India's IPO market achieved an unprecedented milestone in the July-September quarter of 2026, with a staggering Rs 90,500 crore (over $9 billion) raised across 69 companies. This record-breaking performance occurred even as the broader equity markets experienced considerable volatility, with the NSE Nifty50 and Sensex declining by 14.25% and 15.6% respectively during the year.
Factors Fueling the IPO Boom
Despite the challenging secondary market conditions, experts point to several key drivers behind the primary market's strength. Ajit Mishra, SVP of Research at Religare Broking, highlighted strong domestic liquidity, institutional demand, and improved market access as critical factors. He also noted a growing emphasis on valuation discipline and business quality among investors.
Ratiraj Tibrewal, CEO of Choice Capital, emphasized that steady mutual fund inflows sustained demand, while foreign institutions preferred anchor books over the volatile secondary market. A significant deadline also played a role: companies relying on FY26 financials needed to list by September 30, pushing many launches into that month.
Major Offerings and Investor Selectivity
The third quarter saw several high-profile IPOs. The National Stock Exchange (NSE) led the way, raising Rs 22,562 crore. Other substantial listings included SBI Funds Management with Rs 9,795 crore and Manipal Health Enterprises, which secured Rs 9,275 crore. These three alone accounted for over Rs 41,600 crore.
Additionally, 15 other companies raised over Rs 1,000 crore each, including Indo-MIM (Rs 3,812 crore), Dhoot Transmission (Rs 3,067 crore), and Horizon Industrial Parks (Rs 2,600 crore). Another 18 issues garnered between Rs 500-1,000 crore, demonstrating broad-based activity across various sectors.
Aakash Bansal, Co-Founder & CEO at MIDASX, observed that investors are showing increasing maturity, evaluating businesses on fundamentals, long-term opportunities, earnings visibility, cash flows, governance, and competitive positioning.
Robust Pipeline Signals Continued Activity
The momentum is expected to continue, with a substantial pipeline of prospective IPOs. Nearly 150 companies have secured SEBI approval, and more than 80 have already filed their initial papers. This strong pipeline suggests that 2026 could approach or even exceed the $20 billion raised in each of the previous two years.
However, Piyush Jhunjhunwala, Founder and CEO at Stockify, cautioned that while the pipeline is vast, the actual pace of listings will depend on various factors, including market conditions, investor preferences, pricing, and the readiness of individual companies. Prominent names preparing for listing include Jio Platforms, Avaada Electro, Carlsberg India, and MakeMyTrip India, hinting at further significant market activity.