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India's Mainboard IPOs Smash Records with Rs 1.65 Lakh Crore FY26 Haul

India's mainboard IPO market has set a new record in FY26, with 99 companies raising Rs 1.65 lakh crore, surpassing the previous year's total. In contrast, the SME segment saw a moderation in both the number of IPOs and total funds raised. The financial services sector dominated mainboard fundraising, while industrial firms led in the SME segment. Regionally, companies based in Maharashtra raised the highest amount of capital across the markets.

Key Points: India's FY26 IPO Boom: Record Rs 1.65 Lakh Crore Raised

  • Record Rs 1.65L cr mainboard fundraising
  • 99 mainboard IPOs in FY26
  • SME segment sees moderation
  • Financial services lead mainboard
  • Maharashtra tops regional fundraising
2 min read

India's IPO boom continues in FY26, mainboard raises record Rs 1.65 lakh crore

India's mainboard IPOs raise a record Rs 1.65 lakh crore in FY26, while SME activity moderates. Discover the key sectors and regional trends.

India's IPO boom continues in FY26, mainboard raises record Rs 1.65 lakh crore
"The rise reflects steady investor interest in large public offerings. - NSE Market Pulse Report"

New Delhi, March 24

India's primary market has remained strong in the financial year 2025-26 so far, with record fundraising on the mainboard even as activity in the SME segment slowed slightly, according to NSE's Market Pulse report for March 2026 on Tuesday.

The mainboard IPO segment continued its strong performance during the year. Between April and February, as many as 99 companies launched their public issues, raising a total of Rs 1.65 lakh crore.

This is higher than the previous financial year, when 79 IPOs collectively mobilised Rs 1.62 lakh crore. The rise reflects steady investor interest in large public offerings.

On the other hand, the SME segment showed some moderation. A total of 105 IPOs were launched on the NSE Emerge platform during FY26 so far, raising Rs 5,121 crore. This is lower compared to FY25, when 163 SME IPOs raised over Rs 7,000 crore.

Overall, across both segments, 204 companies raised Rs 1.70 lakh crore through IPOs during FY26 to date. In comparison, 242 companies had raised Rs 1.69 lakh crore in the previous year. This indicates that while the number of IPOs declined, the total funds raised remained strong due to larger issue sizes.

The report also highlighted a steady increase in the average size of SME IPOs. The average issue size has grown significantly over the years -- from Rs 13 crore in FY20 to Rs 44 crore in FY25, and further to around Rs 50 crore in FY26 so far. This suggests that the SME fundraising ecosystem is becoming more mature.

Sector-wise, financial services companies dominated mainboard fundraising, contributing 34 per cent of the total. Consumer discretionary firms followed with 31 per cent, while industrial companies accounted for 11 per cent. In the SME segment, industrial companies led with a 36 per cent share, followed by consumer discretionary at 23 per cent and materials at 10 per cent.

Regionally, companies based in Maharashtra raised the highest funds at Rs 5,830 crore. Gujarat-based firms followed with Rs 4,794 crore, while companies from Delhi raised Rs 3,643 crore. Maharashtra also topped in terms of market capitalisation of listed SME firms at Rs 48,428 crore, followed closely by Gujarat and Delhi.

- IANS

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Reader Comments

P
Priya S
While the mainboard numbers are impressive, the slowdown in SME IPOs is a bit worrying. These smaller companies are the real job creators. Hope the ecosystem matures quickly so they can access capital more easily.
V
Vikram M
Maharashtra, Gujarat, Delhi... the usual suspects leading the fundraising. Would love to see more IPOs from states like Tamil Nadu, Karnataka, and Telangana to get a more balanced regional growth story.
S
Sarah B
As a retail investor, I've participated in a few of these IPOs. The process has become much smoother in recent years. The key is to look at the company fundamentals, not just the hype. Good to see the average issue size for SMEs growing – shows quality is improving.
R
Rohit P
Bhai, record fundraising is good, but what about listing gains for the common investor? Many IPOs list at a premium and then correct sharply. SEBI needs to ensure pricing is fair and not just beneficial to promoters and anchor investors.
K
Karthik V
The growth in average SME IPO size from Rs 13 crore to ~Rs 50 crore in just 6 years is the real story here. It indicates these companies are scaling up properly. This is crucial for long-term economic strength and creating unicorns from smaller cities.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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