India’s IPO Market: 23 Firms Raise ₹27,000 Cr as 236 Issues Wait in Pipeline
While the Indian primary market has experienced a temporary slowdown due to macro uncertainty, a massive pipeline of upcoming listings suggests a significant resurgence is on the horizon. As volatility settles, major players across fintech, quick commerce, and logistics are preparing to tap into investor capital.
Analyzing the 2026 IPO Slowdown
Following a historic 2025, where 103 maiden issues raised a staggering ₹1.76 lakh crore, the primary market has seen a deceleration in 2026. According to a report by Equirus Capital, only 23 companies have launched public issues so far this year, mobilising approximately ₹27,000 crore.
This cooling period follows a period of intense activity; for context, 2025's fundraising far outpaced 2024 (₹1.6 lakh crore) and 2023 (₹49,436 crore). The report notes that activity nearly "dried up" by May 2026, as investors adopted a wait-and-watch stance driven by heightened market volatility and geopolitical tensions. The data shows a sharp decline from Q4CY25, which saw 30 IPOs aggregating ₹91,058 crore, to Q1CY26, which saw 19 issues worth ₹24,772 crore.
A Massive Pipeline Set for Rebound
Despite the recent lull, the upcoming calendar is packed with high-profile listings that could reinvigorate market sentiment. The report highlights a robust pipeline with 236 mainboard IPO draft papers currently in the works. Of these, 163 have already received valid SEBI observations, while 73 are awaiting regulatory clearance.
Immediate interest is focused on several key upcoming issues:
- June Launches: Insurtech firm Turtlemint Fintech Solutions is scheduled for June 19, followed by Advit Jewels on June 23. Waterways Leisure Tourism Ltd (operator of Cordelia Cruises) is also expected to debut this month.
- Major Filings: The National Stock Exchange (NSE) is expected to file its preliminary papers with SEBI this week.
- Next Month’s Heavyweights: Quick commerce unicorn Zepto and India's largest fund house, SBI Mutual Funds, are both slated to launch their public issues next month.
外国人機関投資家のボラティリティにおける底堅さ
この不透明な時期においてインド市場を支えている重要な要因は、国内投資家の参加の強さです。外国人機関投資家（FII）のセンチメントがますます慎重かつ不安定になる一方で、国内の個人投資家が必要なカウンターバランスを提供しています。
本レポートは、毎月の積立投資計画（SIP）の流入額が継続して₹30,000 croreを上回っていることを強調しています。国内投資家によるこの揺るぎないコミットメントは流動性のクッションとして機能し、世界的なマクロ経済状況が変動する場合でも、国内の株式エコシステムが根本的に支えられ続けることを保証しています。
主な要点
- 現在の市場状況: 2026年にはこれまでに23社が₹27,000 croreを調達したに過ぎず、2025年に記録した₹1.76 lakh croreからの減速を反映しています。
- 今後のカタリスト: 236件もの大規模なメインボードIPOのパイプラインが進行中であり、Zepto、SBI Mutual Funds、NSEといった注目度の高い企業がまもなく上場する見込みです。
- 国内の強み: 毎月継続して₹30,000 croreを超える強固な国内SIP流入が、不安定な外国人機関投資家の資金フローに対し、市場の安定化を続けています。