India's Q1 IPO capex pivots to cloud, AI and data over factories
Over half of capex from 18 mainboard IPOs (₹18,778 cr raised) in Q1 2026 is heading to tech and data infrastructure. Retail-linked issuers Meesho, Urban Company, Pine Labs and PhysicsWallah are prioritising digital stack over physical store rollouts.
What happened
Indian IPO market · Over half of IPO capex from 18 Indian mainboard IPOs in Q1 2026 went to tech, cloud and data infrastructure. Retail-linked issuers like
Key facts
- ₹18,778 crore raised
- 18 mainboard IPOs
- 30% capex share
- >50% to tech
- ₹170 crore tech capex Q1 2024
- avg IPO ₹1,043 crore
- down 40%
- SEBI 35% cap
Why this matters
Scout acquisition or partnership targets in retail SaaS, data platforms and AI tooling now that listed peers are arming up balance sheets to buy or build the same capabilities.