Indian companies raised a record 2.43 trillion rupees, about $25.27 billion, in equity in the first half of fiscal 2027, defying a slump in the secondary market, according to PRIME Database Group.

Equity fundraising jumped 75 per cent year-on-year in April-September, and average listing gains rose to 19 per cent from 7 per cent. Mainboard IPOs raised a record 942.05 billion rupees across 78 issues, 35 per cent above the previous record.

The half-year included long-awaited listings such as the NSE’s $2.3 billion issue, India’s second-largest on record, SBI Funds Management’s $1.03 billion IPO and Manipal Health Enterprises’ $960 million offering.

PRIME Database’s Pranav Haldea cited a backlog of IPOs and strong domestic liquidity for the unusual divergence between primary and secondary markets. India’s market regulator had also granted a one-time extension for IPOs deferred by weak sentiment whose approvals were lapsing between April and September.

The half-year also benefited from a one-time extension granted in April by India’s market regulator for IPOs deferred due to weak sentiment from the Middle East war, whose approvals were lapsing between April and September. In contrast to the primary-market boom, the benchmark Nifty 50 inched up only 1.3 per cent in the period.