The number of IPOs launched in September rose from 12 in 2024 to 25 in 2025 and 32 in 2026, a 167% increase in two years.

By Himadri Buch, ET Bureau

Last Updated: Sep 29, 2026, 06:31:00 AM IST

Mumbai: It is the best of times; it is the worst of times - the spring of hope, and the winter of despair.

The first holds unambiguously true for India's red-hot primary market, while a listless secondary market rounds off the study in contrasts.

Since India's frontline equity gauges scaled summit Everest in September 2024 and briefly repeated the feat earlier this year, they have been left gasping for breath. The IPO market, too, is gasping for breath, but for an entirely different reason. It is sprinting to records that explain - at least in part - the misery of the listed mainboard.

The number of IPOs launched in September rose from 12 in 2024 to 25 in 2025 and 32 in 2026, a 167% increase in two years. Issue amounts more than tripled from ₹11,058 crore to ₹39,018 crore, rising 253% over the period, data from Prime Database showed.

Read more: India’s potential IPO pipeline swells to Rs 3.86 lakh crore, 3.5 times funds raised so far in 2026: Report

By contrast, the listed market has been a straggler. The Sensex declined 12.3% from 84,299.78 on September 30, 2024, to 73,894.74 on September 25, 2026, while the Nifty fell 10.4% from 25,810.85 to 23,140.50 over the same period.

The Sensex fell 4.8% between September 2024 and September 2025, and a further 7.9% between September 2025 and September 2026 so far. The Nifty, meanwhile, fell 4.7% and 6%, respectively, over the two years.

"The divergence reflects different investment horizons and valuation dynamics as secondary markets react quickly to macroeconomic and geopolitical uncertainty, driving short-term volatility," said Adeepto Saha, associate partner, Deloitte India. "Primary markets, however, are more focused on company-specific fundamentals and long-term growth prospects."

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Strong businesses with compelling structural growth drivers usually attract primary-market demand despite broader market volatility, Saha said.

Foreign investor flows in the already listed space turned sharply negative in the last two years. FIIs were net buyers of ₹15,423 crore in Sep 2024, but turned net sellers of ₹35,301.36 crore in Sep 2025. So far in Sep 2026, they have offloaded shares worth ₹18,530.97 crore.

But they are big shoppers in the IPO market, according to Anurag Byas, director, equity management solutions, Rothschild & Co.

"We have seen deals worth around $12bn close this year already," Byas said.

In the past 24 months, there has also been a supply of quality issuers. They include MNCs such as Hyundai and LG India, new-age companies such as Groww, Meesho and Lenskart, and the big daddy - the National Stock Exchange.

"These are all leaders in their respective industries, helping sustain the interest of investors in the primary markets," said Prashant Gupta, partner and national practice head, capital markets, Shardul Amarchand Mangaldas & Co.

He also said both large and small companies have performed relatively well post listing, which has helped maintain the liquidity for the primary markets.

Hyundai Motor India's ₹27,858.75-crore IPO in October 2024 is the largest to date in the country, followed by NSE's ₹22,562.71-crore issue in September 2026. Tata Capital's ₹15,511.87-crore IPO in October 2025 was also a bulge-bracket share sale.

The next wave could be even bigger. IPO aspirants are hoping to raise at least ₹75,000 crore by November, with Jio Platforms expected to contribute a major chunk. The company is expected to launch its IPO around Navratri or Diwali, with the issue estimated at around ₹37,700 crore.

As many as 121 companies with valid IPO approvals and an aggregate issue size of around ₹2.34 lakh crore are waiting to tap the market, according to Prime Database.