September IPO fundraising hit a record. Companies raised ₹40,355 crore through 32 mainboard IPOs. That is the highest monthly total from new listings, according to SEBI's monthly bulletin for October 2026.
What the SEBI bulletin says
As per an ANI report on the bulletin, all fundraising in September came to ₹1,68,372 crore. That covers equity, debt and trusts. It is 22% more than August.
Offer for sale (OFS) made up 75% of the mainboard money. In an OFS, existing shareholders sell their shares and the company gets nothing. The other 25% was fresh capital that goes to the company.
| Item | September 2026 |
|---|---|
| Mainboard IPOs | 32 issues, ₹40,355 crore |
| SME IPOs | 38 issues, ₹1,684 crore |
| Offer for sale share | 75% of mainboard money |
| Fresh issue share | 25% of mainboard money |
Who bid the most?
In mainboard IPOs, big institutions led. Qualified institutional buyers (QIBs) made up 37% of subscriptions. Non-institutional investors came next at 28%, and retail investors at 17%.
SME IPOs looked different. Retail investors made up 48% of SME subscriptions, and non-institutional investors 32%.
The bulletin also says listing-day gains rose with oversubscription in mainboard IPOs. In SME IPOs, returns were harder to predict. Several SME shares fell sharply on listing day despite heavy demand.
Which sectors raised the most?
For FY27 up to September, capital markets took 36% of mainboard fundraising. Healthcare services followed at 10%, and industrial manufacturing at 9%.
The money came even though the Nifty 50 fell 6.1% in September, and the Sensex fell 5.8%, as per the same report. India also raised about $4.4 billion of the world's IPO money that month.
What our data shows
Our records are close to SEBI's. We count 32 mainboard listings in September, and the money raised by issues that closed that month is about ₹40,585 crore.
The average listing gain was 14.04%, and 20 of the 32 listings opened above the issue price. ESDS Software Solution gave the best gain at 76.46%, and Annu Projects the weakest at minus 27.27%.
The small gap with SEBI comes from counting. We count by the closing date of the issue, and our count shows 35 mainboard issues closed in September. You can see each issue on our IPO performance page.
What happens next
SEBI publishes this bulletin every month, so the October numbers will come in November. Our mainboard IPO list and the IPO news page carry each issue as it opens and lists.
