February 2026 IPO Review – 17 Listings, 21.7x Average Subscription & Market Performance

February 2026 saw 17 IPO listings across the Indian primary market, with SME IPOs accounting for 14 issues and Mainboard IPOs contributing 3 issues. 

While the month recorded a high average subscription of 21.7×, listing outcomes remained mixed, with 52.9% of IPOs listing at gain, 29.4% IPOs listing at loss and 17.64% IPOs listing at par with issue price. 

This February 2026 monthly IPO review breaks down IPO volume, capital raised, subscription trends, and listing performance across SME and Mainboard segments using data-backed analysis and visual comparisons.

This review is based on IPOs listed during February 2026 for which complete and verifiable data was available at the time of publication.

February 2026 IPO Snapshot

Key Metrics

• Total IPOs Listed: 17 

• SME IPOs: 14

• Mainboard IPOs: 3

• Total Capital Raised: 4649.94 Crores

• Average Subscription no of all the IPOs including SME and MAINBOARD: 21.7x

• Average Subscription no of Mainboard IPO: 2.48x

• Average Subscription no of SME IPO: 25.8x

• IPOs Listed at Gain: 52.9%

• IPOs Listed at Loss / Flat: 29.4%

IPO Distribution – SME vs Mainboard

Similar to January 2026, In February 2026, most IPOs came from the SME segment.

• 14 SME IPOs were listed

• 3 Mainboard IPOs were listed

Even though SME IPOs were higher in number, they raised less total money.

• SME IPOs raised ₹ 641.04 crore

• Mainboard IPOs raised ₹ 4008.9 crore.

This clearly shows that while SME IPOs dominated in number, they raised an average of just ₹49.31 crore per issue. In contrast, mainboard IPOs were far fewer but raised an average of ₹1336.3 crore per issue which is nearly 27 times more than SME IPOs.

Subscription Trend Analysis

Mainboard IPOs recorded an average subscription of 2.48×. In contrast, the 14 SME IPOs witnessed a much higher average subscription of over 25.77×.

Overall, SME IPOs received 10.39× higher subscription compared to mainboard IPOs.

The issue that topped the SME segment in subscription numbers was Msafe Equipments Limited, which received a 153.98× subscription. In the mainboard segment, Gaudium IVF and Women Health Limited recorded the highest subscription at 5.66×.

Listing Performance Overview

Mainboard IPOs.

• Highest listing gain: 5.06 % (Gaudium IVF and Women Health Limited)

• Lowest listing performance: --2.7% (Fractal Analytics Limited)

• Average listing gain: ~0.78%

• 33.33% of Mainboard IPOs (1 out of 3) listed with positive gains

SME IPOs

• Highest listing gain: 48.06%

• Lowest listing performance: -20.% (Manilam Industries India Limited, Yashhtej Industries (India) Limited, Kanishk Aluminium India Limited)

• Average listing gain: 1.64%

• 57.14% of SME IPOs listed with gains, 28.57% listed with losses, and 14.28% showed flat listings.

Issue Size & Capital Raised

Mainboard IPOs.

• Out of 3 IPOs in Mainboard, the largest issue was ₹2,833.90 Crores (Fractal Analytics Limited)
• The smallest Mainboard IPO issue size stood at ₹165 Crores (Gaudium IVF and Women Health Limited)

SME IPOs

• Out of 14 IPOs in SME, the biggest issue size was ₹88.02 Crores (C K K Retail Mart Limited)

Table: Detailed IPO Listing Performance – February 2026 (SME & Mainboard)

Key takeaways

1. SME IPOs dominated by volume, but not by capital. 

Out of 17 IPOs listed in February 2026, 14 were SME IPOs and 3 were Mainboard IPOs, meaning SMEs accounted for over 82% of total listings. However, in terms of capital raised, the picture was completely different.

2. Mainboard IPOs led capital raising despite fewer issues.

Mainboard IPOs raised ₹4,008.9 crore out of the total ₹4,649.94 crore, contributing nearly 86% of total capital raised, while 14 SME IPOs collectively raised only about 14%, highlighting the strong capital intensity gap between the segments.

3. Average issue size gap remained structurally wide.

The average Mainboard IPO size stood at approximately ₹1,336.3 crore per issue, compared to just ₹49.31 crore per SME issue — meaning a typical Mainboard IPO was roughly 27× larger than a typical SME IPO.

4. SME IPOs attracted significantly higher subscription.

SME IPOs recorded an average subscription of 25.8×, compared to just 2.48× for Mainboard IPOs, resulting in SME IPOs receiving over 10× higher average subscription than Mainboard IPOs.

5. Extremely high subscription did not translate into strong listing gains. 

Despite strong demand, the average listing gain for SME IPOs was only around 1.64%, while Mainboard IPOs delivered an average gain of approximately 0.78% — indicating that aggressive subscription multiples did not necessarily convert into proportionate listing performance.

6. Listing outcomes remained mixed overall.

• 52.9% of total IPOs listed at a gain

• 29.4% listed at a loss

• 17.64% listed flat

This suggests that February 2026 was a selective market, where IPO selection mattered more than broad-based momentum.

7. Mainboard listing performance was relatively muted.

Only 1 out of 3 Mainboard IPOs (33.33%) listed with gains, and the highest gain was modest at 5.06%, reflecting cautious investor sentiment in larger issues.

SME segment showed higher volatility. SME IPOs delivered the highest listing gain of 48.06%, but also saw listing losses as deep as –20%, highlighting the higher risk–reward nature of SME IPO participation.

Conclusion

February maintained activity momentum but showed quality dispersion.

Compared to January’s strong subscription environment, February maintained healthy participation levels (21.7× overall average subscription), but listing performance was far more moderate, indicating a shift toward valuation-sensitive participation rather than blind bidding.

Important Resources:

1. Upcoming and Live IPOs of 2026

2. IPO GMP Section

3. IPO subscription status daywise

4. IPO allotment status section

5. IPO analytics