How much speculation is there?
How much money are Indian companies raising, and how?
In FY25-26 companies raised ₹4.5 lakh crore of equity through the market and ₹9.1 lakh crore by selling bonds. Of the money paid for mainboard IPO shares in FY25-26, 60% went to existing shareholders selling out, not to the companies. In FY26-27, to Aug 2026, equity raising stands at ₹2.6 lakh crore.
Written for anyone asking whether the supply of new shares is rising, who is selling, and what kind of companies are raising money. Data to Aug 2026.
Equity, by route
Equity reaches companies six ways. IPOs and FPOs sell shares to the public; rights issues sell to existing shareholders; QIPs place them with institutions; preferential allotments go to named buyers, often promoters or a strategic investor. FY25-26 was the biggest year on record here, at ₹4.5 lakh crore.
Equity raised each year, by route
All exchanges, financial years from FY14-15. FY26-27 is to Aug 2026.
How to read it. IPOs drive the swings: FY21-22 and FY24-25 onward are IPO booms. Preferential allotments are the steady base, and QIPs rise when institutions are keen to buy listed companies' new shares.
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The same, month by month
April 2019 to Aug 2026. A single large issue can make a month: Yes Bank's ₹15,000 crore FPO in July 2020, LIC's IPO in May 2022.
How to read it. Lumpy by nature. Read the yearly chart for the trend; this one shows when the big issues landed.
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Bonds dwarf shares
Companies raise far more by selling bonds than shares. Almost all of it is private placement: bonds sold to institutions and listed on an exchange, without a public offer. Equity was 33% of the money raised in FY25-26.
Equity and bonds raised each year
Financial years. Public bond issues are missing from October 2021 to March 2023, when SEBI printed only year-to-date totals; they were under 7% of bonds in every other year.
How to read it. Bond raising ran at two to eight times equity raising in every full year. Equity's share climbs in IPO booms: about a sixth of the total in FY22-23, closer to a third since FY24-25.
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REITs and InvITs
Public issues and private placements by real-estate and infrastructure investment trusts. SEBI prints them from April 2023.
How to read it. InvITs raised two to six times what REITs did in each full year.
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Who gets the IPO money
An IPO can sell new shares, and the money goes to the company, or existing shares, an offer for sale, and the money goes to the promoters, private-equity funds and others selling. SEBI splits the two from April 2023.
| Year | Mainboard: new shares | Offer for sale | Sale share | SME: new shares | Offer for sale | Sale share | More |
|---|---|---|---|---|---|---|---|
| FY26-27 (5 mo) | ₹26,759 cr | ₹25,243 cr | 49% | ₹3,770 cr | ₹227 cr | 6% | |
| FY25-26 | ₹70,643 cr | ₹1.1 lakh cr | 60% | ₹9,579 cr | ₹2,008 cr | 17% | |
| FY24-25 | ₹57,639 cr | ₹1.0 lakh cr | 65% | ₹9,065 cr | ₹746 cr | 8% | |
| FY23-24 | ₹28,766 cr | ₹33,102 cr | 54% | ₹5,767 cr | ₹328 cr | 5% |
Mainboard IPOs are mostly exits: more than half the money has gone to selling shareholders in every full year shown. SME IPOs are the opposite: mostly new money for the company, with the selling share between 5% and 17%.
Big issues take the money
SEBI sorts public and rights issues of equity by size. Issues of ₹500 crore or more were 15% of issues in FY25-26 but 86% of the money.
Share of money, by issue size
Public and rights issues of equity, by financial year from FY19-20. Earlier years also counted bond issues and are left out.
How to read it. Each column adds to 100%. The ₹500-crore-plus block is almost everything; mid-sized issues gained a little from FY22-23.
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Share of issues, by issue size
The same issues, counted instead of weighed.
How to read it. By count the picture flips. Issues of ₹10–50 crore are about half of all issues since FY22-23; issues under ₹10 crore have almost disappeared.
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Public sector and regions
Government-owned companies rarely raise equity through public or rights issues. The exception was FY22-23, when the public sector took 31% of the money, all of it LIC's IPO. In FY25-26 it was 1%.
Private and public sector issuers
Public and rights issues of equity, by financial year from FY19-20.
How to read it. A private-sector market, with one LIC-shaped exception.
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Where the issuers are based
Region of the issuing company's registered office, as SEBI classifies it. Public and rights issues of equity, from FY19-20.
How to read it. The western region (Maharashtra and Gujarat, mostly) led in six of the eight years. One or two big issues can swing a region's share sharply from year to year.
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Which industries raise
From April 2024 SEBI classifies issues by NSE's macro-economic sectors. Financial services raised the most in FY25-26.
| Sector | FY24-25 | Share | FY25-26 | Share | FY26-27 | Share | More |
|---|---|---|---|---|---|---|---|
| Financial services | ₹23,983 cr | 11% | ₹67,116 cr | 29% | ₹12,947 cr | 22% | |
| Consumer discretionary | ₹72,945 cr | 35% | ₹61,972 cr | 26% | ₹11,470 cr | 19% | |
| Commodities | ₹5,438 cr | 3% | ₹36,863 cr | 16% | ₹1,511 cr | 3% | |
| Industrials | ₹27,557 cr | 13% | ₹25,725 cr | 11% | ₹11,141 cr | 19% | |
| Services | ₹9,280 cr | 4% | ₹11,854 cr | 5% | ₹4,520 cr | 8% | |
| Healthcare | ₹14,820 cr | 7% | ₹9,908 cr | 4% | ₹11,520 cr | 20% | |
| Information technology | ₹14,566 cr | 7% | ₹8,329 cr | 4% | ₹690 cr | 1% | |
| FMCG | ₹6,688 cr | 3% | ₹5,136 cr | 2% | ₹2,410 cr | 4% | |
| Energy | ₹79.2 cr | 0% | ₹3,928 cr | 2% | ₹627 cr | 1% | |
| Utilities | ₹12,101 cr | 6% | ₹3,187 cr | 1% | ₹2,052 cr | 3% | |
| Telecommunication | ₹22,725 cr | 11% | ₹844 cr | 0% | ₹0.0 cr | 0% | |
| Diversified | ₹7.0 cr | 0% | ₹6.0 cr | 0% | ₹0.0 cr | 0% |
By financial year
Every route in one table. ₹ crore.
| Year | Mainboard IPOs | SME IPOs | FPOs | Rights | QIPs | Preferential | All equity | Bonds, private | Bonds, public | REITs | InvITs | More |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY26-27 (5 mo) | ₹52,002 cr | ₹3,997 cr | ₹0.0 cr | ₹2,888 cr | ₹53,656 cr | ₹1.5 lakh cr | ₹2.6 lakh cr | ₹3.2 lakh cr | ₹3,398 cr | ₹6,005 cr | ₹4,839 cr | |
| FY25-26 | ₹1.8 lakh cr | ₹11,588 cr | ₹87.8 cr | ₹46,168 cr | ₹67,853 cr | ₹1.5 lakh cr | ₹4.5 lakh cr | ₹9.0 lakh cr | ₹11,343 cr | ₹9,300 cr | ₹21,026 cr | |
| FY24-25 | ₹1.6 lakh cr | ₹9,811 cr | ₹18,150 cr | ₹19,712 cr | ₹1.4 lakh cr | ₹84,084 cr | ₹4.3 lakh cr | ₹9.9 lakh cr | ₹7,930 cr | ₹4,728 cr | ₹26,715 cr | |
| FY23-24 | ₹61,859 cr | ₹6,095 cr | ₹27.0 cr | ₹15,110 cr | ₹68,971 cr | ₹45,155 cr | ₹2.0 lakh cr | ₹8.4 lakh cr | ₹19,166 cr | ₹5,905 cr | ₹33,119 cr | |
| FY22-23 | ₹52,440 cr | ₹2,333 cr | ₹4,300 cr | ₹6,751 cr | ₹8,212 cr | ₹83,832 cr | ₹1.6 lakh cr | ₹7.5 lakh cr | – | – | – | |
| FY21-22 | ₹1.1 lakh cr | ₹916 cr | ₹15.0 cr | ₹26,327 cr | ₹31,440 cr | ₹60,695 cr | ₹2.3 lakh cr | ₹5.1 lakh cr | ₹7,083 cr | – | – | |
| FY20-21 | ₹30,814 cr | ₹216 cr | ₹15,000 cr | ₹64,059 cr | ₹81,254 cr | ₹40,930 cr | ₹2.3 lakh cr | ₹7.7 lakh cr | ₹10,587 cr | – | – | |
| FY19-20 | ₹20,816 cr | ₹495 cr | ₹37.2 cr | ₹55,059 cr | ₹54,389 cr | ₹1.4 lakh cr | ₹2.7 lakh cr | ₹6.7 lakh cr | ₹14,984 cr | – | – | |
| FY18-19 | ₹14,243 cr | ₹1,844 cr | ₹0.0 cr | ₹2,149 cr | ₹8,678 cr | ₹2.1 lakh cr | ₹2.4 lakh cr | ₹5.8 lakh cr | ₹36,681 cr | – | – | |
| FY17-18 | ₹81,414 cr | ₹2,361 cr | ₹12.6 cr | ₹21,400 cr | ₹67,257 cr | ₹59,472 cr | ₹2.3 lakh cr | ₹6.0 lakh cr | ₹4,953 cr | – | – | |
| FY16-17 | ₹28,000 cr | ₹1,105 cr | ₹0.0 cr | ₹3,415 cr | ₹8,464 cr | ₹44,251 cr | ₹85,236 cr | ₹6.4 lakh cr | ₹29,328 cr | – | – | |
| FY15-16 | ₹14,436 cr | ₹379 cr | ₹0.0 cr | ₹9,239 cr | ₹14,588 cr | ₹50,513 cr | ₹89,155 cr | ₹4.6 lakh cr | ₹34,202 cr | – | – | |
| FY14-15 | ₹3,043 cr | ₹268 cr | ₹0.0 cr | ₹6,750 cr | ₹29,102 cr | ₹28,260 cr | ₹67,423 cr | ₹4.0 lakh cr | ₹9,422 cr | – | – |
The workings
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.