The report from Grant Thornton Bharat said the concentration of activity underscores how quickly the issuance window opened after a subdued first quarter.

As many as 71 mainboard companies entered the public markets during April-September 2026, compared with 55 in the corresponding period last year.

Funds raised increased 30 per cent from Rs 649 billion in H1 FY26, while average listing-day gains improved to 18 per cent from 10 per cent. Average retail oversubscription also rose to 28 times from 25 times.

The acceleration was led by September, when 32 IPOs raised Rs 404 billion, more than half of Q2 fundraising and the highest amount recorded in a single month. Financial services accounted for 43 per cent of total capital raised, while capital goods led issuance volumes with 15 IPOs.

Domestic institutional investors emerged as an important anchor for the market, recording net equity inflows of Rs 1,694 billion during Q2 FY27, compared with Rs 139 billion from foreign portfolio investors.

This domestic support helped the market absorb a sharp increase in issuance despite a 5.7 per cent decline in the Nifty 50 during September, the report said.

“India’s IPO market moved from caution to acceleration in Q2 FY27, helping deliver a record first half. While the scale of fundraising shows the market can absorb new issuance, investor demand stayed selective and increasingly focused on fundamentals, pricing, governance and the use of proceeds,” said Karan Marwah, Partner & Capital Markets Advisory Leader, Grant Thornton Bharat.

The quarter showed that successful IPO execution is not only about choosing the right window, but about being fully prepared when it opens, Marwah said.

The IPO pipeline remains substantial, as 100 mainboard companies and 159 SME companies filed draft offer documents during H1 FY27.

However, the report cautioned that a large pipeline may not translate automatically into completed listings, particularly where regulatory approvals lapse or market readiness remains incomplete.