Promoters made less money on listing firms so far in CY26

What happened

An analysis of Indian initial public offerings (IPOs) says promoters and venture capitalists received a smaller share of offer-for-sale (OFS) proceeds in calendar year 2026 so far. The analysis says OFS proceeds up to the first week of July 2026 totalled ₹10,696 crore, and the combined share of founders/owners and early investors fell to 84%.

The same analysis says the IPO market still functioned partly as an exit channel. It notes that selling shareholders took home about half of the ₹12,783 crore garnered from the market up to July 2026, although the composition of sellers changed across years.

Background and earlier position

In an IPO, a company comes to the public market for the first time. Money raised through a fresh issue goes to the company, while money raised through OFS goes to the existing shareholders who sell their shares. The distinction matters because fresh issue capital can support expansion, while OFS primarily monetises existing equity.

The analysis compares 2026 with earlier periods and says the share of founders/owners and early investors was much higher in the comparable period of 2025, and also higher in 2023 and 2024. It also says venture capitalists’ share in total OFS fell from above 60% in 2023 to about 36% in 2026, while promoters consistently accounted for at least 30% of total OFS in the last four years.