96 IPOs raise Rs 1.1 lakh crore in 2026 even as the Nifty corrects

India's equity market is moving on two separate tracks in 2026. In the secondary market, sustained foreign outflows have pushed benchmarks into correction territory. In the primary market, companies continue to raise capital at a pace that makes this one of the busiest years for IPOs.

Secondary market under pressure

The Nifty 50 closed at 22,555.75 on October 5, according to BlinkX¹, snapping a four-session losing streak during which the index had shed 3.11%. As of September 29, the Nifty was down 13.62% for 2026, as Business Today reported², placing it in correction territory, defined as a decline of 10% or more from a recent peak.

Foreign portfolio investor (FPI) flows have remained negative. According to BlinkX¹, FPIs were net sellers of Rs 45,537 crore in September and a further Rs 19,205 crore between October 1 and 5. The selling followed a brief reversal in August, when FPIs were net buyers of Rs 17,366 crore.


Domestic institutional investors (DIIs) have provided a counterweight. On October 5, DIIs were net buyers of Rs 5,182 crore against FPI net selling of Rs 4,699 crore, as per provisional data cited by BlinkX, more than offsetting foreign outflows for the session.

Primary market momentum

The fundraising calendar tells a different story. According to the Free Press Journal³, 96 IPOs have raised over Rs 1.1 lakh crore so far in 2026, including 35 issues in September alone.

The pipeline for October is equally crowded, with 12 companies preparing to launch issues, the Free Press Journal reported. Zetwerk plans to raise around Rs 5,000 crore through a fresh issue of Rs 2,600 crore and an offer for sale (OFS) of up to 9.68 crore shares, with its subscription window set for October 15 to 19. Avaada Electro is targeting Rs 7,600 crore, Paras Healthcare Rs 1,800 crore and NDR InvIT Trust Rs 750 crore. HD Fire Protect's Rs 712 crore issue, entirely an OFS, and Fusion CX's Rs 702 crore offering are also on the calendar, according to the report.

The largest issue on the calendar is Jio Platforms. According to the Free Press Journal, the company is expected to launch India's largest IPO, with subscription scheduled between October 21 and 23. Speaking at the Jio IPO media meet on October 15, Uday Kotak, chairman of Kotak Investment Banking, who spoke on behalf of the book-running lead managers, said the issue will raise Rs 30,188 crore at the upper end of the price band.

Renewable energy, defence, technology and precision manufacturing are expected to remain key drivers of IPO activity, the report added.

Domestic liquidity and investor selectivity

One explanation for the divergence lies in domestic money. According to the Free Press Journal, Neha Agarwal, managing director and head of equity capital markets at JM Financial, said domestic liquidity continues to support primary market fundraising despite volatility in secondary markets.

That support is not unconditional. Agarwal said investors are becoming increasingly selective about valuations, profitability and corporate governance, and that companies offering strong earnings visibility and reasonable pricing are likely to attract greater institutional interest, as per the report.
Market experts believe India's primary market can absorb several large offerings simultaneously, provided issuers maintain pricing discipline, the Free Press Journal reported. The report also flagged that global uncertainty and volatile equity markets could influence launch schedules and subscription levels.

October will test this divergence in real time. With a dozen issues, including India's largest IPO, coming to market while FPIs remain net sellers, subscription levels and pricing over the coming weeks will indicate how far domestic demand can sustain the primary market's momentum independent of foreign flows.

References:

1. https://blinkx.in/share-market/market-braces-for-muted-opening-as-fpi-selling-continues-06-10-2026
2. https://businesstoday.in/markets/stocks/story/nifty-trading-below-23000-mark-for-second-day-more-correction-likely-558454-2026-09-29
3. https://www.freepressjournal.in/business/ipo-boom-continues-jio-platforms-and-11-others-set-to-hit-market-in-october