FY27 IPO Data so far: HDFC Securities Sees Sharp Generational and Digital Shift in New-Age IPO Investing

Mumbai, September 16th, 2026: HDFC Securities today shared findings from its FY27 (April to August) IPO investor data, drawn from applications across its InvestRight platform and its discount broking app, HDFC SKY. The data points to a clear generational divide in how Indian investors are entering the primary market with HDFC Sky attracting a younger, more digitally native and entrepreneurial investor base, even as InvestRight continues to anchor the bulk of the company’s seasoned IPO participation.

A generational shift in who’s investing

Half of all IPO investors on HDFC SKY are under the age of 35, compared to just over a quarter on InvestRight. For both InvestRight and HDFC SKY’s the investor base skews heavily towards the self-employed / business owners with 49.5%, and 47.5% on InvestRight and includes a meaningfully higher share of students, pointing to a new cohort of first-time, digitally onboarded IPO investors entering the market outside the traditional affluent-investor mould.

• 86% of HDFC Securities’ FY27 IPO applicants were repeat investors signaling sustained engagement with the primary market rather than one-off participation.
• HDFC SKY’s IPO base is comparatively newer with nearly 4 in 10 of its IPO investors this year were first timers, versus roughly 1 in 10 on InvestRight.
• HDFC SKY was the larger client-acquisition engine in FY27, accounting for close to two-thirds of new client additions, though InvestRight still accounts for most clients who go on to apply in IPOs.

Ticket sizes reflect two distinct investor journeys

Average IPO ticket sizes underline the contrast between the two platforms with InvestRight investors investing on an average of roughly Rs. 3 lakh per IPO application, nearly 3.7 times the average ticket size on HDFC Sky of around Rs. 82,000. Within the HNI category specifically, InvestRight’s average ticket is around Rs. 13 lakh and this was almost four times that of HDFC SKY at Rs. 3.4 lakh, consistent with InvestRight’s continued role as the platform of choice for more affluent, experienced investors, while HDFC SKY is opening the door to smaller-ticket, first-time participation.

Gender split holds steady, city-tier reach diverges

Gender participation is broadly consistent across both platforms, with a modest male skew in each, InvestRight IPO investors are 66% male and 34% female, while HDFC SKY investors are 68% male and 32% female. City-tier participation, however, shows a sharper contrast. On InvestRight, Tier-2 and Tier-3 together account for over 70% of IPO investors with 33% in Tier-2 and 37% in Tier 3. On HDFC SKY the pattern is reversed with Tier-1 cities leading with 43%, followed by 30% across Tier-2 and 28% across Tier-3. This points to InvestRight’s IPO extending deeper into smaller cities, while HDFC SKY’s investor base skews comparatively more towards the metro cities.

Institutional appetite continues to drive blockbuster subscriptions

Looking at recent IPO subscription trends, qualified institutional buyers (QIBs) accounted for roughly 62% of overall subscription value across a recent cohort of issues, against 29% for HNIs and 9% for retail investors. Four of the six IPOs studied including Rentomojo (177x) and Karamtara Engineering (168x) were dominated by QIB demand, with subscription multiples running into triple digits. Retail interest, by contrast, stayed comparatively modest even in these high-demand issues, and was the dominant category in only one of the six IPOs studied, a comparatively subdued offering that barely cleared full subscription.

“What this data tells us is that the IPO market is no longer the preserve of one type of investor. On HDFC SKY, we are seeing a slew of genuinely new-age investors which are younger, self-employed, transacting digitally, and often making their first-ever IPO application. On InvestRight, we continue to serve a more seasoned base that has stayed consistently engaged with the primary market. Both trends matter for how we think about investor education and product design going forward.” said, Mr. Dhiraj Relli, MD & CEO, HDFC Securities.