India's IPO Market: 23 Firms Raise ₹27,000 Cr as 236 More Await Launch
India's primary market is navigating a period of transition, moving from the record-breaking highs of 2025 into a more cautious phase in 2026. While recent months have seen a slowdown due to macroeconomic uncertainty, a massive pipeline of upcoming listings suggests a significant resurgence is on the horizon.
Analyzing the 2026 Slowdown Amid Market Volatility
According to a recent report by Equirus Capital, the IPO market has witnessed a deceleration in momentum so far in 2026. To date, 23 companies have tapped the public market to mobilise over ₹27,000 crore. This follows a stellar performance in 2025, where 103 maiden issues raised a staggering ₹1.76 lakh crore—surpassing the ₹1.6 lakh crore raised in 2024 and the ₹49,436 crore seen in 2023.
The current dip in activity is largely attributed to heightened market volatility and a "wait-and-watch" stance by investors. Data shows that Q1CY26 saw 19 IPOs worth ₹24,772 crore, whereas Q2CY26 has only seen four issues aggregating ₹2,422 crore. Experts suggest that after the peak in September 2025, tighter market conditions and cautious investor appetite have led to a significant drop in volumes.
A Robust Pipeline: Major Names Set to Debut
Despite the recent lull, the upcoming calendar is packed with high-profile listings that promise to reinvigorate the primary market. Several significant players are slated to launch their issues within the coming weeks:
- Immediate Launches: Insurtech firm Turtlemint Fintech Solutions is scheduled to open on June 19, followed by Advit Jewels on June 23. Waterways Leisure Tourism Ltd (operator of Cordelia Cruises) is also expected to debut this month.
- Upcoming Heavyweights: The National Stock Exchange (NSE) is expected to file preliminary papers with SEBI this week. Furthermore, quick-commerce unicorn Zepto and India's largest fund house, SBI Mutual Funds, are planning their public issues for next month.
The sheer scale of the backlog is evident in the pipeline statistics. As of May 2026, there are 236 mainboard IPO draft papers in the pipeline, consisting of 163 companies with valid SEBI observations and 73 awaiting regulatory clearance.
Domestic Resilience vs. Foreign Volatility
A critical factor providing stability to the Indian capital markets is the unwavering participation of domestic retail investors. While Foreign Institutional Investor (FII) sentiment has remained volatile due to global macroeconomic shifts, domestic inflows have acted as a vital cushion.
The report highlights that monthly Systematic Investment Plan (SIP) inflows have remained consistently above ₹30,000 crore. This steady stream of domestic capital continues to provide a strong counterbalance to the unpredictability of foreign flows, ensuring that the underlying liquidity in the Indian market remains robust even during periods of caution.
Key Takeaways
- Current Status: 23 firms have raised ₹27,000 crore in 2026 so far, reflecting a slowdown compared to the ₹1.76 lakh crore raised in 2025.
- Future Outlook: A massive pipeline of 236 mainboard IPO proposals is currently in progress, with high-profile names like NSE, Zepto, and SBI Mutual Funds expected soon.
- Market Support: Strong domestic participation, evidenced by monthly SIP inflows exceeding ₹30,000 crore, is stabilizing the market against volatile foreign institutional sentiment.