India’s IPO Market: 23 Firms Raise ₹27,000 Crore as 236 Proposals Wait in Pipeline
While the Indian primary market has experienced a temporary slowdown due to macroeconomic uncertainty and volatility, a massive pipeline of upcoming listings suggests a significant revival is on the horizon. Following a record-breaking 2025, investors are now eyeing a new wave of high-profile issues from unicorns and institutional giants.
The Transition from a Record-Breaking 2025 to 2026 Caution
After a historic run in 2025, where 103 maiden public issues raised a staggering ₹1.76 lakh crore, the momentum has shifted in 2026. According to a report by Equirus Capital, only 23 companies have tapped the IPO route so far this year, mobilizing approximately ₹27,000 crore. This deceleration follows a peak in September 2025, where 25 issues were launched amidst buoyant markets.
The slowdown is attributed to tighter market conditions and a "wait-and-watch" stance adopted by many firms. Data shows that while Q4CY25 saw 30 IPOs aggregating ₹91,058 crore, the pace has moderated significantly, with Q1CY26 accounting for ₹24,772 crore from 19 issues.
A Robust Pipeline: From Zepto to NSE
Despite the current lull, the IPO pipeline remains exceptionally healthy, indicating that the appetite for public listings remains strong. As of May 2026, there are 236 mainboard IPO draft papers in the pipeline. Of these, 163 have already received valid SEBI observations, while 73 are currently awaiting regulatory clearance.
Several high-profile names are expected to shake up the market in the coming months:
- NSE (National Stock Exchange): India's largest stock exchange is expected to file its preliminary papers with SEBI this week.
- Zepto: The quick-commerce unicorn is slated to launch its public issue next month.
- SBI Mutual Fund: The country’s largest fund house is also planning its market debut next month.
- Immediate Listings: Insurtech firm Turtlemint Fintech Solutions (June 19) and Advit Jewels (June 23) are scheduled to open their issues this month, alongside Waterways Leisure Tourism Ltd (operator of Cordelia Cruises).
世界的なボラティリティの中でも揺るがない国内の回復力
インドの株式エコシステムを支える重要な要因は、国内の個人投資家による揺るぎない参加です。地政学的緊張やマクロ経済の不確実性により、外国人機関投資家（FII）のセンチメントは依然として不安定ですが、国内からの資金流入が重要な緩衝材となっています。
月次のSIP（積立投資計画）流入額は、一貫して30,000クロール（3,000億ルピー）のラインを上回っています。この継続的な国内資本の流入は、グローバル投資家の慎重な姿勢に対するカウンターバランスとして機能し、市場の混乱期においてもプライマリーマーケットが基礎的な強さを維持することを可能にしています。
主なポイント
- 現状: 2025年に1.76ラーク・クロール（17.6兆ルピー）という巨額の調達が行われたのに続き、2026年にはこれまでに23社が27,000クロールを調達しました。
- 今後の見通し: 236件ものメインボードIPOが進行中であり、NSEやZeptoといった主要プレーヤーの早期上場が期待されています。
- 市場の支え: 月次のSIP流入額が30,000クロールを超えることに示されるように、堅調な国内参加がFIIのボラティリティに対して市場を安定させ続けています。