India’s IPO Market: Growth in Large Issues, Moderate SME Activity

India IPO Market FY26: Mainboard Fundraising Hits Record ₹1.65 Lakh Crore, SME Segment Sees Moderation​

New Delhi, March 24: India’s primary market continued to show resilience in the financial year 2025–26, with the mainboard IPO segment achieving record fundraising levels even as activity in the SME space moderated slightly, according to NSE’s Market Pulse report for March 2026 released on Tuesday.

Mainboard IPOs Drive Record Fundraising​

The mainboard segment remained the key driver of capital raising during FY26. Between April and February, 99 companies launched IPOs, collectively raising ₹1.65 lakh crore.

This marks an increase from the previous financial year, when 79 IPOs mobilized ₹1.62 lakh crore, indicating sustained investor appetite for large public issues and higher ticket offerings.

SME IPO Activity Slows, But Maturity Improves​

In contrast, the SME segment witnessed a slowdown in the number of listings. A total of 105 IPOs were launched on the NSE Emerge platform in FY26, raising ₹5,121 crore.

This is lower compared to 163 SME IPOs that raised over ₹7,000 crore in FY25.

Despite the dip in volume, the segment showed signs of structural strengthening. The average SME IPO size increased to around ₹50 crore in FY26, up from ₹44 crore in FY25 and significantly higher than ₹13 crore in FY20, reflecting a maturing fundraising ecosystem.

Total IPO Fundraising Remains Strong​

Across both mainboard and SME segments, 204 companies raised ₹1.70 lakh crore through IPOs in FY26 so far.

In comparison, 242 companies raised ₹1.69 lakh crore in FY25, suggesting that while the number of IPOs declined, larger issue sizes helped maintain overall fundraising momentum.

Sectoral Trends: Financials Lead Mainboard, Industrials Dominate SME​

Sector-wise data highlights distinct trends across segments:

• Mainboard IPOs:
  
  • Financial services led with a 34 per cent share
  • Consumer discretionary followed at 31 per cent
  • Industrials contributed 11 per cent
• SME IPOs:
  
  • Industrials dominated with 36 per cent
  • Consumer discretionary accounted for 23 per cent
  • Materials contributed 10 per cent

Regional Performance: Maharashtra Tops Fundraising​

From a regional perspective, Maharashtra-based companies raised the highest funds at ₹5,830 crore, followed by:

• Gujarat: ₹4,794 crore
• Delhi: ₹3,643 crore

Maharashtra also led in terms of market capitalization of listed SME firms at ₹48,428 crore, with Gujarat and Delhi following closely.

Outlook from FY26 Trends​

The NSE report underscores a clear shift in India’s IPO landscape, where fewer but larger issues are sustaining overall fundraising strength, while the SME segment continues to evolve with improving average deal sizes despite lower volumes.