Over 360 IPOs hit the Indian market since last Budget
01 Feb 2026

India's initial public offering (IPO) market has been on fire, with 366 listings since the last Union Budget.

The majority of these new entrants are from the small and medium enterprises (SME) sector.

Despite the volatility in the stock market, retail investors have shown strong interest in these IPOs, resulting in a mixed post-listing performance.

Retail investors' strong interest amid market volatility
Sectoral participation

A wide range of companies, from tech start-ups to renewable energy firms, have tapped into the capital markets for expansion.

The sustained retail interest in IPOs and stock market volatility have also drawn foreign portfolio investors (FPIs) toward new issues.

This trend has made IPOs a preferred investment option for many.

Most issues have received a strong response from investors despite some large IPOs witnessing robust subscriptions amid market volatility.

Record number of IPOs in FY26
Market dominance

According to Trendlyne data, 366 companies have listed on stock exchanges after fundraising.

Notably, the SME segment accounts for a whopping 72% of total listings with 263 stocks.

Most SME issues have received a strong response from investors with some even witnessing subscription levels exceeding 100 times.

This is despite market regulator Securities and Exchange Board of India (SEBI) tightening norms for SME IPOs.

Primary market remained resilient in FY26
Market disparity

While some stocks have exceeded expectations, most listings have eroded investor wealth.

The Economic Survey 2025-26 noted India's primary market remained resilient and vibrant, leading the world in IPO issuances in FY26.

It attributed this strong performance to sound macroeconomic fundamentals, robust investor participation, and SEBI's continued fine-tuning of regulatory frameworks despite global headwinds.

Economic Survey on primary market's role
Capital mobilization

The Economic Survey also highlighted that from FY22 to FY26 (till December 2025), India's primary markets have been instrumental in channeling savings into productive investments.

A total of ₹53 lakh crore has been mobilized through equity and debt issuances, with ₹14 lakh crore raised through equity issuances alone.

Despite strong investor response and a few bumper listings, post-listing performance has largely remained muted with about 57% of total listings trading below their issue prices.