Companies listing on India’s main stock exchange boards raised a record Rs 84,400 crore in the first half of 2026-27 (April-September), about 30% more than a year earlier, according to a Grant Thornton Bharat report. The jump came almost entirely from a rush of issues in the July-September quarter.
The report, titled India IPO Market: H1 FY27 and Q2 FY27 Review, said 94% of the money raised in the half-year came in the second quarter. The first quarter had been quiet.
Bigger and busier than last year
A total of 71 mainboard companies went public in the first half, up from 55 in the same period last year. Fundraising rose from Rs 64,900 crore in H1 FY26.
Investors also fared better on listing day. Average gains on debut stood at 18%, against 10% a year earlier. Retail investors showed stronger appetite too, with average oversubscription in their quota rising to 28 times from 25 times.
September was the busiest month on record. Thirty-two companies raised a combined Rs 40,400 crore, which was more than half of the second quarter’s total and the highest monthly IPO fundraising ever.
Financial services firms accounted for 43% of the capital raised in the half. Capital goods companies led by number, with 15 IPOs. In the SME segment, 119 companies listed.
Domestic money steps in
Domestic institutional investors put a net Rs 1,69,400 crore into equities in the second quarter. Foreign portfolio investors added only Rs 13,900 crore. The domestic buying came even though the Nifty 50 fell 5.7% in September.
Karan Marwah, Partner and Capital Markets Advisory Leader at Grant Thornton Bharat, said the market moved from caution to acceleration in the second quarter. He noted that the scale of fundraising shows the market can absorb fresh supply, but that demand remained selective. Investors, he said, focused increasingly on fundamentals, pricing, governance and how the proceeds would be used.
“Successful IPO execution is not only about choosing the right window, but about being fully prepared when it opens,” he said.
Confidential filings gain ground
The report pointed to growing use of SEBI’s confidential pre-filing route. It lets companies submit draft offer documents privately, without making their plans public.
Since 2022, 48 companies have used it, 24 of them in the first five months of 2026. Firms in consumer internet, fintech, logistics and technology have taken this path, and a growing number of large private companies are also considering it.
The route gives issuers more control over timing. They face regulatory scrutiny but keep their plans and financial details out of public view until they decide to go ahead. Issuers have up to 18 months to launch after receiving SEBI’s observations.
Grant Thornton Bharat said the visible pipeline may therefore understate real activity, since several large companies could already be under SEBI review without appearing on public lists.
Pipeline remains large
In the first half, 259 companies filed draft offer documents with SEBI. Of these, 100 were mainboard companies and 159 were from the SME segment.
The report cautioned, however, that a long list of filings does not guarantee listings. Whether a draft turns into an offer depends on how ready the company is and whether its regulatory approvals are still valid.
Rule changes during the quarter
Several regulatory changes took effect in the second quarter. SEBI’s one-time extension of IPO approvals ended on September 30, so companies whose approvals had lapsed must file afresh.
The regulator also raised the permitted change in issue size, without a need to refile draft documents, to 50% from 20%. This applied to issues opening by September 30.
On September 24, SEBI’s board cleared a proposal to let portfolio managers invest in IPOs, which could widen participation in the primary market.
For SME issuers, the one-time extension of exchange approvals also ended on September 30, and tighter entry requirements are due to follow.
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