New Delhi, July 1 -- India's IPO market has slowed in 2026 after two blockbuster years of fundraising, but a clear rotation is underway. The primary market is increasingly favouring industrial and manufacturing companies, pivoting away from post-pandemic consumer hype, buoyed by government policy push and infrastructure spending.

Companies raised a record Rs.1.96 trillion through 91 mainboard initial public offerings (IPOs) in 2024, followed by another Rs.1.76 trillion across a record 103 issues in 2025. However, activity cooled in 2026 amid volatile equity markets and geopolitical uncertainty, with 23 IPOs raising Rs.21,506 crore so far.

Despite the slowdown, the primary market continues to be dominated by a handful of sectors. Industr...