India's IPO market hits ₹1.79L/cr, 2nd consecutive record in FY26
FY26 was a big year for India's IPO market, with companies raising a record ₹1.79 lakh crore, beating last year's numbers and marking the first time we've seen back-to-back record fundraises.
A whopping 112 companies went public, way up from 78 last year.
As Pranav Haldea, Managing Director, PRIME Database Group, put it, this is the first time in history that there were two consecutive years of all-time high IPO fundraising activity.
Q4 FY26 fundraising falls to ₹18,772cr
Things cooled off in the last quarter though: fundraising dropped to ₹18,772 crore and average IPO size shrank by 23%.
Tata Capital led with the biggest IPO at ₹15,512 crore, while retail interest dipped (Bharat Coking Coal drew the most applications at nearly 69 lakh).
Looking ahead, Bhavesh Shah from Equirus Capital expects over 150 companies could raise up to ₹4 lakh crore in FY27, with major names like Reliance Jio possibly joining in, even as more than half of recent IPOs are trading below their issue price.