New Delhi: Investments by retail investors in the primary market reached a record Rs 34,840 crore in FY26 (April–November period), up from Rs 34,336 crore in FY25 (April–March) and Rs 18,057 crore in FY24
(April–March), according to industry data. Indian markets saw strong fund‑raising in 2025, with 103 mainboard IPOs raising over Rs 1.76 lakh crore and 267 SME IPOs mobilising a record Rs 11,435 crore. Of the 108 mainboard listings, 72 opened above their issue price and 36 traded below it.
Among gainers, 16 stocks rose 30–70 per cent on listing while 22 gained 10–30 per cent and 34 rose 1–10 per cent. Despite heavy primary‑market participation from retail investors, they were net sellers in the secondary market, recording outflows of around Rs 13,000 crore in FY26 till November-end versus inflows of Rs 1.25 lakh crore in FY25. Analysts attributed the shift to a search for returns amid muted secondary‑market performance, especially in mid‑ and small‑caps, where 90 per cent were trading well below their 52‑week highs.
Further, volatility in majority of stocks in secondary markets increased due to macro uncertainties and questions around valuations. In contrast, though returns from new listings in primary markets may not be significant, investors are still able to capture gains of around 10 to 15 per cent on debut, encouraging higher subscriptions. India’s IPO market has entered a structurally stronger phase and emerged as the global leader by deal volume, poised to facilitate around Rs 4 lakh crore of capital formation in 2026, a recent report said.
India’s equity capital markets transformed from a largely cyclical fund‑raising avenue into a deeper, more resilient platform for capital formation. The country led the world in number of IPOs in 2025 while ranking among the top three markets for IPO proceeds. Unlike markets driven by a handful of mega listings, India’s IPO activity showed continuity across issue sizes, with strong growth in the Rs 100–500 crore and Rs 1,000–2,000 crore segments, the report said.
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