IPO 2026: The primary market has struggled to replicate last year’s momentum in the first half of 2026, with investor appetite for initial public offerings (IPOs) remaining significantly weaker than the robust demand seen in 2025.
Although more companies made their stock market debut during the January-June period compared with the same period last year, fundraising declined sharply. IPOs collectively raised Rs 22,573 crore in the first half of 2026, almost half the Rs 45,376 crore collected in the corresponding period of 2025, reflecting smaller issue sizes and subdued investor participation.
The slowdown is also evident in subscription levels. The average subscription for the 24 IPOs listed in the first half of 2025 stood at around 40 times, while the average for IPOs in 2026 so far has dropped to 19 times, underscoring an over 50 per cent decline in investor demand despite a higher number of listings.
Top IPO in 2026 so far
Top 5 issues in terms of subscription
| Company | Amount (Rs.cr.) | Times subscribed |
| Advit Jewels Ltd | 165.16 | 147.53 |
| Bharat Coking Coal Ltd | 1,068.78 | 107.48 |
| CMR Green Technologies Ltd | 630.62 | 88.69 |
| Knack Packaging Ltd | 439.5 | 61.1 |
| Shree Ram Twistex Ltd | 110.24 | 41.29 |
Advit Jewels emerged as the clear frontrunner with an exceptional 147.53-times subscription, followed by Coal India’s Bharat Coking Coal with a 107.48-times subscription despite its larger issue size of Rs 1,068.78 crore. CMR Green Technologies, Knack Packaging, and Shree Ram Twistex also witnessed decent demand.
Top 5 IPO in listing gains%
| Company | Issue Price (Rs) | Close Price on Listing (Rs) | % Gain |
| Bharat Coking Coal Ltd | 23 | 40.58 | 76.43% |
| Advit Jewels Ltd | 138 | 179.46 | 30.04% |
| CMR Green Technologies Ltd | 192 | 241.2 | 25.62% |
| OnEMI Technology Solutions Ltd | 171 | 208.63 | 22.01% |
| Hexagon Nutrition Ltd | 45 | 53.19 | 18.20% |
Strong listing-day gains were led by Bharat Coking Coal, which surged 76.43 per cent over its issue price. Advit Jewels, CMR Green Technologies, OnEMI Technology Solutions, and Hexagon Nutrition also delivered double-digit debut gains.
Stronger IPO Pipeline for H2 2026
While the IPO market remained subdued in the first half of 2026 compared with the previous year, the outlook for the remainder of the year appears more encouraging.
Several high-profile public issues, including those of SBI Funds Management, Reliance Industries’ Jio, the National Stock Exchange (NSE), and Zepto, are in the pipeline and are expected to revive primary market activity and attract strong interest from both retail and institutional investors.
Upcoming IPO in 2026
Here is a list of updates on the upcoming big IPO’s in 2026
Cult. Fit IPO: Cult. Fit Ltd has filed preliminary papers with SEBI and aims to raise Rs 950 crore via a fresh issue. In addition, Mukesh Bansal, Bruno Eduard Raschle, and actor Hrithik Rakesh Roshan are offloading shares through the OFS.
Manipal Health IPO: Manipal Health Enterprises Ltd has received Sebi’s approval to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 8,000 crore.
NSE IPO: The National Stock Exchange (NSE) is targeting to launch its much-awaited initial public offering (IPO), estimated at around Rs 30,000 crore, in September. This issue will surpass Hyundai Motor India’s Rs 27,870-crore public offering launched in October 2024.
Jio IPO: Mukesh Ambani’s Jio Platforms filed draft papers for the IPO last month.
Zepto IPO: Quick commerce company Zepto is looking to raise up to USD 837 million in its initial public offering, Reuters reported.
With several other marquee companies also preparing to go public, the second half of 2026 promises to be an exciting period for the primary market.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
