Capital raising: methods

Code: pipeline/tipsheet/compute/capital.py, publish/capital.py, step capital (steps/insights_capital.py). Page: /ipo/capital-raising/. Bundles: capital/*. Data bank: sebi_bulletin_series (parser version 2), source notes in the Data bank’s docs/SEBI_BULLETIN_SOURCES.md.

What we measure

• Money raised by route, monthly from April 2014 and by financial year (April to March):
  • equity: mainboard IPOs, SME IPOs, FPOs, rights issues, QIPs, preferential allotments;
  • bonds: private placement of listed corporate debt, and public bond issues;
  • business trusts: REITs and InvITs, from April 2023.
• Fresh capital and offer for sale in IPOs, from April 2023: how much of the money paid for IPO shares went to the company (new shares) and how much to existing shareholders selling.
• Public and rights issues of equity by issue size, by sector (private or public) and by region, from April 2019, and by NSE macro-economic sector from April 2024.

All amounts are ₹ crore, by SEBI’s month of the issue, for all exchanges. The latest financial year is partial; the page and the bundles say how many months it has.

Sources

• Equity routes: SEBI’s equity capital-raising statistics, through IndiaDataHub (series CMEQCR*). Where IndiaDataHub has not reached a month yet, the SEBI Bulletin’s consolidated resource-mobilisation table fills it. The two agree to the crore for every route in all 40 months they share (April 2023 to July 2026).
• Bonds, REITs and InvITs, fresh capital and offer for sale: the SEBI Bulletin’s statistical workbooks, read cell by cell and curated in the Data bank.
• Size, sector, region and industry: the Bulletin’s classification tables of public and rights issues.

Definitions and breaks

• FPOs before April 2019. IndiaDataHub’s FPO series is SEBI’s public issues less IPOs. Until March 2019 SEBI’s public issues included public bond issues, so the series is mostly public debt: it equals the Bulletin’s public debt in 58 of the 60 months from April 2014. We subtract the Bulletin’s public debt from it, and from the equity total. What is left is ₹12.6 crore in November 2017; February 2015 goes negative at source and is set to zero. Before April 2014 there is no Bulletin workbook, so equity totals for FY12-13 and FY13-14 are left blank. This also corrects the equity table on /ipo/, which counted that debt as equity until 2026-10-06.
• Public bonds, October 2021 to March 2023. The Bulletin printed only year-to-date totals in those issues, so the monthly series has no public bonds for those 18 months, and “bonds” there means private placement alone. In every other year public issues were 0.8% to 6.9% of bonds raised.
• Public debt, two tables. The public-issues table runs to July 2025 and the consolidated table from April 2023. They agree in every shared month except July 2025 (₹2,000 against ₹2,174 crore); the consolidated table, the later one, is used.
• Classification tables count equity only from April 2019. Until the April 2019 Bulletin they included public bond issues: their totals equal IPOs plus FPOs plus rights plus public debt. From the May 2019 Bulletin they equal the equity issues alone. Only April 2019 onward is used, so every year compares like with like.
• Issue-size buckets are SEBI’s: under ₹5 crore and ₹5–10 crore (shown together as under ₹10 crore), ₹10–50, ₹50–100, ₹100–500 and ₹500 crore and more. The ₹100–500 and ₹500-plus split starts with the FY19-20 tables.
• Region is SEBI’s region of the issuer: northern, eastern, western, southern and central.
• Industry. From April 2024 SEBI classifies issues by NSE’s macro-economic sectors, and we group them by macro sector. SEBI’s earlier industry lists (two of them, 2014–16 and 2016 to April 2024) print one month per issue, and their totals disagree with the size and region tables in about a quarter of months, by up to ₹12,000 crore. They are kept in the Data bank as published but not used here.
• Offer for sale is the consolidated table’s offer-for-sale component of IPOs. Fresh capital plus offer for sale equals the IPO total within ₹9 crore in every year.

Checks

Run in the pipeline (capital/checks) and in the Data bank audits:

• IndiaDataHub and the Bulletin agree to the crore for IPOs (mainboard and SME), FPOs, rights, QIPs and preferential allotments in every shared month.
• Size, sector, region and industry totals for each year agree within ₹4 crore.
• In the Bulletin itself:
  • the instrument columns of the public-issues table add up to its total in 87 of 90 months (the other three are off by ₹1–12 crore at source);
  • size buckets add up to the total in every month;
  • private plus public sector equals the total except March 2024 (₹27 crore);
  • the size and region tables report the same total in 148 of 149 months.

Known limits

• SEBI dates an issue by its own month, not the listing date, so monthly figures differ slightly from listing-based counts on /ipo/.
• A month can be revised in later Bulletins; we use the newest issue’s figure.
• The Bulletin lags: an issue for month M reports data to M−1 and appears three to eight weeks into M.