New Delhi, March 24 : Indiaâ??s primary market has remained strong in the financial year 2025â??26 so far, with record fundraising on the mainboard even as activity in the SME segment slowed slightly, according to NSEâ??s Market Pulse report for March 2026 on Tuesday.

The mainboard IPO segment continued its strong performance during the year. Between April and February, as many as 99 companies launched their public issues, raising a total of Rs 1.65 lakh crore.

This is higher than the previous financial year, when 79 IPOs collectively mobilised Rs 1.62 lakh crore. The rise reflects steady investor interest in large public offerings.

On the other hand, the SME segment showed some moderation. A total of 105 IPOs were launched on the NSE Emerge platform during FY26 so far, raising Rs 5,121 crore. This is lower compared to FY25, when 163 SME IPOs raised over Rs 7,000 crore.

Overall, across both segments, 204 companies raised Rs 1.70 lakh crore through IPOs during FY26 to date. In comparison, 242 companies had raised Rs 1.69 lakh crore in the previous year. This indicates that while the number of IPOs declined, the total funds raised remained strong due to larger issue sizes.

The report also highlighted a steady increase in the average size of SME IPOs. The average issue size has grown significantly over the years -- from Rs 13 crore in FY20 to Rs 44 crore in FY25, and further to around Rs 50 crore in FY26 so far. This suggests that the SME fundraising ecosystem is becoming more mature.

Sector-wise, financial services companies dominated mainboard fundraising, contributing 34 per cent of the total. Consumer discretionary firms followed with 31 per cent, while industrial companies accounted for 11 per cent. In the SME segment, industrial companies led with a 36 per cent share, followed by consumer discretionary at 23 per cent and materials at 10 per cent.

Regionally, companies based in Maharashtra raised the highest funds at Rs 5,830 crore. Gujarat-based firms followed with Rs 4,794 crore, while companies from Delhi raised Rs 3,643 crore. Maharashtra also topped in terms of market capitalisation of listed SME firms at Rs 48,428 crore, followed closely by Gujarat and Delhi.

/IANS