Manufacturing companies eclipse consumer firms in a cooling IPO market

Companies raised a record ₹1.96 trillion through 91 mainboard initial public offerings (IPOs) in 2024, followed by another ₹1.76 trillion across a record 103 issues in 2025. But activity cooled in 2026 amid volatile markets and geopolitical uncertainty, with 23 IPOs raising ₹21,506 crore so far.