Retail Grabs 25% IPO Share As FY26 Listings Add Rs 10 Lakh Crore: NSE

Retail investors have emerged as a key force in India’s primary markets in FY26 so far, taking a 25 per cent share in mainboard IPO allocations, even as new listings added over Rs 10 lakh crore in market capitalisation, according to NSE data. The rising retail participation comes at a time when fund mobilisation has remained robust, supported by several marquee IPOs and a steady pipeline of new listings.

During FY26 till November, a total of 83 companies were listed on the mainboard, raising Rs 1.3 lakh crore. Of this, 41 per cent came through fresh equity issuances, while 59 per cent was raised via offers for sale. Consumer discretionary, financials and industrials dominated fundraising activity, together accounting for 77 per cent of the total funds raised. These newly listed companies, as per NSE data, now command a combined market capitalisation of over Rs 10 lakh crore as of November 2025.

Retail participation strengthened even as institutional allocation patterns shifted. While the retail share rose to 25 per cent from 19 per cent in FY25, allocation to qualified institutional buyers moderated to 61 per cent from 67 per cent in the previous year. Non-institutional investors accounted for 13 per cent of the allocations during the period.

Primary market activity remained strong in November despite a moderation from October’s record fundraising. Total fund mobilisation through equity and debt rose 13 per cent month-on-month to Rs 1.7 lakh crore, supported by higher debt issuances and a rise in equity fundraising. IPO fundraising cooled 18 per cent month-on-month but remained at elevated levels.

Sixteen companies listed on NSE in November, raising Rs 33,226 crore, the second-highest monthly mobilisation this year. Of these, twelve companies debuted on the mainboard, raising Rs 33,014 crore, with 36 per cent coming from fresh issuances and 64 per cent through offers for sale. Six companies are listed at a premium, five at a discount and one at par, together adding around Rs 3 lakh crore in market capitalisation.

The SME segment also continued to see steady activity. On the Emerge platform, 80 companies have been listed in FY26 till November, raising Rs 3,911 crore, with 95 per cent of the funds coming through fresh equity issuances. Since its inception, 690 companies have been listed on Emerge, raising Rs 20,776 crore and adding Rs 2.3 lakh crore in market capitalisation, with 154 companies migrating to the mainboard.

Recent regulatory measures, including easing public shareholding norms, streamlining migration from Emerge to the mainboard and strengthening disclosure requirements, have further reinforced India’s listing ecosystem, supporting broader investor participation across segments.