IPO boom: 69 Indian companies raise Rs 90,500 crore in Q3 despite stock market sell-off; what's next
India’s IPO market raised nearly Rs 90,500 crore in Q2FY27 as primary-market activity hit a record despite stock market weakness. Experts explain the boom.
- Oct 2, 2026,
- Updated Oct 2, 2026 2:35 PM IST
India’s IPO market posted a record July-September quarter in 2026, with listing proceeds crossing $9 billion, the highest ever for the period. Sixty-nine companies raised nearly Rs 90,500 crore, taking fundraising this year to more than $13 billion.
The strength in the primary market comes even as the broader market remains volatile. The NSE Nifty50 has fallen 14.25 per cent this year and the Sensex 15.6 per cent, making India one of the worst-performing major equity markets globally. Domestic liquidity and institutional demand have supported deals.
“September has witnessed a sharp acceleration in primary-market activity. This reflects stronger domestic liquidity, institutional demand and improved market access. The acceleration reflects stronger domestic liquidity and institutional demand, while valuation discipline and business quality are becoming increasingly important,” said Ajit Mishra, SVP of Research at Religare Broking.
NSE was the biggest IPO in the September 2026 quarter, raising Rs 22,562 crore, followed by SBI Funds and Manipal Health Enterprises, which raised Rs 9,795 crore and Rs 9,275 crore from investors, respectively. These three issues raised more than Rs 41,600 crore and put the market on track for one of its strongest years.
Besides them, 15 other companies raised more than Rs 1,000 crore from their maiden stake sales. Issues such as Indo-MIM (Rs 3,812 crore), Dhoot Transmission (Rs 3,067 crore), Horizon Industrial Parks (Rs 2,600 crore), LEAP India (Rs 2,480 crore) and Elevate Campuses (Rs 2,100 crore) were among the other big-ticket IPOs.
Issues such as Juniper Green Energy (Rs 1,800 crore), Symbiotec Pharmalab (Rs 1,757 crore), Lalithaa Jewellery Mart (Rs 1,700 crore), Shiprocket (Rs 1,617 crore), Milky Mist Dairy Food (Rs 1,553 crore), Rentomojo (Rs 1,256 crore), Lohia Corp (Rs 1,101 crore), Moneyview (Rs 1,091.68 crore), Kanohar Electricals (Rs 1,056 crore) and Hero Motors (Rs 1,000 crore) also raised more than Rs 1,000 crore.
“Domestic liquidity was the main driver. Steady mutual fund inflows kept demand strong, and foreign institutions came in through anchor books rather than the volatile secondary market,” said Ratiraj Tibrewal, CEO at Choice Capital. “The 30 September deadline also pulled launches into the month, because companies with FY26 financials had to list by then or update their numbers,” he said.
Eighteen issues raised Rs 500-1,000 crore from their maiden stake sales. These included Molbio Diagnostics, Karamtara Engineering, Augmont Enterprises, Manipal Payment, Laser Power, ARCIL, ESDS Software, Varmora Granito, Lumino Industries, Purple Style Labs, Tempsens Instruments, Kusumgar, Skyways Air, Orient Cables, Gaja Capital, Runwal Enterprises, SS Retail and Prasol Chemicals.
Issues such as Deepa Jewellers, Caliber Mining, Knack Packaging, Glass Wall Systems, LCC Projects, Ardee Industries, Acevector, Shankesh Jewellers, SRIT India, Steamhouse, A-One Steels, Pranav Constructions, German Green Steel, Behari Lal Engineering, ArMee Infotech, MV Electrosystems, Sunshine Pictures, Technocraft Ventures and Veegaland Developers were sized between Rs 200-500 crore.
On the contrary, only two mainboard IPOs — Priority Jewels and Shah Investor’s Home — raised below Rs 100 crore. Other issues, including Vishal Nirmiti, Annu Projects, Xtranet Technologies, Swastika Infra, Adroit Industries, Sonaselection India, Alpine Texworld, Hy-Tech Engineers, Manika Plastech, Rays of Belief, Jindal Supreme and Nityas Gems & Jewellery, were sized below Rs 200 crore.
“The growing maturity of the market, with investors increasingly evaluating businesses on their fundamentals and long-term opportunity, is creating a strong environment for companies with credible growth and future plans to raise capital,” said Aakash Bansal, Co-Founder & CEO at MIDASX. “A healthy IPO market naturally brings greater focus on valuation and business quality, with investors looking closely at earnings visibility, cash flows, governance, competitive positioning and the opportunity ahead,” he added.
Investors have become more selective on valuations, but bankers still see a strong pipeline. Nearly 150 companies have SEBI approval to launch IPOs and more than 80 have filed papers.
“The amount in the pipeline is huge; however, it is doubtful that all of it will reach the market within a single quarter. The pace of release will depend on many factors, including market situation, investor preferences, prices, and the status of separate companies,” said Piyush Jhunjhunwala, Founder and CEO at Stockify. “Securing regulatory permission is only one of the steps, as companies also have to determine whether the current market situation allows them to expect necessary price levels.”
Another bumper quarter could bring 2026 closer to the more than $20 billion raised in each of the past two years. Jio Platforms, Avaada Electro, Advanta Enterprises, Carlsberg India and MakeMyTrip India are among the larger names being prepared.
India’s IPO market posted a record July-September quarter in 2026, with listing proceeds crossing $9 billion, the highest ever for the period. Sixty-nine companies raised nearly Rs 90,500 crore, taking fundraising this year to more than $13 billion.
The strength in the primary market comes even as the broader market remains volatile. The NSE Nifty50 has fallen 14.25 per cent this year and the Sensex 15.6 per cent, making India one of the worst-performing major equity markets globally. Domestic liquidity and institutional demand have supported deals.
“September has witnessed a sharp acceleration in primary-market activity. This reflects stronger domestic liquidity, institutional demand and improved market access. The acceleration reflects stronger domestic liquidity and institutional demand, while valuation discipline and business quality are becoming increasingly important,” said Ajit Mishra, SVP of Research at Religare Broking.
NSE was the biggest IPO in the September 2026 quarter, raising Rs 22,562 crore, followed by SBI Funds and Manipal Health Enterprises, which raised Rs 9,795 crore and Rs 9,275 crore from investors, respectively. These three issues raised more than Rs 41,600 crore and put the market on track for one of its strongest years.
Besides them, 15 other companies raised more than Rs 1,000 crore from their maiden stake sales. Issues such as Indo-MIM (Rs 3,812 crore), Dhoot Transmission (Rs 3,067 crore), Horizon Industrial Parks (Rs 2,600 crore), LEAP India (Rs 2,480 crore) and Elevate Campuses (Rs 2,100 crore) were among the other big-ticket IPOs.
Issues such as Juniper Green Energy (Rs 1,800 crore), Symbiotec Pharmalab (Rs 1,757 crore), Lalithaa Jewellery Mart (Rs 1,700 crore), Shiprocket (Rs 1,617 crore), Milky Mist Dairy Food (Rs 1,553 crore), Rentomojo (Rs 1,256 crore), Lohia Corp (Rs 1,101 crore), Moneyview (Rs 1,091.68 crore), Kanohar Electricals (Rs 1,056 crore) and Hero Motors (Rs 1,000 crore) also raised more than Rs 1,000 crore.
“Domestic liquidity was the main driver. Steady mutual fund inflows kept demand strong, and foreign institutions came in through anchor books rather than the volatile secondary market,” said Ratiraj Tibrewal, CEO at Choice Capital. “The 30 September deadline also pulled launches into the month, because companies with FY26 financials had to list by then or update their numbers,” he said.
Eighteen issues raised Rs 500-1,000 crore from their maiden stake sales. These included Molbio Diagnostics, Karamtara Engineering, Augmont Enterprises, Manipal Payment, Laser Power, ARCIL, ESDS Software, Varmora Granito, Lumino Industries, Purple Style Labs, Tempsens Instruments, Kusumgar, Skyways Air, Orient Cables, Gaja Capital, Runwal Enterprises, SS Retail and Prasol Chemicals.
Issues such as Deepa Jewellers, Caliber Mining, Knack Packaging, Glass Wall Systems, LCC Projects, Ardee Industries, Acevector, Shankesh Jewellers, SRIT India, Steamhouse, A-One Steels, Pranav Constructions, German Green Steel, Behari Lal Engineering, ArMee Infotech, MV Electrosystems, Sunshine Pictures, Technocraft Ventures and Veegaland Developers were sized between Rs 200-500 crore.
On the contrary, only two mainboard IPOs — Priority Jewels and Shah Investor’s Home — raised below Rs 100 crore. Other issues, including Vishal Nirmiti, Annu Projects, Xtranet Technologies, Swastika Infra, Adroit Industries, Sonaselection India, Alpine Texworld, Hy-Tech Engineers, Manika Plastech, Rays of Belief, Jindal Supreme and Nityas Gems & Jewellery, were sized below Rs 200 crore.
“The growing maturity of the market, with investors increasingly evaluating businesses on their fundamentals and long-term opportunity, is creating a strong environment for companies with credible growth and future plans to raise capital,” said Aakash Bansal, Co-Founder & CEO at MIDASX. “A healthy IPO market naturally brings greater focus on valuation and business quality, with investors looking closely at earnings visibility, cash flows, governance, competitive positioning and the opportunity ahead,” he added.
Investors have become more selective on valuations, but bankers still see a strong pipeline. Nearly 150 companies have SEBI approval to launch IPOs and more than 80 have filed papers.
“The amount in the pipeline is huge; however, it is doubtful that all of it will reach the market within a single quarter. The pace of release will depend on many factors, including market situation, investor preferences, prices, and the status of separate companies,” said Piyush Jhunjhunwala, Founder and CEO at Stockify. “Securing regulatory permission is only one of the steps, as companies also have to determine whether the current market situation allows them to expect necessary price levels.”
Another bumper quarter could bring 2026 closer to the more than $20 billion raised in each of the past two years. Jio Platforms, Avaada Electro, Advanta Enterprises, Carlsberg India and MakeMyTrip India are among the larger names being prepared.