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.
Resilience Amidst Foreign Institutional Volatility
A critical factor sustaining the Indian market during this period of uncertainty is the strength of domestic participation. While Foreign Institutional Investor (FII) sentiment has become increasingly cautious and volatile, domestic retail investors have provided a necessary counterbalance.
The report underscores that monthly Systematic Investment Plan (SIP) inflows have remained consistently above ₹30,000 crore. This unwavering commitment from domestic investors acts as a liquidity cushion, ensuring that even when global macro conditions fluctuate, the domestic equity ecosystem remains fundamentally supported.
Key Takeaways
- Current Market Status: Only 23 firms have raised ₹27,000 crore in 2026 so far, reflecting a slowdown from the record-breaking ₹1.76 lakh crore raised in 2025.
- Upcoming Catalysts: A massive pipeline of 236 mainboard IPOs is in progress, with high-profile names like Zepto, SBI Mutual Funds, and NSE expected to launch soon.
- Domestic Strength: Robust domestic SIP inflows, consistently exceeding ₹30,000 crore monthly, continue to stabilize the market against volatile foreign institutional flows.