Retail investors are increasingly channeling funds into India's primary market, with investments reaching a record Rs 34,840 crore in FY26 (April-November). This surge contrasts with their net selling activity in the secondary market, which saw outflows of approximately Rs 13,000 crore in the same period. Analysts attribute this shift to a search for returns amid muted secondary market performance and increased volatility, while IPOs offer modest but consistent debut gains, encouraging participation. India's IPO market is noted for its global leadership in deal volume and potential for significant capital formation.