Indian Mainboard IPOs Raise Record Rs 84,400 Crore in H1 FY27 as Q2 Surge Drives 30% Growth
India's mainboard initial public offering (IPO) market logged a record fundraising of Rs 84,400 crore during the first half of financial year 2026-27 (H1 FY27), clocking a 30% year-on-year increase compared to Rs 64,900 crore raised in H1 FY26, according to a report by Grant Thornton Bharat.
The report, titled India IPO Market: H1 FY27 and Q2 FY27 Review, highlighted that the primary market gathered remarkable momentum following a muted start to the fiscal year. A massive 94% of the total capital mobilised during the April-September period was raised in the second quarter (Q2 FY27), as issuers queued up to tap supportive domestic market conditions.
Surge in Issues and Record-Breaking September
A total of 71 mainboard companies successfully entered the public markets during H1 FY27, up from 55 companies during the corresponding period last fiscal year.
Activity peaked in September, which emerged as the strongest single month for public offerings on record:
- A total of 32 companies hit the exchanges in September alone, raising an aggregate Rs 40,400 crore.
- September's mobilisation accounted for more than half of the entire second quarter's capital raising.
- The month cemented its place as the highest monthly IPO mobilisation ever recorded in India's primary market history.
Listing Gains and Retail Oversubscription Rise
Investor enthusiasm translated into improved post-listing performance and aggressive bidding from retail participants.
Key Retail and Listing Metrics:
- Average listing-day gains improved to 18% in H1 FY27, compared to 10% in the year-ago period.
- Average retail oversubscription increased to 28 times, up from 25 times in H1 FY26.
Sectoral Trends: Financials and Capital Goods Lead
In terms of capital allocation, financial services commanded the lion's share of proceeds, driven by high-value offerings. The sector accounted for 43% of the total funds raised across the six-month period.
In terms of volume, capital goods companies dominated the listings landscape, accounting for 15 mainboard IPOs during the first half.
Domestic Liquidity Anchors Primary Demand
The heavy fundraising run coincided with a divergence between primary market demand and secondary market performance. Even as the benchmark Nifty 50 slipped 5.7% during September amid geopolitical and global interest rate headwinds, domestic institutional investors (DIIs) provided a solid backstop.
DIIs pumped a net Rs 1,69,400 crore into Indian equities in Q2 FY27, substantially outpacing foreign portfolio investors (FPIs), who contributed net inflows of Rs 13,900 crore over the same period. This deep pool of domestic capital has insulated primary issuances and reinforced appetite across retail and institutional segments.
