India retained the top position globally in the number of initial public offerings (IPOs) during financial year 2025-26, and ranked third in funds raised, according to the Annual Report of the Securities and Exchange Board of India (SEBI) released yesterday. The regulator said India's capital markets remained resilient during the year despite global uncertainties.
India retained the top position globally in the number of Initial Public Offerings (IPO) and ranked third in funds raised, according to SEBI's Annual Report.
Key fundraising figures
SEBI's Annual Report showed the primary equity market remained strong even as corporate bond mobilisation declined by 8.4 per cent to 9.1 lakh crore rupees, marking the first fall in four years. Public debt issuances rose nearly 39 per cent, while municipal bond fundraising surged to 1,756 crore rupees through 14 issues.
| Metric | Figure | Change / Status |
|---|---|---|
| Global IPO ranking by number | 1st | Retained top position |
| Global IPO ranking by funds raised | 3rd | — |
| Corporate bond mobilisation | 9.1 lakh crore rupees | -8.4% (first fall in four years) |
| Public debt issuances | — | +39% |
| Municipal bond fundraising | 1,756 crore rupees | Surged; via 14 issues |
| FPI equity ownership | — | 15-year low |
| DII equity holding | 17% | Record, as of March 2026 |
| Monthly SIP contributions | Over 16,400 crore rupees | Record average |
Ownership shifts and retail participation
The report noted that foreign portfolio investor (FPI) ownership fell to a 15-year low, while domestic institutional investors (DII) reached a record 17 per cent equity holding by March 2026. Mutual fund participation continued to expand, driven largely by Tier-3 cities, with monthly systematic investment plan (SIP) contributions touching a record average of over 16,400 crore rupees.
SEBI also said that 62 per cent of retail investors are influenced by financial influencers on social media, prompting stronger investor protection measures. The combination of record domestic institutional ownership and reduced foreign participation points to a structural change in India's equity market ownership base.
Regulatory initiatives
SEBI introduced a new Closing Auction Session (CAS) to improve price discovery and align India's markets with global standards. For the coming year, the regulator outlined several initiatives, including:
- Project Jagrook for investor awareness
- An AI-enabled WhatsApp campaign
- Simplified nomination norms
- A fast-track mechanism for alternative investment funds
- The SEBI Setu portal
- A pilot project for tokenisation of corporate bonds using distributed ledger technology
Implications for financial executives
For CFOs and treasury directors tracking capital formation, SEBI's Annual Report provides several data points: India retained the top IPO position by number and ranked third by funds raised, giving issuers a deep equity primary market. Corporate bond mobilisation fell 8.4 per cent to 9.1 lakh crore rupees — the first decline in four years — while public debt issuances rose nearly 39 per cent. Municipal bond fundraising surged to 1,756 crore rupees via 14 issues, offering infrastructure projects a growing funding route. The record average monthly SIP contribution of over 16,400 crore rupees signals sustained domestic retail flows into equities, even as FPI ownership dropped to a 15-year low. SEBI's new Closing Auction Session and planned initiatives — including Project Jagrook, an AI-enabled WhatsApp campaign, simplified nomination norms, a fast-track mechanism for alternative investment funds, the SEBI Setu portal, and a tokenisation pilot for corporate bonds — are part of the regulator's stated push to align India's markets with global standards and strengthen investor protection.
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