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Dissecting ₹1.13 Lakh Crore of IPO Money

228 IPOs came to market in India this year and raised ₹112,941 crore. More than half of it never reached a company.

23 September 2026 • 5 min read

Every headline this year said India's IPO market had crossed a lakh crore. None said where the money went. This piece follows the rupees through every IPO that closed its book between 1 January and 21 September 2026.

A year that happened in 3 months

228 IPOs raised ₹112,941 crore in all. The 81 Mainboard IPOs raised ₹105,768 crore, 94% of it, with a median of ₹583 crore. The 147 SME IPOs raised ₹7,173 crore, with a median of ₹38 crore.

The timing stands out first. 78% of the money, ₹87,682 crore, came in July, August and September. The first half of the year raised ₹25,259 crore.

The last 3 months raised 3.5 times the first 6 months

Money raised by IPOs each quarter, in ₹ crore. 78% of the year's money came in July, August and September.

Money raised by IPOs that came to market in each quarter of 2026, split into new Mainboard shares, existing Mainboard shares sold and the SME boards. July to September raised ₹87,682 crore, 3.5 times the first 6 months.

₹ CRORE RAISED, BY LISTING DATE

New shares, MainboardExisting shares sold, MainboardSME boards, all

New shares: money that goes into the company. Existing shares sold: a shareholder sells and keeps the money. The 4 largest IPOs of the year all came in the last 3 months: NSE, SBI Funds Management, Manipal Health and Indo-MIM.

Chittorgarh IPO lists, Mainboard and SME, 2026, checked against each offer document · 1 Jan to 21 Sep 2026

September had the most IPOs

IPOs listed each month. September had 54, the most of any month.

IPOs in each month of 2026, Mainboard and SME, by listing month. Mainboard went from 1 in May to 27 in September; 54 IPOs came to market in September, the biggest month by count and by money.

IPOS LISTED IN THE MONTH

MainboardSME

September: 54 IPOs and ₹38,251 crore, the biggest month by count and by money

Counted by listing date, not by the day the issue opened. September includes the 13 IPOs that closed their books by the 21st: 9 listed between the 21st and the 23rd, and 4 list on the 24th, NSE among them.

Chittorgarh IPO listing trackers, Mainboard and SME, 2026 · 1 Jan to 21 Sep 2026

Each of those months had 1 giant deal behind it. July raised ₹19,235 crore, 79% of it old shares, because SBI Funds Management sold ₹9,795 crore of old shares. August raised ₹30,196 crore, 72% of it new shares, because Manipal Health raised ₹8,000 crore of new shares. September raised ₹38,251 crore, 78% of it old shares, because NSE, a ₹22,562 crore sale of old shares, closed its book.

September was the biggest month, and mostly selling

Money raised each month, in ₹ crore, new shares and old shares. July and September were mostly old shares.

Money raised by IPOs in each month of 2026, ₹ crore, split into new shares and existing shares sold: July's ₹19,235 crore was 79% selling, August's ₹30,196 crore was 72% new money, September's ₹38,251 crore was 78% selling, and the 3 months together were 78% of the year.

Chittorgarh IPO lists, Mainboard and SME, 2026 · 1 Jan to 21 Sep 2026

The 2 boards hardly overlap. No SME IPO raised ₹500 crore or more. Only 1 Mainboard IPO raised under ₹100 crore. The most common size was ₹25 crore to ₹50 crore: 72 of the 147 SME IPOs.

No SME IPO raised ₹500 crore. Only 1 Mainboard IPO raised under ₹100 crore.

IPOs by size, Mainboard and SME. The typical Mainboard IPO raised ₹583 crore, the typical SME IPO ₹38 crore.

NUMBER OF IPOS

MainboardSME

Under ₹25 cr
₹25 to 50 cr
₹50 to 100 cr
₹100 to 500 cr
₹500 to 1,000 cr
₹1,000 to 3,000 cr
Over ₹3,000 cr
Number of IPOs in each size band, Mainboard and SME: 72 SME IPOs raised ₹25 to 50 crore, no SME IPO raised over ₹500 crore, only 1 Mainboard IPO raised under ₹100 crore, and 6 raised over ₹3,000 crore.

72 IPOs raised ₹25 to 50 crore, the most common size of the year

The 6 over ₹3,000 crore: NSE, SBI Funds Management, Manipal Health, Indo-MIM, Clean Max Enviro and Dhoot Transmission. Across both boards the typical IPO raised ₹62 crore, while the average was ₹495 crore, pulled up by the biggest few.

Chittorgarh IPO lists, Mainboard and SME, 2026 · 1 Jan to 21 Sep 2026

By money, finance led: 8 finance IPOs raised ₹37,264 crore, 33% of the year, and NSE alone was 61% of that. By count, consumer companies did the most deals, 71, and industrials 68, but they raised ₹20,054 crore and ₹17,945 crore. The biggest in each: NSE in finance, Dhoot Transmission at ₹3,067 crore in consumer, Indo-MIM at ₹3,812 crore in industrials. The average finance IPO raised ₹4,658 crore, the average consumer IPO ₹282 crore and the average industrial IPO ₹264 crore.

Finance raised a third of the money from just 8 IPOs

Money raised by sector, in ₹ crore, with the number of IPOs in each. Consumer and industrial firms did most of the IPOs; NSE alone makes finance the biggest by money.

₹ CRORE RAISED, BY SECTOR

  • Finance, 8 IPOs
  • Consumer, 71 IPOs
  • Industrials, 68 IPOs
  • Healthcare, 17 IPOs
  • Other 6 sectors, 64 IPOs
Money raised by sector, ₹ crore, as a pie, with the number of IPOs in each: Finance 8 IPOs and ₹37,264 crore (33%), most of it NSE; Consumer 71 IPOs and ₹20,054 crore (18%); Industrials 68 and ₹17,945 crore (16%); Healthcare 17 and ₹13,293 crore (12%); the other 6 sectors 64 IPOs and ₹24,385 crore (22%): IT ₹5,921 crore, Services ₹5,612 crore, Utilities ₹5,132 crore, Commodities ₹3,488 crore, FMCG ₹2,676 crore, Energy ₹1,556 crore.

NSE alone is ₹22,562 crore of the finance slice

The other 6 sectors are IT, Services, Utilities, Commodities, FMCG and Energy. Sectors are Screener.in's.

Chittorgarh IPO lists for size; Screener.in for sector · 1 Jan to 21 Sep 2026

More than half went to sellers

An IPO can sell 2 kinds of shares. New shares put money into the company. Old shares are sold by people who already own it, and they keep the money. The headline total counts both.

Of the ₹112,941 crore, ₹47,115 crore (42%) was new shares and ₹65,826 crore (58%) was old shares. On the Mainboard, old shares were ₹65,421 crore and new shares ₹40,347 crore. On the SME boards, 94% of the money was new shares. The 2 biggest IPOs, NSE and SBI Funds Management, were 100% old shares. Neither company got any of that money.

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