India's IPO Market: 23 Firms Raise ₹27,000 Cr as Pipeline Remains Robust

While the Indian primary market has experienced a temporary slowdown due to macroeconomic uncertainty, a massive pipeline of pending listings suggests a significant resurgence is on the horizon. Recent data reveals a cooling period following a record-breaking 2025, even as marquee names prepare to enter the public markets.

A Shift from 2025’s Record-Breaking Surge

The current moderation in IPO activity follows a historic year in 2025, where 103 maiden public issues successfully raised a staggering ₹1.76 lakh crore. This was a significant leap from the ₹1.6 lakh crore raised by 90 firms in 2024 and the ₹49,436 crore gathered by 57 companies in 2023.

In contrast, so far in 2026, only 23 companies have tapped the IPO route, mobilizing over ₹27,000 crore. According to the Equirus Capital report, market activity peaked on September 25 with 25 issues, but volumes dropped significantly post-September due to tighter market conditions, rising volatility, and a more cautious investor appetite.

Upcoming Listings: From Quick Commerce to NSE

Despite the recent lull, the market is poised for a major pickup as geopolitical tensions ease. Several high-profile companies are scheduled to launch their issues shortly. This month, insurtech firm Turtlemint Fintech Solutions is set to open its IPO on June 19, followed by Advit Jewels on June 23. Additionally, Waterways Leisure Tourism Ltd, the operator behind Cordelia Cruises, is expected to debut its maiden offering this month.

The momentum is expected to intensify next month with heavyweights such as quick commerce unicorn Zepto and India’s largest fund house, SBI Mutual Funds, planning their public issues. Furthermore, the National Stock Exchange (NSE) is expected to file its preliminary papers with SEBI as early as this week.

A Massive Pipeline of 236 Proposals

The most encouraging sign for investors is the sheer volume of companies waiting in the wings. As of May 2026, there are 236 mainboard IPO draft papers currently in the pipeline. This includes 163 companies that have already received valid SEBI observations and 73 others still awaiting regulatory approval.

While the report notes that activity "nearly dried up" by May 2026 due to a "wait-and-watch" stance amid macro uncertainty, the depth of the pipeline suggests that the primary market is merely catching its breath before the next big wave.

Resilience Driven by Domestic Retail Investors

A critical factor providing stability to the Indian markets is the unwavering commitment of domestic retail investors. Even as foreign institutional investor (FII) sentiment remains volatile, domestic inflows have provided a strong counterbalance. Monthly Systematic Investment Plan (SIP) inflows have remained consistently above ₹30,000 crore, ensuring that domestic liquidity continues to support the broader financial ecosystem despite global uncertainties.

Key Takeaways