New Delhi: Indian companies raised a record USD 12.5 billion through initial public offerings in the first nine months of 2026, even as the Nifty fell about 14 per cent amid selling pressure, according to a report citing LSEG data.
The amount was the highest for any January-September period since records began in 1980, highlighting strong demand for new issues despite weakness in the broader stock market.
Bigger Issues Drive Collections
IPO proceeds rose 11.3 per cent from a year earlier, although the number of offerings fell 17.9 per cent to 220 from 268.
The average issue size increased to about $57 million from $42 million. Several large offerings contributed nearly 35 per cent of total collections, showing how bigger deals drove the fundraising record.
September alone saw 34 mainboard IPOs raise Rs 39,380 crore, the highest monthly collection of 2026, according to reports.
Existing Shareholders Take Major Share
Offers for sale accounted for nearly three-fourths of September’s proceeds. This meant most of the money went to shareholders selling their stakes, rather than directly to companies for business needs.
Meanwhile, broader equity fundraising slowed. Total equity capital market proceeds, including follow-on offerings and block sales, fell 1.7 per cent to a three-year low of $40.8 billion.
Domestic liquidity supported IPO demand despite foreign portfolio investors selling an estimated Rs 2.7 lakh crore to Rs 3 lakh crore worth of Indian equities during January-September.
Listing Gains Lose Steam
Returns on debut weakened in September. The average listing premium dropped to 15.1 per cent from 24.4 per cent in August, while the median premium fell to 5.9 per cent from 21.3 per cent.
Investment banks also reported mixed trends. Equity underwriting fees declined 9 per cent to $415.6 million.
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However, overall investment banking fees rose 2 per cent to a record $1.1 billion, supported by stronger mergers and acquisitions advisory activity.
With more than 130 companies holding SEBI approval for IPOs, the coming months will test whether domestic investors can keep absorbing fresh offerings as weaker market returns and cooling listing gains temper enthusiasm.
The pipeline puts the focus on sustained investor appetite, particularly as fundraising records coincide with a tougher backdrop for secondary market performance.
