New Delhi: India remained one of the world’s busiest initial public offering markets in FY26, with 366 companies raising nearly Rs 1.9 lakh crore through mainboard and small and medium enterprise (SME) IPOs.
According to a report by Grant Thornton Bharat, fundraising remained strong during the financial year. However, investors became more careful while selecting companies.
Mainboard Record
Mainboard IPO activity touched a record high in FY26. As many as 109 companies raised around Rs 1.77 lakh crore, accounting for most of the total funds collected during the year.
The remaining issues came from the SME platform, which continued to provide smaller companies with access to public funds.
The strong numbers showed that companies were still willing to enter the stock market despite global uncertainty and inflation concerns.
Selective Investors
Although fundraising reached record levels, listing gains and subscription levels were lower than the highs seen in FY25.
Investors paid greater attention to company valuations, earnings, governance standards and future growth before applying for IPOs.
The report said pricing discipline and participation from institutional investors also played an important role in the success of public issues.
Karan Marwah, Partner and CFO Advisory Leader at Grant Thornton Bharat, said IPO success was no longer only about getting listed. Companies must also show that they can operate responsibly as listed businesses and maintain investor confidence after their debut.
Domestic Support
Strong participation from domestic investors helped India’s capital markets remain resilient during the year.
However, global developments, commodity prices and currency movements continued to affect investor sentiment and risk appetite.
Recent regulatory changes have also focused on improving transparency, making IPOs more accessible and strengthening investor protection.
Healthy Pipeline
The report said India’s IPO pipeline remained healthy, supported by domestic investment, long-term economic growth and a wider investor base.
It added that companies with strong financial fundamentals, reasonable valuations and proper IPO planning would be in a better position to raise money from the public market.
Such companies are also more likely to retain investor confidence after listing.
