Mumbai, April 2 -- India's record-breaking initial public offering (IPO) run is beginning to show signs of fatigue. Even as companies raised an all-time high Rs.1.78 trillion in 2025-26-surpassing the previous peak of Rs.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 ...