Fundraising through offers for sale (OFS) on stock exchanges has reached a new peak in 2026, with 20 companies across 23 OFS deals raising ₹62,730 crore according to reports from Business Standard. This represents the highest-ever fund mobilisation through the mechanism since data became available. Three companies conducted two tranches each: Indian Railway Finance Corporation (IRFC), Andhra Cements, and East India Drums & Barrels. Over 93 per cent (₹58,425.12 crore) of the total fundraising was generated through government-owned companies, demonstrating the government's increased reliance on this revenue-generating route.
The success of stake sales in Central Bank of India and Coal India in May has boosted the Centre's confidence to launch further issues, as reported by Business Standard. The Union government required funds to mitigate the impact of the US–Iran conflict on crude prices, with the prolonged conflict leading to closure of the Strait of Hormuz and pushing international oil prices sharply higher. The stake sales have helped the Centre achieve nearly two-thirds of its annual disinvestment target, with ₹52,716.02 crore garnered so far against a target of ₹80,000 crore for 2026-27 (FY27). In terms of fund mobilisation, FY27 represents the strongest year for divestments since FY19, when collections reached ₹84,972 crore.
LIC's ₹31,514.89 crore share sale stands as the biggest-ever OFS in Indian capital market history, contributing significantly to the record fundraising figures. According to the Department of Investment and Public Asset Management, over 98 per cent (₹51,787.29 crore) of total disinvestment receipts were generated via the OFS route, with LIC alone contributing ₹31,514.89 crore. However, more than half of the companies that tapped the OFS route this year have delivered negative returns over the past 12 months, with public-sector companies accounting for six of the 11 laggards.
Among PSU companies, IRFC recorded the steepest drop, down 29.66 per cent over the past 12 months, followed by Central Bank of India (down 13.04 per cent); Cochin Shipyard (down 11.5 per cent); General Insurance Corporation of India (down 8.84 per cent); and LIC (down 6.84 per cent). Across all 20 issuers, String Metaverse posted the sharpest decline, tumbling 61.53 per cent over the last 12 months. However, Aanchal Ispat, which rose 1,295.67 per cent, and Swan Defence & Heavy Industries (up 582.93 per cent) were among those that posted positive returns. Market participants noted that excluding LIC's outsized contribution, the remaining fundraising of roughly ₹30,000 crore still represents among the highest levels in the last 15 years.
