Indian SMEs Raise ₹3,752 Cr via 78 IPOs in H1 CY26

India’s Small and Medium Enterprises (SMEs) secured Rs 3,752 crore through 78 IPOs in H1 CY26. This period saw fresh capital account for nearly 95% of the total issue size, according to B2K Analytics.

This financing strategy emphasizes business expansion over providing exit routes for existing shareholders. The Offer for Sale (OFS) component significantly decreased to Rs 197 crore, down from Rs 328 crore in H1 CY25.

Key Financials from H1 CY26

• Total capital raised: Rs 3,752 crore

• Number of IPOs: 78

• Fresh capital contribution: 95% (Rs 3,555 crore)

• Offer for Sale (OFS) component: Rs 197 crore

Listing Trends Moderated

Despite fewer listings compared to prior periods, the total capital raised remained robust, only slightly below the Rs 4,004 crore recorded in H1 CY25.

• H1 CY26 IPOs: 78

• H1 CY25 IPOs: 88

• H1 CY24 IPOs: 116

• H1 CY25 capital raised: Rs 4,004 crore

Ritaban Basu, CEO of B2K Analytics, noted this indicates a measured pace but sustained investor interest in high-quality SME offerings and consistent access to equity capital for growth-oriented businesses.

Q2 CY26 Performance Overview

The second quarter of 2026 (April-June) saw 38 SME listings, accumulating nearly Rs 1,891 crore. This marked an improvement from the Rs 1,644 crore raised in the same quarter a year prior.

• Q2 CY26 SME listings: 38

• Q2 CY26 capital raised: Rs 1,891 crore

• Q2 CY25 capital raised: Rs 1,644 crore

• Q3 CY25 SME IPOs: 95

• Q4 CY25 SME IPOs: 86

The latest quarterly figures align with the previous year’s corresponding quarter, suggesting the SME IPO market is stabilizing into a more balanced and sustainable operational rhythm.