New Delhi, Nov 2 (PTI) India’s mainboard IPO market witnessed a record fund mobilisation at Rs 84,400 crore in the first half of FY27, registering a 30 per cent rise over the year-ago period, with nearly
94 per cent of the funds raised during the July-September period, according to a report by Grant Thornton Bharat.
As many as 71 companies made their stock market debut during April-September 2026, compared with 55 in the corresponding period a year ago.
According to the report, the funds raised increased from Rs 64,900 crore in H1 FY26 to Rs 84,400 crore in H1 FY27.
The average listing-day gains improved to 18 per cent from 10 per cent a year ago, while average retail oversubscription increased to 28 times from 25 times, the report titled ‘India IPO Market: H1 FY27 and Q2 FY27 Review’ said.
Notably, September was the busiest month, with 32 IPOs collectively raising Rs 40,400 crore.
In terms of sectoral contribution, financial services accounted for 43 per cent of the total capital mobilised during H1 FY27, while capital goods led in terms of the number of issues, with 15 IPOs.
Domestic institutional investors (DIIs) emerged as an anchor to the equity market, recording net inflows of Rs 1.69 lakh crore during Q2 FY27, compared with Rs 13,900 crore from foreign portfolio investors (FPIs). This domestic investor support helped the market absorb a sharp rise in IPOs despite the NSE’s benchmark index Nifty 50 declining 5.7 per cent in September.
“India’s IPO market moved from caution to acceleration in Q2 FY27, helping deliver a record first half. While the scale of fundraising shows the market can absorb new issuance, investor demand stayed selective and increasingly focused on fundamentals, pricing, governance and the use of proceeds,” Karan Marwah, Partner and Capital Markets Advisory Leader at Grant Thornton Bharat, said.
The report noted that the IPO pipeline remained substantial, with 100 mainboard and 159 SME companies filing draft offer documents during H1 FY27.
However, it cautioned that a large pipeline may not necessarily translate into completed listings, particularly in cases of regulatory approval lapses or incomplete market readiness. PTI SP SHM
