Despite a sluggish Nifty 50 and a weakening rupee, India’s recent share offerings are thriving, highlighting strong investor interest and a record-breaking year for listings amid cautious market conditions.
India’s new share sales are drawing a level of enthusiasm that stands in contrast to the wider market’s fatigue, offering an encouraging sign for the soon-to-be-listed National Stock Exchange, Bloomberg reported from Mumbai. While the Nifty 50 has been mired in a seven-session decline and the rupee has also weakened, a gauge of recent BSE mainboard listings has climbed 16% this year to a record, outpacing the broader market by the widest margin since 2021.
That momentum has not been confined to one or two marquee deals. Bloomberg said 17 companies have listed over the past month, and all but two are now trading above their issue prices. Shiprocket and Behari Lal Engineering both rallied strongly in their trading debuts on Wednesday, reinforcing the view that investors are still willing to back fresh paper even as they remain cautious on the secondary market.
The broader IPO market has already delivered a landmark year. KPMG said India saw 108 companies raise INR1.76 trillion in the fiscal year 2025-26, a record pace that reflected a widening issuer base and deeper capital markets. The consultancy also said private equity-backed flotations accounted for 35% of total issuance, up from 28% a year earlier, although average first-day gains slipped to 8% from 28%, suggesting investors are becoming more selective.
That selective tone is still consistent with heavy demand for the stronger names. Behari Lal Engineering’s offer was subscribed 108.44 times, according to market reports, after opening at a price band of ₹271 to ₹285 a share. KPMG said the market gathered further pace in the third quarter of FY2025-26, when 39 listings raised nearly INR984 billion, helped by strong participation from domestic and foreign institutions as well as retail investors. With the exchange operator’s own IPO looming, the key question is whether that appetite can endure if the wider market remains under pressure.
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