SMEs raise Rs 3,752 crore via around 80 IPOs in Jan-June
A total of 78 small and medium enterprises (SMEs) raised a cumulative Rs 3,752 crore through initial public offerings in the first half of calendar 2026, a report said on Friday.
The report from B2K Analytics said fresh capital remained the primary source of funds, accounting for nearly Rs 3,555 crore or nearly 95 per cent of total issue size.
The Offer for Sale component stood at Rs 197 crore, down from Rs 328 crore in H1 CY25, signalling issuers are raising primary capital to fund business expansion rather than facilitate exits for existing shareholders.
While the number of listings was lower than H1 CY25 (88) and H1 CY24 (116), the total amount raised was only marginally lower than the Rs 4,004 crore raised in H1 CY25, indicating sizeable capital was still accessible to SMEs despite fewer IPOs.
Ritaban Basu, CEO, B2K Analytics said the SME IPO market reflects a more measured pace of listings in H1 CY26 compared with earlier periods, while also maintaining healthy fundraising levels.
“Although issuance has moderated from the highs seen in H1 CY24 and H1 CY25, the ability to raise nearly Rs 3,800 crore through fewer listings suggests continued investor interest in quality SME offerings and sustained access to equity capital for growth-oriented businesses,” he said.
The analysis noted that Q2 CY26 (April–June) saw 38 SME listings raising nearly Rs 1,891 crore, up from Rs 1,644 crore in the same quarter a year earlier.
IPO activity in Q2 CY26 remained steady from the exceptionally high levels recorded in Q3 CY25 and Q4 CY25, when the market witnessed 95 and 86 SME IPOs, respectively, the report noted.
However, the latest quarter was broadly in line with Q1 CY27 and the corresponding quarter of the previous year, suggesting that the SME IPO market has settled into a more balanced level of activity.
