₹1.78 Lakh Crore: India's Record IPO Year
- Updated: 06 Oct 2026, 10:10 AM IST
- | 4 min read
- 1,026
Add Preferred News Source
India's IPO market has had a record year.
In FY26, 219 companies listed across the Mainboard and SME platforms, raising ₹1.78 lakh crore. That makes it the biggest fundraising year on record.
And the rush is not over yet.
More than 23 companies are racing to list before a SEBI deadline expires on September 30. Big names like Jio Platforms and PhonePe are also waiting in the wings.
Let's start with the biggest listings of 2026 so far.
The National Stock Exchange (NSE) leads the list with an issue size of ₹22,561.57 crore.
It was entirely an offer for sale by existing shareholders, and it is India's second-largest IPO ever. It listed with a gain of 1.85%.
SBI Funds Management came next at ₹9,795.32 crore, followed by Manipal Health at ₹9,275.22 crore. They gained 6.23% and 13.04% on listing, respectively.
Not every big issue did well. Indo-MIM jumped 52.94%, and Dhoot Transmission gained 36.29%, but Clean Max Enviro Energy fell 17.62%.
Fractal Analytics, Horizon Industrial Parks, LEAP India and Shadowfax Technologies also listed lower.
To put these issues in context, here is how they compare with the biggest IPOs of all time.
Hyundai Motor India holds the top spot with an issue size of ₹27,858.75 crore. Life Insurance Corporation of India (LIC) raised ₹20,557.23 crore, followed by Paytm at ₹18,300 crore.
Returns on these giants were mixed. Hyundai, LIC and Paytm all listed in the red, while Coal India gained 39.82% and LG Electronics India rose 48.24%.
Over the last five years, participation has grown sharply.
IPO fundraising stood at ₹1,12,124 crore in FY22. It fell to ₹53,770 crore in FY23 and recovered to ₹65,995 crore in FY24. It then jumped to ₹1,69,628 crore in FY25 and reached ₹1,78,372 crore in FY26.
The Mainboard drove most of this growth. Mainboard listings rose from 76 in FY24 to 108 in FY26, while funds raised increased from ₹61,900 crore to ₹1,76,100 crore.
The SME segment tells a different story. SME listings fell from 163 in FY25 to 111 in FY26, and funds raised dropped from ₹7,111 crore to ₹5,363 crore.
Even so, SMEs often outnumber Mainboard IPOs by count, even though they raise only a fraction of the money. Since 2012, 748 companies have listed on NSE Emerge, raising around ₹24,000 crore.
This brings us to a key question. Are investors actually making money at listing on the Mainboard?
The answer was less encouraging in FY26.
The average listing-day gain for Mainboard IPOs fell sharply to 8%, from 28% in FY25. The average Mainboard issue size rose from ₹810 crore in FY24 to ₹1,630 crore in FY26.
August 2026 looks different, though. All 18 Mainboard IPOs listed in the green, and 17% of them gained more than 50%. It was the strongest month in a year.
The sectors raising money have also changed.
In FY26, Financials led with 32.2% of IPO fundraising, followed closely by Consumer Discretionary at 30.9%. Industrials came third at 12%.
So far in FY27 (April to August 2026), the mix has shifted. Industrials lead at 25.6%, followed by Financials at 23.4% and Health Care at 20.4%.
Now, let's look at why companies are rushing to list in September.
SEBI gave companies a one-time extension. IPO approvals expiring between April and September 2026 will stay valid until September 30.
Out of 161 companies with live IPO approvals, 35 could lose them after that date. As a result, around 23 companies are trying to raise a combined ₹40,775 crore before the deadline.
The biggest names are still to come.
Jio Platforms is reported to be targeting an issue size of around ₹37,700 crore.
PhonePe is expected to raise about ₹12,000 crore, followed by Mahanadi Coalfields at ₹10,000 crore, Avaada Electro at ₹7,600 crore, and OYO at ₹6,650 crore.
If Jio launches at this size, it would overtake NSE and Hyundai to become India's biggest IPO ever.
So, what is the takeaway for investors?
India's IPO market raised more money in FY26 than ever before.
But bigger does not always mean better. The average listing-day gain fell to 8%, from 28% in FY25, and several large issues listed below their issue price.
Still, with many large issues in the pipeline, the IPO story has plenty of room to unfold.
In simple terms, the IPO market is growing in size, but investors still need to look closely at each issue.
Sources:
The content in this blog is intended purely for educational purposes. Any securities or mutual funds referenced are illustrative in nature and do not constitute a recommendation or endorsement by Kotak Neo. Investors are encouraged to assess their own financial situation and seek professional advice before making any investment decisions. For compliance T&C and disclaimers, visit www.kotakneo.com/disclaimer.
0 people liked this article.
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
