India’s IPO Boom Pushes SEBI Prospectus Revenue Up 27% to ₹338 Crore

India’s strong IPO market has delivered a financial boost to the Securities and Exchange Board of India (SEBI), with the regulator’s revenue from prospectus filings and offer documents rising 27% to ₹338.3 crore in 2025-26.

According to SEBI’s latest annual report, the regulator collected ₹338.3 crore from offer documents and prospectuses during the financial year, compared with ₹266.3 crore in 2024-25. The increase reflects the continued activity in India’s primary equity market, where companies have been turning to public markets to raise funds and provide exits to existing investors.

The rise in SEBI’s prospectus-related income comes despite a slight fall in the total amount raised through equity public issues. Fundraising through IPOs and follow-on public offers stood at around ₹1.9 lakh crore in 2025-26, down 0.9% from the previous financial year.

However, the number of newly listed companies increased sharply. A total of 366 companies were newly listed during 2025-26, compared with 320 in the previous year. This suggests that the primary market remained busy even as the overall amount raised saw a marginal decline.

The main board IPO market was particularly strong. There were 109 main board IPOs during the year, while the median issue size increased to ₹760 crore from ₹740 crore in 2024-25. These companies collectively raised around ₹1.8 lakh crore, representing an 8.9% increase from the previous year.

SEBI’s total fee and other charge collections also increased during the year. Its overall collections reached ₹2,563 crore in 2025-26, compared with ₹2,334 crore a year earlier, marking an increase of nearly 10%.

Prospectus filing fees were not the only source of growth. Fees collected from foreign portfolio investors rose to ₹105 crore from ₹73.3 crore. Mutual fund fees increased to ₹35.1 crore from ₹33 crore, while custodian fees climbed to ₹149.2 crore from ₹132 crore. Fees from stock exchanges also rose to ₹45.2 crore from ₹41.1 crore.

The largest source of SEBI’s collections remained annual regulatory fees paid by stock exchanges. These recurring fees increased to ₹1,349.3 crore in 2025-26 from ₹1,265.9 crore in the previous year. Fees from cash-market brokers also rose to ₹61.6 crore from ₹58.1 crore.

The numbers show how a busy primary market can have an impact across India’s financial ecosystem. When more companies approach the public markets, the activity generates work for stock exchanges, investment banks, brokers, custodians, legal advisers and regulators.

For companies, the continued IPO activity offers a route to raise capital for expansion while giving existing investors an opportunity to sell shares. For investors, however, a growing number of listings also means a larger pool of companies to assess, making financial performance, valuations and business prospects important considerations.

The IPO pipeline is expected to remain an important part of India’s capital markets. Several companies are still preparing to enter the public market, which could keep primary-market activity elevated in the coming year.

The latest SEBI figures therefore offer more than a snapshot of the regulator’s finances. They also underline the scale of India’s equity market and the growing importance of public listings as a source of capital for businesses.