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).
Ketahanan Domestik di Tengah Ketidaktentuan Global
Faktor kritikal yang menyokong ekosistem ekuiti India adalah penyertaan yang tidak berbelah bahagi daripada pelabur runcit domestik. Walaupun sentimen pelabur institusi asing (FII) kekal tidak menentu disebabkan oleh ketegangan geopolitik dan ketidaktentuan makro, aliran masuk domestik telah menyediakan pelindung yang penting.
Aliran masuk SIP (Pelan Pelaburan Sistematik) bulanan secara konsisten kekal melebihi tanda ₹30,000 crore. Aliran modal domestik yang stabil ini bertindak sebagai pengimbang kepada pendirian berhati-hati pelabur global, sekali gus memastikan pasaran perdana mengekalkan kekuatan asasnya walaupun semasa tempoh pergolakan pasaran.
Ringkasan Utama
- Status Semasa: 23 syarikat telah mengumpul ₹27,000 crore pada tahun 2026 setakat ini, susulan pengumpulan besar-besaran sebanyak ₹1.76 lakh crore pada tahun 2025.
- Prospek Masa Depan: Saluran besar yang melibatkan 236 IPO papan utama sedang berjalan, dengan pemain utama seperti NSE dan Zepto dijangka akan membuat kemunculan sulung tidak lama lagi.
- Sokongan Pasaran: Penyertaan domestik yang teguh, seperti yang dibuktikan oleh aliran masuk SIP bulanan yang melebihi ₹30,000 crore, terus menstabilkan pasaran terhadap ketidaktentuan FII.