How Did the Biggest IPOs of the First Half of FY26 Perform?

The first half of FY26 (April–September 2025) has been one of the most action-packed periods for India’s primary markets. A total of 55 companies tapped the IPO market, raising a cumulative ₹64,920 crore - a strong comeback for equity issuance after a year of global uncertainty. Interestingly, most of the momentum came in the second quarter, signaling improving investor sentiment and liquidity.

While there was broad-based participation across sectors, the top 15 IPOs dominated the fundraise - accounting for nearly three-fourths of the total amount raised. Here’s how these big listings performed in terms of size, subscription, and post-listing returns.

Top 15 IPOs of H1FY26 - By Issue Size

The top 15 IPOs of the first half of FY26 raised a combined ₹46,734 crore, representing around 72% of the total IPO funds mobilized during the period. These mega issues covered a wide range of sectors including finance, manufacturing, digital services, and renewable energy. Several listings, such as Aditya Infotech, Urban Company, and Ather Energy, delivered strong listing gains, while a few others underperformed due to sectoral pressures.

Key Takeaways from the Top 15 IPOs

The top 15 IPOs together generated an impressive average return of 32.9%, outperforming the overall IPO average of 19.8%. Eleven of the fifteen delivered positive returns, led by Aditya Infotech (101%), Ather Energy (83%), and Belrise Industries (82%). On the flip side, JSW Cement, Kalpataru, and Vikram Solar ended below issue prices due to weaker sectoral sentiment and tepid post-listing demand.

The average subscription stood at 33.3 times - roughly in line with the broader IPO market average. However, extremely high subscription levels did not always translate to the best returns, underscoring that listing gains depend on a mix of fundamentals, pricing, and market timing rather than pure hype.

Macro Themes Emerging from India’s IPO Scene

Across all 55 IPOs in H1FY26, several structural themes became evident. The primary market revival was concentrated in Q2FY26, when 46 IPOs hit the market compared to just 9 in Q1. The average IPO size was around ₹1,180 crore, while the top-15 averaged ₹3,116 crore, showing increasing appetite for larger issues.

Retail and institutional participation remained robust, supported by strong liquidity and favorable secondary market conditions. About 32 IPOs are currently trading above their issue prices, while 23 are below. The overall portfolio return, assuming one lot in each IPO, works out to a healthy 19.81% over six months - outperforming traditional indices over the same period.

Interestingly, there was only a partial correlation between subscription levels and returns. While high demand ensured visibility, the best performers were often those with strong business fundamentals, not just the most oversubscribed issues.

What This Means for Investors

H1FY26 has reinforced that India’s IPO market continues to offer strong opportunities for long-term investors, provided one looks beyond subscription frenzy. The data shows that quality, sectoral resilience, and pricing discipline matter far more than grey-market premiums or short-term excitement. As India’s economy expands, IPOs from new-age sectors - renewable energy, tech platforms, and manufacturing - are likely to drive the next wave of capital market growth.

For investors, this is an ideal time to build a diversified IPO portfolio strategy that balances momentum plays with fundamentally strong businesses. The key takeaway from FY26’s IPO story - disciplined selection beats timing every time.

Disclaimer: This article is for informational and educational purposes only. The IPO data and analysis presented are based on publicly available information and should not be construed as investment advice.