India IPO Market Raises Over $9 Billion in Q3, Setting a Historic Record for the Period
nashnova research
India's IPO market raised over $9 billion in Q3, a record for any July-to-September quarter, pushing the full-year total past $13 billion — all while the benchmark index fell roughly 13%, signaling that the primary market's underlying drivers have decoupled from secondary-market sentiment.
Where did the $9 billion come from?
Nearly half the quarter's total came from three mega-deals: the National Stock Exchange of India, SBI Funds Management, and Manipal Health Enterprises — together raising over $4.3 billion.
This means → the boom was not broad-based but top-heavy — a handful of blockbuster listings carried the entire quarter.
Year-to-date fundraising has now crossed $13 billion, putting 2026 on track for one of the best years on record.
The benchmark is down 13% — why is the IPO market thriving?
The NSE NIFTY 50 has fallen roughly 13% year-to-date, making India the second-worst performing major equity market globally, behind only Indonesia.
In plain terms = the secondary market — where shares trade after listing — is sliding, yet the primary market — where companies first sell shares to raise capital — is barely affected.
Morgan Stanley Managing Director Samarth Jagnani put it this way: "The underlying drivers keeping the market active remain intact" — volatility shifts individual deal timing but does not deter companies from listing.
What big deals are still in the pipeline for Q4?
The headline name is Jio Platforms, targeting over $3.1 billion; Avaada Electro plans to raise $800 million, and Advanta Enterprises aims for $400 million.
Roughly 144 companies already hold regulatory approval and are waiting for the right window; another 73 have filed draft prospectuses and await clearance.
This means → the pipeline's "ammunition" is far from exhausted, and Q4 supply pressure remains significant.
Can the full year set another record?
In each of the past two years, India's IPO market raised over $20 billion; the current tally sits at $13 billion, so Q4 would need to deliver another $7 billion just to match that pace.
Goldman Sachs India ECM head Kailash Soni said: "India's robust IPO pipeline supports the possibility of another record year" — but the pace depends on volatility and available execution windows.
In plain terms = there are enough deals and enough ambition, but whether they all price successfully hinges on whether buyers will accept current valuations — the pickier the market, the more issuers will have to concede on price.
市场有风险，内容仅供研究参考，不构成投资建议。