India’s primary market activity remained strong in the financial year 2025–26 so far, with mainboard fundraising touching record levels even as the small and medium enterprises segment showed signs of moderation, according to NSE’s Market Pulse: March 2026 edition.
Mainboard IPO activity continued its strong momentum with 99 listings during FY26 to date (April–February), collectively raising ₹1.65 lakh crore. This surpassed the previous year’s 79 IPOs that mobilised ₹1.62 lakh crore, highlighting sustained investor appetite for large public issues.
The IPO activity on the NSE Emerge platform moderated during the period. A total of 105 SME IPOs were launched in FY26 so far, raising ₹5,121 crore, compared with 163 IPOs that had garnered over ₹7,000 crore in FY25.
Overall, 204 companies raised ₹1.70 lakh crore through IPOs across platforms during FY26 to date, compared with 242 IPOs that mobilised ₹1.69 lakh crore in the previous financial year.
The report noted a sharp rise in average issue size on the NSE Emerge platform over the years. The average IPO size increased from ₹13 crore in FY20 to ₹44 crore in FY25 and further to around ₹50 crore in FY26 so far, indicating the growing maturity of the SME fundraising ecosystem.
Sector-wise, financial services companies accounted for the largest share of IPO fundraising on the mainboard in FY26 so far at 34 per cent, followed by consumer discretionary firms at 31 per cent and industrials at 11 per cent. On the NSE Emerge platform, industrials led fundraising activity with a 36 per cent share, followed by consumer discretionary companies at 23 per cent and materials at 10 per cent.
In terms of funds mobilised, Maharashtra-based companies raised ₹5,830 crore, while firms from Gujarat garnered ₹4,794 crore and Delhi-based issuers mobilised ₹3,643 crore. Maharashtra also led in market capitalisation of listed SME firms at ₹48,428 crore, followed by Gujarat at ₹47,764 crore and Delhi at ₹39,182 crore.
The NSE report highlighted that India’s IPO market remains broad-based and resilient in FY26, supported by record mainboard fundraising, while the SME segment continues to evolve through larger issue sizes despite a moderation in the number of listings.