India's IPO Fundraising Hits ₹84,400 Crore in H1 FY27, Up 30%

India's mainboard initial public offering (IPO) market experienced a significant surge in capital raised during the first half of fiscal year 2027. According to a report by Grant Thornton Bharat, the fundraising total reached a record ₹84,400 crore, marking a 30 percent increase compared to the same period last year.

The report, titled India IPO Market: H1 FY27 and Q2 FY27 Review, highlights that nearly 94 percent of the funds were raised during the three months spanning July to September 2026. This quarter alone saw heightened activity, with September emerging as the busiest month. In that month, 32 IPOs collectively raised ₹40,400 crore, demonstrating strong investor appetite and market confidence.

During the six-month period from April to September 2026, a total of 71 companies made their stock market debut. This number represents a notable increase from the 55 companies that went public in the same timeframe a year earlier. The rise in IPO activity signals growing enthusiasm among businesses to tap public markets for capital.

The report also reveals improvements in investor returns and demand. Average listing-day gains climbed to 18 percent, up from 10 percent in H1 FY26. This suggests that newly listed companies delivered more immediate value to investors. Retail investors also showed intensified interest, with average oversubscription rates rising to 28 times compared to 25 times the previous year. Such oversubscription levels indicate heightened demand relative to the shares offered.

Sector-wise, financial services stood out as the dominant contributor, accounting for 43 percent of the total capital mobilized in H1 FY27. This reflects the ongoing expansion and investor interest in financial firms amid India's growing economy and increasing financial inclusion.

The IPO market's growth aligns with broader trends in India's capital markets where companies are increasingly leveraging equity financing to fund expansion and innovation. The buoyant IPO activity also points to improving market sentiment and investor confidence following periods of global and domestic economic uncertainty.

Grant Thornton Bharat's detailed analysis offers insight into how India’s IPO landscape is evolving. The robust fundraising figures underscore a healthy appetite among investors for new listings and the willingness of companies to access public capital markets. As India continues to develop as a major economic player, its equity markets are expected to play a critical role in supporting corporate growth and facilitating wealth creation for investors.

Overall, the first half of FY27 has set a new benchmark for IPO fundraising in India, reflecting a dynamic market environment. Market participants and stakeholders will be watching closely to see if this momentum sustains through the remainder of the fiscal year and beyond.