India IPO Market: 12% Average Listing Gain in FY27

India’s Initial Public Offering (IPO) market delivered an average listing-day gain of 12% for mainboard issues in the current financial year (FY2026-27). This data comes from an Axis Capital IPO Market Update, which covered 407 mainboard IPOs and Follow-on Public Offers (FPOs).

The analysis period spanned from July 2020 to July 2026. As of July 31, the overall average gain for these issues stood at 15%.

Retail Investor Returns Outperform

• Retail investors saw an average listing gain of 21% across the 407 IPOs.
• Their average gain from the issue price reached 66% by July 31.
• 21% of companies traded over 100% above issue prices.
• Another 12% showed gains between 50-100%.
• 14% were up 25-50%, and 9% were in the 10-25% gain bracket.

Despite these positive trends, the report noted significant dispersion in post-listing performance. Not all issues performed equally well after their debut.

Post-Listing Performance Dispersion

• 5% of companies traded 0-10% below their issue price.
• 10% were down 10-25%.
• 17% were lower by 25-50%.
• 9% had declined by more than 50% from their issue prices.

In July, 12 mainboard IPOs launched. Nine of these made positive debuts, while one experienced a flat debut. Three IPOs were yet to be listed by July 31.

Market Cap Growth Outpaces Benchmarks

• The combined market capitalization of the 407 listed IPO companies increased by 4.89% month-on-month to Rs 64.59 lakh crore by July 31.
• This was up from Rs 61.58 lakh crore at the end of June.
• The Nifty 50 gained 2.17% during July.
• The S&P BSE Sensex rose 2.11% in the same period.
• However, the S&P BSE IPO index declined by 0.51%.

Axis Capital projects continued momentum for the IPO market in the second quarter of FY2027. A strong pipeline of companies is preparing to enter the primary market.

Upcoming IPO Pipeline

• 146 companies have received SEBI approval and await market entry.
• 67 companies are awaiting regulatory approval.
• 65 companies have filed draft red herring prospectuses (DRHPs) with SEBI.
• 33 companies filed confidential DRHPs since March 2025.