Despite geopolitical tensions and continued selling by foreign investors, fund raising through mainboard and SME IPOs and QIPs reached a 20-month high in July. According to Prime Database data, this month about 36 companies raised about Rs 52,300 crore through mainboard IPOs, SME IPOs and QIPs. This was the strongest month of fund raising since November 2024, when 24 companies had raised about Rs 56,737 crore through these methods. So far in 2026, 167 companies have raised around Rs 1.06 lakh crore through mainboard IPOs, SME IPOs and QIPs. In comparison, a total of 406 companies had raised Rs 2.6 lakh crore in 2025.
There was volatility in the domestic stock market this month due to the increased geopolitical tension between America and Iran. Crude oil prices briefly crossed $100 per barrel, raising concerns about India’s macro-economic stability. After starting buying for some time in mid-June, foreign investors started selling again. Despite the ups and downs, the Sensex and Nifty gained 0.5 per cent each this month, while the BSE Midcap index rose 1.2 per cent. However, the BSE Smallcap index declined by 0.2 percent.
How much did the big IPO raise?
Apoorva Seth, Head of Market Perspectives and Research at SAMCO Securities, said in a Money Control report that the surge in IPOs and QIPs reflects an opportunity where issuers and investors are reaching a consensus. Sentiment has improved after months of volatile markets, while the secondary market is going through a period of consolidation. Domestic liquidity remains strong due to mutual fund SIPs and institutional flows, and valuations have also improved significantly for companies to raise capital at attractive prices.
Seth said promoters want to take advantage of good valuations, while listed companies are using QIPs to raise funds for expansion, reduce debt from the balance sheet and make acquisitions. Meanwhile, investors are showing good risk appetite, especially for companies with clear earnings potential and reasonable valuations. The month of July was the best for the mainboard IPO market since November 2024, in which 12 companies raised about Rs 28,650 crore.
SBI Funds Management was involved in the big IPO, which raised Rs 9,796 crore. This was followed by Manipal Health Enterprises (Rs 9,276 crore), Indo-MIM (Rs 3,810 crore), Juniper Green Energy (Rs 1,800 crore) and Lohia Corp Limited (Rs 1,102 crore). Other IPOs this month included Laser Power & Infra, Kusumgar, Caliber Mining & Logistics and Nayak Packaging.
19300 crores raised through QIP
In terms of QIP issuance, the month of July was the best after July 2025, in which six companies raised about Rs 19,300 crore. Adani Enterprises had the largest stake in this, which raised about Rs 15,000 crore. This was followed by companies like Adani Energy Solutions (Rs 3,500 crore), Bellrise Industries (Rs 1,700 crore), Ather Energy (Rs 1,300 crore), Blue Jet Healthcare (Rs 800 crore) and IdeaForge Technology (Rs 500 crore). In the SME segment, 17 companies collectively raised Rs 892 crore during July, while 24 companies raised Rs 941 crore in June.
Experts say that the fund raising process is expected to remain good in the rest of the year as well, although there is little hope of a record pace like July every month. This pace will depend on stability in the domestic equity market, global macro-economic conditions (such as interest rates, geo-political developments and investment by foreign investors) and the post-listing performance of recent IPOs.
If the newly listed shares continue to deliver decent returns, the fund raising pipeline is likely to remain strong. However, if listings disappoint or valuations become too aggressive, investors are expected to become more conservative and weaker companies may defer their fund raising plans.
Sentiment improved
Aditya Kondawar, Partner and VP, Complete Circle Capital, said in a Money Control report that the successful launch of SBI AMC IPO and the tremendous response from investors have significantly improved the market sentiment, indicating that risk appetite in the primary market is coming back. If the geopolitical environment remains stable, then the market may see a good number of big IPOs and QIPs in the coming quarters. However, Kondawar said that to maintain this momentum, it is necessary that the next few IPOs also give good returns on listing like SBI AMC and get huge subscription, so that the confidence of both the issuing companies and investors remains intact.
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