How mainboard and SME IPOs fared as per Economic Survey 2026

The Economic Survey 2025-26 said that primary markets in the financial year 2025-26 (up to December 2025), reflecting the strength of India's financial ecosystem, remained resilient and vibrant, leading the world in initial public offering (IPO) issuances.

The strong performance was due to sound macroeconomic fundamentals, strong investor participation and the constant improvement of regulatory frameworks by market regulator Securities and Exchange Board of India (SEBI), despite global headwinds. The primary market captivates both domestic and international investors.

"The total resource mobilisation from primary markets, encompassing both debt and equity, stands at ₹10.7 lakh crore during FY26 (till December 2025). Over the past five years, from FY22 to FY26 (till December 2025), India’s primary markets have been instrumental in channelising savings into productive investments, mobilising a total of ₹53 lakh crore through equity and debt issuances. Of this, ₹14 lakh crore was raised through equity issuances," the pre-Budget document said.

The IPO volumes in FY26 till December 2025 advanced 20% higher than in the same period of FY25. The amount collected was also 10% higher for the same timeband of FY25.

Listings in the mainboard section climbed from 69 to 94, with the amount mobilised increasing from ₹1,46,534 crore to ₹1,60,273 crore.

The document noted that the offer for sale (OFS) component accounted for 58% of the total proceeds in FY26 (up to December 2025).

Here's what the Economic Survey said about SME IPOs

Reflecting growing confidence in emerging enterprises, the number of SME listings in FY26 till December 2025 surged to 217 from 190 in the corresponding period of FY25. The amount mobilised from SME issues increased to ₹9,635 crore from ₹7,453 crore.

Since its inception, over 1,380 firms have been listed on the SME platforms of BSE and NSE, collectively raising more than ₹35,000 crore. Of these, around 350 companies have migrated to the mainboard platforms.