IPO Boom: Indian Firms Raise Rs 94,205 Crore in H1 FY27

Indian companies raised a record ₹94,205 crore through initial public offerings (IPOs) during the first half of financial year 2026-27, highlighting continued demand for public-market fundraising despite volatile stock markets.

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IPO fundraising hits a new first-half record Rs 2.78 lakh crore IPO pipeline awaits launch Retail investor participation gains momentum Public equity fundraising rises 75%NSE, SBI Funds Management among major IPOs What the IPO pipeline means for Indian markets

According to a research report by PRIME Database, IPO mobilisation during H1 FY27 was 35% higher than the previous first-half record of ₹69,533 crore raised through 65 IPOs in H1 FY26.

The strong fundraising has also left India with a sizeable IPO pipeline. As many as 145 companies that have already received regulatory approval from the Securities and Exchange Board of India (SEBI) are waiting to launch their offerings, with proposed issues worth approximately ₹2.78 lakh crore.

Another 102 companies seeking to raise around ₹1.87 lakh crore are awaiting SEBI approval, according to the report.

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IPO fundraising hits a new first-half record

The ₹94,205 crore raised in H1 FY27 represents the strongest first-half IPO mobilisation recorded, according to PRIME Database.

The fundraising milestone is particularly notable because the year began at a relatively slower pace and the secondary equity market experienced bouts of volatility.

Pranav Haldea, Managing Director of PRIME Database Group, said companies continued to tap the primary market despite those conditions.

The report expects several more issues to come to the market during the remainder of the financial year, underlining the scale of the current IPO pipeline.

Rs 2.78 lakh crore IPO pipeline awaits launch

The number of companies waiting to launch approved IPOs indicates that primary-market activity could remain elevated.

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PRIME Database said 145 companies with SEBI approval are currently awaiting launch, representing proposed issues worth approximately ₹2.78 lakh crore.

In addition, 102 companies proposing to raise around ₹1.87 lakh crore are still awaiting regulatory approval.

Taken together, the numbers point to a substantial pool of potential equity issuance, although not every approved or proposed IPO will necessarily come to market immediately.

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Market conditions, valuations, investor demand and broader economic developments can influence the timing and size of individual offerings.

The research report described the pipeline as particularly large and expects several more issuances in the remaining months of the financial year.

Retail investor participation gains momentum

The IPO boom has also been accompanied by stronger participation from retail investors.

Among the 64 IPOs for which subscription-response data was available, 42, or approximately 66%, attracted subscriptions exceeding 10 times the shares on offer, according to PRIME Database.

Average retail applications per IPO increased to 17.71 lakh in H1 FY27 from 12.69 lakh during the corresponding period a year earlier.

Average retail oversubscription also climbed to 29 times, compared with 23 times in H1 FY26.

The data indicates that retail participation remained strong even amid periods of volatility in the broader equity market.

Public equity fundraising rises 75%

The surge was not limited to IPOs.

Overall public equity fundraising reached a record ₹2.43 lakh crore in H1 FY27, representing a 75% increase from the year-earlier period, according to the research report.

The increase was supported by a sharp rise in offers for sale (OFS) and qualified institutional placements (QIPs) alongside IPO activity.

Fresh capital accounted for approximately ₹1.14 lakh crore, or 47% of total public equity mobilisation.

The distinction matters because public equity fundraising can include both new capital raised by companies and transactions involving existing shareholders selling shares.

NSE, SBI Funds Management among major IPOs

Some of the largest main-board IPOs during the first half included major financial and market-infrastructure names.

According to PRIME Database, the leading offerings included:

Company	IPO Size
NSE	₹22,563 crore
SBI Funds Management	₹9,795 crore
Manipal Health Enterprises	₹9,275 crore

The size of these offerings contributed significantly to the record overall mobilisation during the period.

Large IPOs can also broaden the range of sectors represented in India’s public markets, while giving investors access to companies that were previously available largely through private ownership.

What the IPO pipeline means for Indian markets

The scale of India’s IPO pipeline suggests that companies continue to view the public markets as an important source of capital.

At the same time, the number of companies waiting to launch issues means the market could face periods of intense competition among new offerings.

Investor appetite, pricing discipline and secondary-market performance will remain important factors in determining how smoothly the pipeline converts into completed IPOs.

For companies, strong retail and institutional demand can support successful launches. For investors, however, the growing number of offerings means individual IPOs will still need to be assessed on their own financial performance, valuation, business prospects and risk factors.

The H1 FY27 figures nevertheless show the continuing scale of India’s primary equity market.

With ₹94,205 crore already raised through IPOs and another ₹2.78 lakh crore worth of SEBI-approved issues waiting to launch, India’s IPO market has entered the second half of the financial year with an unusually large pipeline.