India's IPO fundraise jumped 30% to a record high of Rs 84,400 crore in the first half of the FY27, from Rs 64,900 crore in the same period of FY26. The country's mainboard initial public offering (IPO) market has shown robust activity with 71 companies making their stock market debut during the quarter ending September 2026, as compared with 55 companies in the same period last year, according to a Grant Thornton Bharat (GTB) report.

Key Highlights

• India's mainboard IPO fundraising increased 30% to a record Rs 84,400 crore in H1 FY27, compared with Rs 64,900 crore a year ago.
• A total of 71 companies debuted on the stock exchanges, while 259 mainboard and SME companies filed draft offer documents.

A total of 71 companies made their stock market debut between April and September 2026, compared with 55 companies in the first half of the previous financial year. Notably, nearly 94% of the total capital raised during H1 FY27 was mobilised in the July-September quarter, reflecting a sharp acceleration in IPO activity.

India IPO Market Records Strong Fundraising and Listing Gains

The mainboard IPO market witnessed improved investor participation during H1 FY27, with average listing-day gains increasing to 18% from 10% in the year-ago period. Average retail oversubscription also improved to 28 times, compared with 25 times in H1 FY26.

September emerged as the busiest month of the first half, with 32 IPOs collectively raising Rs 40,400 crore. The strong fundraising activity during the month contributed significantly to the record mobilisation achieved during the six-month period.

Financial Services Leads IPO Fundraising in H1 FY27

Sector-wise, financial services accounted for 43% of the total capital mobilised through IPOs during H1 FY27, making it the largest contributor to fundraising.

Meanwhile, the capital goods sector recorded the highest number of public issues, with 15 companies entering the stock market during the period.

The sectoral distribution highlights the growing participation of businesses across India's economy in the primary capital market.

Domestic Institutional Investors Support Equity Market

Domestic institutional investors (DIIs) were among the main pillars of support for the equity market in the July-September period. In Q2 of FY27, they saw net inflows of Rs 1.69 lakh crore, which was significantly larger than that of foreign portfolio investors (FPIs) which were net inflows of Rs 13,900 crore in the same quarter.

The higher supply of new equity issues was handled well by the interest shown by the institutions from the domestic market, even as the benchmark index Nifty 50 fell 5.7% in September.

Commenting on the market's performance, Karan Marwah, Partner and Capital Markets Advisory Leader at Grant Thornton Bharat, said India's IPO market transitioned from caution to acceleration in Q2 FY27, contributing to record fundraising in the first half.

He noted that although the market demonstrated its ability to absorb substantial new issuances, investor demand remained selective, with greater attention to company fundamentals, valuations, corporate governance and the utilisation of IPO proceeds.

Also Read: IPO Market Defies Slump: Rs 22,572 Cr Raised by 27 Firms in H1

India IPO Pipeline Remains Strong with 259 Filings

India's IPO pipeline remained substantial during H1 FY27, with 100 mainboard companies and 159 small and medium enterprise (SME) companies filing draft offer documents.

However, Grant Thornton Bharat cautioned that a large pipeline does not necessarily guarantee completed listings. Regulatory approval expiries and companies' preparedness for market entry could influence the conversion of proposed IPOs into actual listings.

The robust fundraising performance in H1 FY27 is reflective of the ongoing strength of the primary capital market of India, with more participation from domestic institutions, and increasing public issue activity. Maintaining this momentum will depend on the valuations, governance and business fundamentals of the next issuers who are expected to meet investors' expectations.