India IPO Market: 23 Firms Raise ₹27,000 Cr So Far in 2026

India's primary market has experienced a notable moderation in activity during the first half of 2026 following a record-breaking 2025. While macroeconomic uncertainty and market volatility have led to a temporary slowdown, a massive pipeline of nearly 240 companies suggests a major resurgence is on the horizon.

Analyzing the Slowdown in Primary Market Activity

According to a recent report by Equirus Capital, 23 companies have tapped the IPO route so far in 2026, mobilizing over ₹27,000 crore. This follows a monumental year in 2025, where 103 maiden public issues raised a staggering ₹1.76 lakh crore. To put this in perspective, the 2025 figures significantly outperformed both 2024 (₹1.6 lakh crore from 90 firms) and 2023 (₹49,436 crore from 57 companies).

The data shows a sharp decline in momentum toward the middle of the year. In Q1CY26, 19 IPOs raised ₹24,772 crore, but by Q2CY26, only four issues aggregating ₹2,422 crore have been launched. The report notes that by May 2026, activity had "nearly dried up" as investors adopted a cautious, wait-and-watch stance due to rising volatility and geopolitical tensions.

Upcoming Launches: From Zepto to NSE

Despite the recent lull, the IPO calendar is beginning to fill up again, signaling a recovery in investor appetite. Several high-profile names are slated to enter the market shortly. Insurtech player Turtlemint Fintech Solutions is scheduled to open its issue on June 19, followed by Advit Jewels on June 23. Additionally, Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, is expected to launch its maiden offering this month.

The pipeline looks even more promising for the coming months. The National Stock Exchange (NSE) is expected to file its preliminary papers with SEBI this week. Furthermore, quick-commerce unicorn Zepto and the country's largest fund house, SBI Mutual Funds, are both planning to launch their public issues next month.

A Robust Pipeline and Domestic Resilience

The sheer volume of companies waiting in the wings suggests that the slowdown is cyclical rather than structural. As of May 2026, 236 mainboard IPO draft papers are currently in the pipeline. This includes 163 companies that have already received valid SEBI observations and 73 companies still awaiting regulatory clearance.

インド市場に安定性をもたらしている決定的な要因は、国内個人投資家の揺るぎない参加です。外国人機関投資家（FII）のセンチメントは不安定なままですが、月間のシステム投資計画（SIP）の流入額は、一貫して₹30,000 croreの基準を上回っています。この国内の流動性は重要なカウンターバランスとして機能し、マクロ経済の不確実性が高まる時期であっても、市場の下支えとなっています。

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