September Surge: Indian Companies Raise Record Rs 40,355 Crore via Mainboard IPOs
SEBI reports a record-breaking September with mainboard IPOs raising Rs 40,355 crore, driving total primary market fundraising to Rs 1.68 lakh crore.
The Indian primary market witnessed an unprecedented explosion of activity in September 2026, with companies raising a staggering Rs 40,355 crore through 32 mainboard initial public offerings (IPOs). According to the Securities and Exchange Board of India's (SEBI) Monthly Bulletin for October 2026, this marks the highest-ever monthly mobilisation through new IPO listings in the country's history.
A Massive Leap in Primary Market Fundraising
The IPO frenzy was part of a broader surge in fundraising. In total, companies raised Rs 1,68,372 crore across equity, debt, and trust structures during September. This represents a significant 22 per cent jump compared to the previous month, fueled not only by the record-breaking IPOs but also by a substantial increase in corporate debt private placements.
Breaking Down the Mainboard IPOs
A closer look at the Rs 40,355 crore raised reveals that the majority of the funds did not come from new capital. The bulletin notes that the Offer for Sale (OFS) component drove the bulk of the fundraising, accounting for 75 per cent of the total. Only 25 per cent was raised through fresh capital formation, though mainboard IPOs were responsible for 94 per cent of all fresh capital raised during the period.
SME Segment and Listing Performance
While the mainboard captured the headlines, the Small and Medium Enterprise (SME) segment also remained active. A total of 38 SME IPOs were launched, mobilising Rs 1,684 crore. Combined, the mainboard and SME segments saw a total of 70 IPO listings in a single month.
Performance on the listing day varied significantly between the two categories:
- Mainboard IPOs: These saw strong returns, with average gains reaching as high as 76 per cent in some instances. There was a clear positive correlation between how much an issue was oversubscribed and its listing-day gains.
- SME IPOs: This segment experienced much higher volatility. Despite substantial oversubscription, several SME IPOs suffered sharp price corrections on their first day of trading, underscoring the higher risks associated with smaller offerings.
Who Invested? Institutional vs. Retail
The investor profile differed sharply across the two segments. In mainboard IPOs, the "big players" dominated:
- Qualified Institutional Buyers (QIBs): 37 per cent of subscriptions.
- Non-Institutional Investors (NIIs): 28 per cent.
- Retail Investors: 17 per cent.
Conversely, SME IPOs were driven largely by individual investors, with retail participants accounting for 48 per cent of subscriptions and NIIs contributing 32 per cent.
Sectoral Trends and Global Standing
For the financial year 2027 up to September, fundraising has been heavily concentrated in three primary sectors:
- Capital Markets: 36 per cent of fundraising.
- Healthcare Services: 10 per cent.
- Industrial Manufacturing: 9 per cent.
On the global stage, India has emerged as a powerhouse for new listings. The country accounted for approximately USD 4.4 billion in global IPO proceeds in September. Notably, the National Stock Exchange (NSE) hosted the second-largest IPO in the world by proceeds during this month.
Defying Market Downturns
Perhaps the most surprising aspect of this fundraising spree is that it occurred despite a volatile equity market. During September, the Indian indices faced a sharp correction, with the Nifty 50 declining by 6.1 per cent and the BSE Sensex dropping by 5.8 per cent. Despite this dip, the appetite for new listings remained aggressively high.