India, March 28 -- India has seen an undeniable spree of IPOs in the past few years as the country's capital markets mature. FY26 saw Rs.1.65 Lakh Cr raised in mainboard IPOs and over Rs.5,000 Cr through SME IPOs, as per data from National Stock Exchange's monthly report for March 2026. 

With 99 companies going public until February, the year has seen both the highest-ever number of listings and capital raised through mainboard IPOs. And even while the SME IPO trend moderated slightly this fiscal compared to FY25, the average SME IPO size has grown to Rs.49 Cr, nearly 4X of six years prior. 

Today, there are roughly 5,000-7,000 listed companies in India. As that number grows, the traditional investment banking model is more an...