IPO Fundraising In FY27 Trails Last Year Despite July-August Pickup

Companies have raised ₹46,453 crore through initial public offerings between April 1 and August 26, 2026, compared with ₹55,338 crore during the same period in 2025, Prime Database data showed. The difference marks a decline of nearly 16% in fundraising, while the number of IPOs fell to 30 from 38.

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July And August Drive FY27 Fundraising

The pace of activity changed sharply after a subdued start to the financial year. IPOs raised ₹18,349 crore in July, while issues launched in August had mobilised ₹26,302 crore through August 26. Together, the two months contributed nearly 96% of the total IPO funds raised in FY27 so far.

The fundraising was also concentrated in a few large offerings. SBI Funds Management raised ₹9,795 crore through its IPO, while Manipal Health Enterprises raised ₹9,275 crore. These issues accounted for a sizeable portion of the amount mobilised during the period.

First Quarter Remained Quiet

Prime Database’s public-issues data showed limited activity during the first three months of FY27. April recorded one IPO worth ₹150 crore, while no IPO was launched in May. Activity returned in June, when three companies raised ₹1,652 crore.

The stronger showing in July and August lifted the overall numbers, although the total remains below the previous year’s level. Between April and August 2025, companies had raised ₹55,338 crore through 38 IPOs.

The comparison with last year also reflects the presence of large issues in FY26. The fundraising tally for the period was boosted by the ₹12,500 crore IPO of HDB Financial Services, which opened in June 2025.

Large Issues Shape The Current Pipeline

The latest data indicates that while the number of IPOs has increased in recent months, the overall fundraising figure continues to be influenced by large transactions. Through August 26, 13 IPOs had raised ₹18,349 crore in July, while another 13 issues had mobilised ₹26,302 crore in August.

The pattern marks a significant shift from the opening months of FY27, when the primary market saw little activity. It also leaves the current financial year’s fundraising below the corresponding period of FY26 despite the strong two-month pickup.

With July and August accounting for most of the capital raised so far, the performance of the IPO market in the coming months will determine whether the recent increase in activity can narrow the fundraising gap with last year.