Indian companies raised a record $12.5 billion through initial public offerings (IPOs) in the first nine months of 2026, even as the Nifty 50 declined about 14 percent, according to LSEG data. This was the highest January-September fundraising since records began in 1980.
However, the IPO boom contrasted with a slowdown in broader equity fundraising. Total equity capital market proceeds, including follow-on offerings and block sales, fell 1.7 percent year-on-year to a three-year low of $40.8 billion.
The number of IPOs declined 17.9 percent to 220 from 268 a year earlier, but proceeds rose 11.3 percent. The average issue size increased to approximately $57 million from $42 million.
Three major offerings, NSE ($2.36 billion), SBI Funds Management ($1.02 billion) and Manipal Health ($970 million), accounted for nearly 35 percent of total IPO proceeds.
September alone saw 34 mainboard IPOs raise Rs 39,380 crore, the highest monthly total of 2026, according to Business Standard. However, offers for sale accounted for nearly three-fourths of the proceeds, meaning most of the money went to existing shareholders rather than companies.