
India's equity capital market achieved a historic milestone in July-August, pricing almost $10 billion of deals to become the strongest two-month period on record. According to Prime Database, July and August together accounted for 33 deals and ₹49,592 crore, or nearly 69% of the total issue amount raised in the first eight months of 2026. The last busier month was September 2025, when 25 companies launched public issues, making August's performance particularly significant. In terms of fundraising, August ranks as the second-best month of 2026, with July remaining the strongest at over ₹28,650 crore raised by 12 companies. The two-month fundraising tally of over ₹1.11 lakh crore is the highest since October-November 2024, when more than ₹1.14 lakh crore was raised through these routes. Sixty IPOs have raised ₹72,165 crore on Indian exchanges between January and August 2026, with July and August alone contributing nearly 69% of that haul as investor sentiment revived.
India's IPO market has staged a remarkable comeback in July-August, with 18 of 22 listings delivering positive debut-day returns and average listing gains standing at 25%. As reported by The Economic Times, this represents a multifold increase from the 7% listing day gains recorded in Q1FY27 and a sharp surge from the 2% listing day discount recorded on average by stocks whose IPOs opened in January-March quarter of FY26. The strong gains were led by Behari Lal Engineering, whose shares ended 76% higher on listing day, followed by Indo MIM, which soared nearly 53% on debut day. Earlier this month, Shiprocket made a strong market debut, ending its first trading day around 48% higher. According to Prime Database analysis, the average listing day gain for the 22 IPOs that listed between July 1 and August 17 is 25% with average subscription rate of 43.7 times. Overall, 18 out of 22 stocks whose IPOs opened between July and August delivered positive returns on listing day, implying around 82% success rate for their investors.
The IPO market has been supported by strong participation from institutional investors, high-net-worth individuals (HNIs) and retail investors. In 2026, average subscriptions stood at 76.07 times for qualified institutional buyers (QIBs), 75.20 times for HNIs and 18.81 times for retail investors, taking the overall average subscription to 46.04 times. Recent large IPOs, including SBI Funds Management, Indo-MIM and Dhoot Transmission, were subscribed 41.2 times, 72.3 times and 74.2 times, respectively. The average listing gain has also risen to 11.5% in 2026 from 9.24% in 2025, with IPOs of Indo-MIM, Dhoot Transmission, Lalithaa Jewellery Mart and Shiprocket delivering listing gains of up to 45%. According to Prime Database's Pranav Haldea, the IPO pipeline has been building for a long time, even as fundraising remained subdued during the early part of this year, with Sebi's six-month extension for approvals, which expires on September 30, creating pressure to launch.
The IPO market momentum is building toward a record year, with 23 IPOs hitting the market in August 2026 alone - the highest in 11 months. According to Prime Database, 161 companies, including Avaada Electro, Oravel Stays and Zepto, which have received Securities and Exchange Board of India (Sebi) approval, are looking to raise as much as ₹2.60 lakh crore. Another 75 companies awaiting Sebi approval could raise ₹2.02 lakh crore, including proposed mega IPOs of Jio Platforms and NSE, taking the overall IPO pipeline to a whopping ₹4.62 lakh crore. With 23 issues in August, the cumulative number of IPOs in the first eight months of 2026 has risen to 62, compared with 49 in the corresponding period last year. These 62 companies have raised ₹73,674 crore, 2.4% higher than the ₹71,954 crore raised during January-August 2025. Fundraising activity has remained strong through other routes as well, with 29 companies raising ₹56,565 crore through qualified institutional placements (QIPs) and 23 firms mobilising ₹62,730 crore through offers for sale (OFS).
According to Motilal Oswal's Amit Ramchandani, India's public market fundraising is set to hit an all-time high of ₹6-6.5 trillion in FY27 as a rare, simultaneous surge in IPOs, QIPs, and block deals accelerates deal execution. He expects at least 20 IPOs in September alone and anticipates IPO fundraising could rise to ₹2.75-3 trillion in FY27, from around ₹1.7 trillion in FY26. QIP fundraising is also expected to roughly double to ₹1.25-1.5 trillion in FY27 from ₹60,000-62,000 crore last year, while block and bulk deal volumes are set to expand to ₹1.5 trillion in FY27. Ramchandani noted that companies are increasingly accepting lower initial IPO valuations and floating smaller offerings to establish public market benchmarks first, with both IPO and QIP fundraising together projected at ₹4.5-5 trillion, which should be the highest the industry has ever seen. Despite the strong pipeline, he expects the pace to moderate once the current queue of over 145 approved IPOs clears, with 70-80 more issues projected to enter the market.