Indian companies raised a record ₹40,355 crore through 32 mainboard IPOs in September 2026, marking the highest-ever monthly fundraising through mainboard public offerings, according to SEBI's October 2026 Monthly Bulletin.
Overall, the primary market mobilised ₹1,68,372 crore during September 2026 through equity, debt and trust instruments, registering a 22% increase compared with the previous month.
Offer for Sale (OFS) accounted for 75% of mainboard IPO proceeds, while fresh capital issuance contributed the remaining 25%. Additionally, 38 SME IPOs raised ₹1,684 crore, taking the combined number of mainboard and SME IPO listings to 70.
The report highlighted strong institutional participation in mainboard IPO subscriptions, with QIBs contributing 37%, NIIs 28% and retail investors 17%. In SME IPOs, retail investors accounted for the largest share at 48%, followed by NIIs at 32%.
Mainboard IPOs also recorded listing-day gains of up to 76% in certain cases. However, SME IPOs experienced greater volatility, with some offerings witnessing significant price corrections despite heavy oversubscription.
Sector-wise, capital markets led mainboard IPO fundraising during FY 2026–27 up to September, accounting for 36% of the total, followed by healthcare services at 10% and industrial manufacturing at 9%.
India also emerged as a leading global IPO market in September, generating approximately USD 4.4 billion in IPO proceeds. This fundraising momentum continued despite declines of 6.1% in the Nifty 50 and 5.8% in the BSE Sensex during the month.
Source: CA Sansaar