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livemint.com / 1 month ago
livemint.com / 1 month ago
India’s IPO rally loses steam in FY26—can retail bring back the heat?
India’s record-breaking initial public offering (IPO) run is beginning to show signs of fatigue. Even as companies raised an all-time high ₹1.78 trillion in 2025-26—surpassing the previous peak of ₹1.62 trillion—investor enthusiasm, particularly among retail participants, has started to wane.The shift comes against a volatile backdrop.
Tariff-led trade tensions early in the year were followed by escalating conflict in West Asia, triggering risk-off sentiment and sharp swings in equities. As market conditions turned uncertain, the primary market began reflecting the strain through weaker subscriptions, lower listing gains, and a visible moderation in retail participation.With a strong pipeline of IPOs ahead, the key question is whether retail investors—who powered the previous boom—will return with the same intensity.India’s IPO cycle has expanded rapidly in recent years, with fundraising rising from ₹20,350 crore in 2019-20 to ₹1.11 trillion in 2021-22, before peaking in 2024-25 and 2025-26, according to Prime Database.However, recent data points to a cooling demand, especially from retail investors.
A Mint analysis showed that the share of mainboard IPOs receiving strong retail subscription—defined as more than 10 times—fell to 39.4% in 2025-26 (43 out of 109 IPOs), down sharply from 58.2% in 2024-25 and 52.6% in 2023-24.The longer-term trend highlights the cyclical nature of retail participation. The share had dropped to 22.2% in 2022-23 from 35.3% in 2021-22, before rebounding over the next two years.
Earlier, it stood at 46.2% in 2019-20 and 58.6% in 2020-21.Even within the 43 IPOs that saw strong retail demand in 2025-26, participation was uneven. Ten issues were subscribed over 50 times, 14 between 25 and 50 times,
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21.05 / 10:17
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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21.05 / 10:17
markets
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CEO
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
