In August, the Indian IPO market witnessed the biggest surge in a year with issues of around Rs 21,000 crore. Now the market’s focus is on September. Can the coming month even surpass this record? Large IPOs, strong investor participation and the growing race among companies for listings have once again brought the primary market into the centre of discussion.
Let us understand this new boom in India’s IPO market in detail and find out how much this momentum can increase in September and whether this theme can become a big investment opportunity for investors.
What’s Happening?
The Indian primary market is currently witnessing nearly the biggest activity in a year. In August 2026 so far, 20 companies have raised more than Rs 21,000 crore of capital, which is the highest number of public issues in a month after September 2025 (25 IPOs). In terms of fund-raising as well, this has become the second strongest month of the year, where July was on top with more than Rs 28,000 crore.
This surge reflects a sharp recovery after the slowdown that prevailed in the first half of the year. During that period, due to heavy volatility in the market and concerns related to valuations, many companies had kept their proposals on hold. Now, looking at improving market sentiment, strong listing gains and investor activity, promoters and merchant bankers are rapidly bringing their previously prepared plans to the market.
July-August 2026 Listing Gain Trend
According to Fortune India’s analysis, the average listing-day gain of 25 IPOs that debuted between 1 July and 19 August 2026 was 20.9%, which is nearly 12 times higher compared to 1.72% in H1 CY26. The average gain of a total of 47 mainboard IPOs (22 in H1, 25 in the first two months of H2) was 11.9%.
Behari Lal Engineering made the best debut so far in 2026 with a 78.25% listing gain, while Shiprocket listed 47.94% higher, Technocraft Ventures 46.77% higher and MV Electrosystems 46.53% higher. Large issues such as Manipal Health Enterprises and Juniper Green Energy showed listing gains of 13% and 15.38%, respectively.
Weak Sentiment in H1 CY26 and Subsequent Recovery
In H1 CY26 the Nifty 50 fell around 9%, due to FII outflow and geopolitical tension in West Asia, because of which IPO performance remained subdued. During this period only Bharat Coking Coal gave a 76.78% gain in January, while Shadowfax Technologies listed 11.37% lower, Clean Max Enviro 17.58% lower and Innovision 28.17% lower.
In July-August the secondary market showed recovery, and with the recovery in IT stocks the Nifty 50 rose around 1.8% from the end of June.
What Does This Mean for Investors?
For the retail category, long-term performance has remained strong; the average listing gain of 407 IPOs was 21% and the average gain from issue price till 31 July was 66%. 21% of the companies were more than 100% above the issue price, which is a good signal for retail investors.
However, there is also dispersion. 17% of the companies were trading 25-50% lower and 9% of the companies were trading more than 50% lower, therefore stock selection is necessary.
What’s Next?
An Axis Capital report states that 146 companies have received SEBI approval, 67 are awaiting regulatory approval, 65 have filed DRHP and 33 have filed confidential DRHP since March 2025. This pipeline will give momentum to IPO activity in the second quarter of FY2027. Along with this, NSE’s September 2026 listing and issues of Rs 30,000 crore+ can further strengthen market sentiment.
If August’s Rs 21,000 crore rush is broken in September it will create a record, but it will depend on the recovery in the secondary market and FII flows.
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The companies mentioned are cited as examples within the context of market developments. Investors are advised to conduct their own due diligence and consult their financial advisor before making any investment decisions.
Investments in the securities market are subject to market risks. Read all related documents carefully before investing.
