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H1 FY27 | Q2 FY27 review
This India IPO market report reviews IPO trends in India during H1 FY27. After a relatively soft start, the market rebounded sharply in Q2 FY27. Mainboard IPO fundraising in India reached INR 844 billion in H1 FY27, making it the strongest first half on record. Strong domestic liquidity, improving investor appetite and a rapidly expanding issuer pipeline supported the rebound.
71 mainboard IPOs raised INR 844 billion in H1 FY27, up 30% from INR 649 billion in H1 FY26.
Average listing gains rose to 18%, compared with 10% in H1 FY26.
Q2 accounted for 94% of H1 fundraising, with 63 IPOs raising INR 797 billion.
September 2026 alone contributed INR 404 billion, making it the strongest month for issuance in the half-year.
Domestic institutional investors recorded net inflows of INR 1,694 billion in Q2 FY27, reinforcing the role of domestic capital in supporting Indian equities.
A notable IPO trend in H1 FY27 was the growing share of fresh issues. Fresh issues represented approximately 67% of total IPO proceeds, compared with 51% in H1 FY26. Fresh issue proceeds were allocated as follows:
The remaining proceeds were deployed towards working capital, investments and other strategic initiatives.
India's IPO market delivered a record first half in FY27, but the story extends beyond fundraising volumes. The period highlighted the growing depth of domestic capital, stronger listing performance and the importance of IPO readiness.
Going forward, issuers that maintain governance discipline, articulate a clear use of proceeds, engage early with institutional investors and remain transaction-ready will be better positioned to capitalise on future market windows. Early IPO readiness and capital markets advisory support can help companies prepare for a successful IPO.
Explore the trends shaping H1 FY27 and the pipeline ahead.
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