India IPO market stays hot
India’s mainboard IPO market raised a record ₹1.65–1.7 lakh crore in FY26 so far, keeping pressure on PE/VC exit pipelines and opening off‑cycle roles for bankers and junior investors. The surge in mainboard listings contrasts with weaker SME activity and is creating more dealflow for regional funds (thehindubusinessline.com) (freepressjournal.in).
Mainboard listing volume hit 99 companies in FY26 through February, up from 79 mainboard IPOs in the prior year. (thehindubusinessline.com)) The NSE Emerge (SME) platform showed moderation with 105 SME IPOs launched raising ₹5,121 crore, even as average SME issue size climbed from about ₹13 crore in FY20 to roughly ₹50 crore in FY26. (thehindubusinessline.com)) Financial‑services issuers accounted for the largest share of mainboard fundraising at 34%, followed by consumer discretionary at 31% and industrials at 11%. (thehindubusinessline.com)) State‑level flows skewed toward Maharashtra, which raised ₹5,830 crore and led SME market capitalisation at ₹48,428 crore, while Gujarat and Delhi raised ₹4,794 crore and ₹3,643 crore respectively. (thehindubusinessline.com)) PE/VC exit activity shows public routes are material: 21 PE/VC‑backed companies issued about ₹52,514 crore via mainboard listings in calendar 2025, and EY‑IVCA reported PE/VC exits of US$11.6 billion in H1 2025. (blume.vc)) Deal momentum is translating into recruiting pressure — ECM desks report active hiring and a shortage of experienced bankers, market analysts note increased off‑cycle and selective recruitment this year, and the Association of Investment Bankers of India has projected nearly 1,000 IPOs and over ₹3 lakh crore of capital formation by end‑2026. (ifre.com))
