Economic Survey 2026: India’s Primary Markets Lead Global IPO Activity in FY26

India’s primary markets remained strong and resilient during the financial year 2025–26 so far, according to the Economic Survey 2025–26. Despite global economic challenges, India emerged as a global leader in initial public offering (IPO) activity, reflecting the growing depth and stability of its financial ecosystem.

Strong Resource Mobilisation Across Markets

The Economic Survey highlighted that total resource mobilisation from India’s primary markets stood at ₹10.7 lakh crore during FY26 up to December 2025. This included funds raised through both equity and debt issuances. Over the past five years, from FY22 to FY26 (till December 2025), primary markets have helped channel savings into productive investments, mobilising a total of ₹53 lakh crore. Of this, equity issuances accounted for ₹14 lakh crore, showing the increasing role of capital markets in supporting economic growth.

IPO Activity Shows Steady Growth

IPO activity in FY26 continued to gain momentum. The number of IPOs rose by 20% compared to the same period in FY25, while the total amount raised increased by 10%. Mainboard listings showed notable growth, with the number of companies listed rising from 69 to 94. The amount mobilised through these listings increased from ₹1,46,534 crore to ₹1,60,273 crore.

The survey also noted that offers for sale formed a significant part of IPO proceeds, accounting for 58% of the total funds raised during FY26 up to December. This trend indicates healthy participation from existing shareholders and promoters alongside fresh capital raising.

SME IPOs Reflect Rising Confidence

Small and medium enterprises (SMEs) continued to play a key role in the primary market landscape. The number of SME listings rose to 217 in FY26 till December, compared with 190 in the same period last year. Funds raised through SME IPOs also increased, reaching ₹9,635 crore from ₹7,453 crore.

Since the launch of SME platforms on the BSE and NSE, more than 1,380 companies have been listed, raising over ₹35,000 crore. Around 350 of these firms have successfully moved to the mainboard, showing a clear growth pathway for emerging businesses.

Read more: Bombay Coated and Special Steels IPO: Company Files DRHP With SEBI.

Conclusion

The Economic Survey 2025–26 underlined the growing strength, breadth, and maturity of India’s primary markets. Strong investor participation, stable economic fundamentals, and consistent regulatory improvements have helped India maintain its global leadership in IPO activity. With rising SME participation and steady capital mobilisation, India’s capital markets continue to support long-term economic development.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 
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