The primary market is poised to unleash a ₹3.86 lakh crore war chest by September 2026, a 3.5‑fold jump over the ₹1.10 lakh crore raised through 84 IPOs so far this year, the Association of Investment Bankers of India (AIBI) disclosed.
That figure is split between 130 companies already cleared by SEBI and another 75‑odd issuers in the Draft Red‑Herring Prospectus stage, a mix that keeps the pipeline alive even as the market shifts from sporadic cycles to steady supply.
Cumulatively, mainboard IPOs have hauled in ₹8.36 lakh crore since 2016, with annual fundraising climbing from ₹26,494 crore in 2016 to ₹1.76 lakh crore in 2025, and 2026 YTD already at ₹1.10 lakh crore.
The SME segment keeps the engine revving with 267 issues in 2025 and 156 YTD in 2026, bringing cumulative SME fundraising to ₹39,849 crore and average issue size to ₹45 crore from ₹8 crore in 2016.
The ecosystem is swelling too: registered merchant bankers rose 33% to 250 in September 2026 from 188 a decade earlier, while subscription levels averaged 49× for QIBs, 86× for HNIs and 26× for retail investors in 2026 YTD.
Lunawat warned that the next phase will hinge less on sheer numbers and more on issuer quality, institutional participation, disclosure standards and how effectively public and private capital fuels productive growth.