Primary Market Sees 28-Year High as 30 Mainboard IPOs Mobilise ₹38,785 Crore in September 2026

India's primary market witnessed an unprecedented deluge of public issues in September 2026, marking the highest monthly volume of mainboard initial public offerings (IPOs) launched in the country since late 1996. According to market compilation data, a total of 30 mainboard companies accessed Dalal Street during the month, mobilizing an aggregate sum of ₹38,785 crore.

The count falls just short of the all-time historic high recorded in December 1996, when 33 companies floated public offers, though the capital raised back then stood at a modest ₹931 crore. In terms of total monthly mop-up, September's tally marks the highest capital mobilization since October of the previous year, when 10 issues collected ₹45,188 crore.

Historical Issuance Patterns

The current flurry represents a rare historical clustering of public issues. Analysis of past peak issuance periods reveals how capital sizes and issue frequency have shifted over decades:

Key Peak IPO Months in Indian Market History:

• December 1996: 33 issues raised ₹931 crore
• September 2026: 30 issues raised ₹38,785 crore
• January 1997: 28 issues raised ₹129 crore
• September 2025: 25 issues raised ₹13,302 crore
• August 2026: 23 issues raised ₹22,453 crore
• November 1996: 18 issues raised ₹4,503 crore
• February 2007: 17 issues raised ₹348 crore
• September 2000: 17 issues raised ₹270 crore
• July 2000: 15 issues raised ₹25,439 crore
• September 2010: 15 issues raised ₹4,103 crore

The data illustrates that while the mid-1990s and early 2000s saw frequent public issuances, average ticket sizes were significantly smaller, with issues rarely exceeding a few hundred crores. By contrast, the combined August–September 2026 window has seen 53 mainboard companies enter the market to raise over ₹61,200 crore.

Mega Offerings Anchor the Month

The primary driver behind the massive ₹38,785 crore tally in September was the blockbuster initial share sale of the National Stock Exchange (NSE). With an issue size of ₹22,561 crore, the exchange's debut represented the single largest public offer in the Indian market so far this year.

Outside of the mega issue, the distribution remained relatively skewed towards small-to-mid-sized offerings:

Issue Size Characteristics:

• Only six of the 30 mainboard IPOs during the month had an issue size exceeding ₹1,000 crore.
• The remaining 24 offerings were mid-to-small-sized, with an average issue size of approximately ₹400 crore.
• Offer-for-sale (OFS) components continued to dominate overall issuances, serving primarily as liquidity exits for private equity investors and promoters rather than purely fresh capital formation.

Parallel to the mainboard, activity on the Small and Medium Enterprises (SME) platforms also surged. The SME segment recorded 37 issues in September 2026, raising an aggregate of ₹1,486 crore and offering growing enterprises rapid access to public equity capital.

Domestic Liquidity Shields the Primary Market

The heightened activity in the primary market has unfolded against a backdrop of secondary market fluctuations. Broader domestic indices have contended with foreign institutional investor (FII) outflows, firm global bond yields, and geopolitical uncertainties.

However, robust domestic retail participation and sustained inflows into mutual funds—supported by record monthly Systematic Investment Plan (SIP) contributions—have created a deep liquidity pool. This domestic resilience has provided merchant bankers and issuing companies the confidence to launch issues without significant pricing discounts, even as market experts urge retail participants to exercise selectivity regarding valuations, corporate governance standards, and long-term business fundamentals.

Tags: NSE Primary Market SEBI BSE Initial Public Offerings Mutual Funds