Financial services companies buck weak market to rock IPO show

ET Intelligence Group: In a fiscal year when finance sector indices struggled to deliver returns, newly-listed firms from the sector drove record fundraising in the primary market. Together, they raised ₹49,795 crore through initial public offerings (IPOs)-the highest annual tally for the sector in a decade, surpassing the ₹42,283 crore mobilized over the previous six years combined. Financial services companies accounted for 28% of the ₹1.8 lakh crore raised by 109 mainboard firms in FY26, marking the strongest year ever both in terms of the number of issuances and total proceeds, which increased 9% year-on-year. The total sample covers companies listed between April 2025 and March 2026 across the NSE and BSE main boards.

The year’s two largest IPOs were from the finance sector: Tata Capital (₹15,512 crore) and HDB Financial Services (₹12,500 crore). They, together with ICICI Prudential AMC (₹10,603 crore) and Groww, or Billionbrains Garage Ventures, (₹6,632 crore), accounted for 26% of the total IPO mop-up.

This highlights the sector’s role in sustaining primary market momentum despite weak secondary market sentiment. The BSE Financial Services index slipped over 1% while the Sensex fell nearly 5% during the year, weighed down by concerns over the conflict in West Asia.

Apart from financial services, major sectors that raised IPO money in FY26 include consumer durables (₹17,522.9 crore), capital goods (₹10,740.3 crore), and fast-moving consumer goods (₹9,374.5 crore).

The other big IPOs during FY26 were by LG Electronics, which raised ₹11,607 crore, Lenskart Solutions (₹7,278.8 crore), and Meesho (₹5,421 crore). The top 10 IPOs collected ₹81,063 crore, forming 46% of the total IPO kitty in FY26. In FY25, the top 10 IPOs collected ₹92,680 crore or 57% of the total IPO sum of ₹1.6 lakh crore.