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.
Over half of IPO capex from 18 Indian mainboard IPOs in Q1 2026 went to tech, cloud and data infrastructure. Retail-linked issuers like Meesho, Urban Company, Pine Labs and PhysicsWallah are earmarking proceeds for digital infrastructure over physical expansion.