Indian Firms Raise Record $25 Billion in Equity
Companies raised ₹2.43 lakh crore through equity markets in April–September 2026, driven by large IPOs, domestic liquidity and delayed offerings returning to the market.
Indian companies raised a record ₹2.43 trillion ($25.27 billion) through equity markets in the first half of financial year 2026–27, covering April to September 2026. According to PRIME Database Group data reported by Reuters, fundraising increased 75% year-on-year despite subdued performance in the broader stock market.
Average listing gains rose to 19% during the period, compared with 7% a year earlier. By contrast, the benchmark Nifty 50 gained just 1.3%, highlighting the difference between activity in the primary market and performance in the secondary market.
RECORD EQUITY FUNDRAISING
Indian companies raised ₹2.43 trillion ($25.27 billion) through equity markets in the first half of FY2027, a 75% increase from the same period a year earlier.
Large initial public offerings contributed significantly to the fundraising total. These included the National Stock Exchange's $2.3 billion IPO, SBI Funds Management's $1.03 billion offering and Manipal Health Enterprises' $960 million issue.
Mainboard IPOs raised ₹94,205 crore through 78 issues, setting a record for the first half of a financial year. The total was 35% higher than the previous first-half record, set in FY2026.
IPO MARKET ACTIVITY
Mainboard IPOs raised ₹94,205 crore across 78 issues during April–September 2026, according to PRIME Database Group.
PRIME Database Group Managing Director Pranav Haldea attributed the divergence between primary and secondary market performance to a backlog of IPOs accumulated over the previous two to three years and strong domestic liquidity. A one-time extension granted by India's market regulator also enabled some companies whose IPO approvals were nearing expiry to proceed with their offerings.
Secondary share offerings also increased sharply as the government sold stakes in companies including Life Insurance Corporation of India and Coal India. Funds raised through these offerings rose fivefold to ₹55,337 crore. LIC's sale of a 6.5% stake accounted for approximately ₹31,400 crore.
Qualified institutional placements, through which listed companies raise capital from institutional investors, increased 36% to ₹61,553 crore. Adani Enterprises was a leading contributor to this fundraising category.
The pipeline remains substantial, with nearly 250 companies planning to raise about ₹4.65 trillion through IPOs, according to PRIME Database. Potential offerings include Jio Platforms, Carlsberg's India business and the parent company of hotel aggregator Oyo. The timing and completion of these issues will depend on market conditions and other factors.