MUMBAI, May 20 -- More than half of IPO-linked capital expenditure in India in the first quarter of 2026 went into technology, cloud and network infrastructure, reflecting a broader shift in how newly listed companies are deploying capital.

The trend was visible in the composition of initial public offering (IPO) spending patterns. Data from Uniqus Consultech shows capex accounted for about 30% of the Rs.18,778 crore raised across 18 mainboard IPOs in the quarter. Within that, more than 50% went into technology and related infrastructure, overtaking traditional allocations such as factories, warehouses and other physical assets.

Technology-linked capex in IPOs had historically remained limited, according to Raghuram K, partner for accou...