India IPO market raises record $12.5 billion in nine months

India’s initial public offering (IPO) market reached a record $12.5 billion in fundraising during the first nine months of 2026. According to an analysis by LSEG, this represents the highest January-to-September fundraising total since records began in 1980.

Despite the record capital raised, the total number of IPOs decreased by 17.9 percent year-on-year, falling to 220 from 268 in the previous year. However, the total proceeds rose by 11.3 percent, driven by an increase in the average issue size, which grew to approximately $57 million from $42 million.

This surge in IPO activity occurred even as the broader equity market faced pressure, with the Nifty index declining by about 14 percent. While total equity capital market proceeds, including follow-on offerings, fell to a three-year low of $40.8 billion, domestic liquidity helped sustain the IPO sector. Notably, offers for sale accounted for nearly three-fourths of the proceeds, indicating that much of the capital went to existing shareholders rather than directly to the companies.