Manufacturing companies eclipse consumer firms in a cooling IPO market

India's mainboard IPO market raised a record Rs 1.96 trillion across 91 issues in 2024 and Rs 1.76 trillion across 103 issues in 2025, but activity has cooled sharply in 2026 with only 23 IPOs raising around Rs 21,506 crore so far. A clear sector rotation is underway, with industrial and manufacturing companies commanding roughly 22-25% of IPO share annually, while consumer discretionary listings have collapsed from 35% to around 13% over five years. The shift is driven by government manufacturing push, PLI schemes, infrastructure spending and investor preference for predictable earnings over richly-valued new-age consumer businesses.