India's primary market showed notable resilience in the first half of CY2026, defying weakness in the broader equity market. Despite persistent foreign fund outflows, slowing corporate earnings, and heightened global uncertainty, companies continued to attract investor interest through fresh listings.
Key Highlights
- India's IPO market raised Rs 22,572 crore via 27 listings in H1 CY26, defying broader market weakness.
- Average listing-day gains dropped to just 1.3%, the lowest in seven financial years since FY18-19.
27 Companies Raise Over Rs 22,572 Crore
Between January and June 2026, 27 companies collectively raised more than Rs 22,572 crore through initial public offerings (IPOs). Of these, 20 companies - nearly 74% - are currently trading above their issue price, signalling sustained appetite for quality IPOs even as secondary market sentiment remained under pressure.
Listing Gains Muted at 1.3%, Lowest in Seven Years
While most newly listed stocks are trading above issue price, actual listing-day gains have been muted. The average listing-day return across the 27 companies listed till July 6 stood at just around 1.3% — the lowest in seven financial years, marking the first time since FY18-19 that average listing gains have slipped into single digits.
India Underperforms Global Peers
The contrast is sharper when viewed against global markets. According to a Motilal Oswal report, the MSCI India Index has declined 13% in US dollar terms so far in CY26, significantly underperforming the MSCI Emerging Markets Index, which has gained 23% over the same period.
FIIs Split Between IPOs and Secondary Market
Foreign investor behaviour reflects this primary-versus-secondary divergence clearly. Per NSDL data compiled by JM Financial, FIIs invested around Rs 21,630 crore in the primary market during H1 2026, even as they pulled out more than Rs 3.06 lakh crore from the secondary market over the same period. Heavy secondary-market selling was recorded in January, March, April, May, and June, even as FIIs continued backing select IPOs with strong growth prospects and reasonable valuations.
Also Read: DIIs Outpace FIIs with $9 Billion Net Inflow in June
Top Wealth Creators of H1 CY26
|
Company |
Return Over Issue Price |
|---|---|
|
Omnitech Engineering |
124.43% |
|
Sedemac Mechatronics |
111.68% |
|
OnEMI Technology Solutions |
81.90% |
|
Shadowfax Technologies |
81.73% |
|
Bharat Coking Coal |
70.39% |
Omnitech Engineering emerged as the biggest wealth creator, rallying from its issue price of Rs 227 to Rs 509.45 as of July 3.
Not Every IPO Delivered
Several IPOs traded below their issue prices. Shree Ram Twistex was the biggest laggard, down 61.65%, followed by Innovision (-43.93%) and Amir Chand Jagdish Kumar (Exports) (-23.80%). More recent listings CSM Technologies and Turtlemint Fintech Solutions are also trading below issue price, down 9.73% and 8.85%, respectively.
IPO Pipeline Swells to Nearly Rs 4 Lakh Crore
Looking ahead, the primary market appears well-positioned for continued activity. Per Prime Database, 157 companies seeking to raise Rs 2.38 lakh crore have already received SEBI approval, while another 77 companies targeting nearly Rs 1.58 lakh crore await regulatory clearance - taking the total IPO pipeline to nearly Rs 4 lakh crore.
