton also put average gains at the start of trading at 18%, compared with 10% in the same period a year earlier.
The firm reported ₹1.694 trillion in net inflows from domestic institutional investors during July–September. It also counted 259 draft offer documents filed with the Securities and Exchange Board of India (SEBI) in the half-year: 100 for mainboard offerings and 159 for small and medium enterprise offerings. Those filings concern proposed offerings, not completed IPOs.
