Indian IPO fundraising is projected to exceed ₹1 lakh crore in 2026, marking only the fourth year in history to cross this milestone. According to reports from The Economic Times, so far this year, 81 IPOs have mobilised around ₹83,062 crore. The upcoming IPO of NSE, which is likely to raise around ₹23,000 crore, is expected to take the overall tally past ₹1.06 lakh crore. The issue is likely to open next week, significantly boosting the current fundraising figures.
The ₹1 lakh crore milestone was previously breached in 2025, 2024 and 2021, when 103, 91 and 63 IPOs raised ₹1.76 lakh crore, ₹1.6 lakh crore and ₹1.19 lakh crore respectively. As reported by The Economic Times, the Jio Platforms' IPO in October or November, estimated at around ₹35,000 crore, could further boost the fundraising tally. If both NSE and Jio Platforms complete their issues as expected, total IPO fundraising in 2026 could cross ₹1.44 lakh crore, making it the third-largest year for IPO collections.
Companies have been encouraged to tap the IPO market by elevated share valuations and sustained appetite for equities from domestic institutional investors, led by mutual funds flush with inflows from local investors. According to Aditya Kondawar, partner and vice-president at Complete Circle Capital, with almost ₹6 lakh crore of DII flows into Indian markets in 2026 so far, promoters know there is a high probability of a guaranteed buyer for their paper. The market is witnessing strong retail liquidity and do not see any slowdown in SIP flows, with a majority of IPOs getting subscribed or oversubscribed. As Kranthi Bathini, equity strategist at WealthMills, noted, "There is strong liquidity in the market at this point. We are witnessing strong retail liquidity and do not see any slowdown in SIP flows. We are seeing strong inflows, and a majority of IPOs have been getting subscribed or oversubscribed."
The strong fundraising activity comes amid improved listing gains in recent months. As reported by The Economic Times, around 28 IPOs listed in August and September so far delivered average listing gains of around 25%, compared to the 41 companies that made their stock market debuts between January and July recording average listing-day gains of 5%. This compares with an average listing-day gain of 10% per issue in 2025. September has already seen 18 IPOs raise around ₹9,390 crore, while 23 IPOs launched in August raised around ₹28,649 crore.
Despite the strong IPO momentum, Indian stock markets have faced significant pressure in recent sessions. For the third day in a row, Indian stock markets faced sharp declines driven by rising oil prices and increasing tensions in the Middle East. Investors were unsettled by these factors, resulting in notable losses across major sectors. Additionally, the ongoing IPO surge in the primary market has diverted crucial liquidity from secondary markets, with heavy declines in major IT stocks and a depreciating rupee adding to mounting pressures. Market experts suggest that while the IPO market remains strong for liquidity discovery, price discovery may face challenges as some companies are listing primarily for good multiples rather than growth capital.
