September 2026 delivered exceptional IPO breadth in India. 70 IPOs listed during the month, with an aggregate issue size of INR 42,038 Cr. Participation was broad, but mainboard capital formation was concentrated in a few large transactions. NSE's IPO alone accounted for ~56% of mainboard issue size.
Key takeaways
- 70 IPOs listed in September 2026: 32 mainboard and 38 SME.
- The four largest mainboard transactions accounted for ~69% of mainboard fundraising.
- SME issuance stayed broad-based, with 27 of 38 SME IPOs below INR 50 Cr.
September 2026 IPO snapshot: Mainboard vs. SME
What the numbers tell us
Mainboard: Broad participation, concentrated capital
32 IPOs | INR 40,355 Cr raised
The four largest transactions accounted for ~69% of total mainboard fundraising, with NSE alone contributing ~56%. Participation stayed broad across issuers, but capital formation was skewed towards a few large transactions. Marquee issues made an outsized contribution during the month.
SME: Activity remained broad-based
38 IPOs | INR 1,683 Cr aggregate issue size
27 of 38 SME IPOs had an issue size below INR 50 Cr, and the two largest offerings accounted for only ~15% of aggregate SME issue size. Capital was spread across many relatively small transactions.
Regulatory spotlight
How 1Alpha supports the IPO journey
1Alpha is 1Lattice's capital markets offering. It turns market data into investor-ready industry narratives for IPOs and QIPs, through five areas of work:
- Market sizing: quantifying TAM, growth pools and category opportunities
- Industry structure: mapping organized and unorganized dynamics, value chains and market evolution
- Competitive benchmarking: positioning issuers against relevant peers and emerging challengers
- Growth drivers and outlook: identifying the structural, consumer, technology and regulatory factors shaping the market
- Equity-market narrative: connecting the industry opportunity with company positioning and addressable growth
Every report is shaped around the needs of the company and its advisors to provide the evidence base for a credible, investor-oriented equity story.
Preparing for an IPO or QIP? Talk to us about building your industry narrative.