Younger and digitally native investors are significantly driving participation in initial public offerings through HDFC Securities' HDFC SKY platform, while more seasoned investors continue to dominate IPO participation on InvestRight, according to a report by HDFC Securities based on FY27 data from April to August 2026. Half of all IPO investors on HDFC SKY are below the age of 35, compared with just over a quarter on InvestRight, as reported by HDFC Securities. Self-employed individuals and business owners form the largest segment on both platforms, accounting for 49.5 per cent on InvestRight and 47.5 per cent on HDFC SKY.
The average IPO application size differed significantly between the two platforms, with InvestRight investors investing roughly ₹3 lakh per IPO application on average, nearly 3.7 times the average ticket size of around ₹82,000 on HDFC SKY, according to the report. Among HNIs, the average ticket size on InvestRight was around ₹13 lakh, compared with ₹3.4 lakh on HDFC SKY. The report noted a meaningfully higher share of students on HDFC SKY, pointing to a new cohort of first-time IPO investors. About 86 per cent of HDFC Securities' FY27 IPO applicants were repeat investors, indicating continued participation in the primary market.
HDFC SKY had a comparatively newer investor base, with nearly four in 10 IPO investors being first-timers, compared with roughly one in 10 on InvestRight, as reported by HDFC Securities. HDFC SKY also accounted for close to two-thirds of new client additions in FY27, making it the larger client-acquisition engine. However, InvestRight continued to account for most clients who went on to apply for IPOs. Gender participation remained broadly similar, with InvestRight IPO investors comprising 66 per cent men and 34 per cent women, while HDFC SKY investors were 68 per cent men and 32 per cent women.
The report found significant differences in city-tier participation between the platforms. Tier-2 and Tier-3 cities together accounted for more than 70 per cent of IPO investors on InvestRight, with 33 per cent from Tier-2 and 37 per cent from Tier-3 cities, while on HDFC SKY, Tier-1 cities accounted for 43 per cent, followed by 30 per cent from Tier-2 and 28 per cent from Tier-3 cities. Institutional investors continued to account for a significant share of IPO subscription value, with qualified institutional buyers (QIBs) accounting for roughly 62 per cent of overall subscription value across a recent cohort of IPOs studied, according to HDFC Securities.
