India's IPO Pipeline Hits ₹4.72 Trillion; 238 Companies Plan Public Issues in H2CY26!

India's Initial Public Offering (IPO) pipeline has expanded to 238 companies, with planned fundraising of ₹4.72 trillion (₹4,71,910.97 crore), according to a Business Standard report citing Prime Database.  

Of these, 174 companies have already received approval from the Securities and Exchange Board of India (SEBI), representing a potential ₹2.77 trillion in fundraising.  

Another 64 companies have filed draft red herring prospectuses (DRHPs), with proposed issues worth about ₹1.95 trillion.  

The list includes Jio Platforms, National Stock Exchange of India (NSE), PhonePe, SBI Funds Management, Zepto, Avaada Electro and Oravel Stays (OYO). 

Primary Market Outperformed Benchmark Indices 

The steady flow of IPOs contrasted with the performance of the broader equity market in H1CY26. During the period, the NSE Nifty50 declined 8.66 per cent, while the BSE Sensex lost 10.25%.  

Even with weaker secondary markets, companies raised ₹22,555 crore through 27 IPOs. Clean Max Enviro Energy Solutions led the fundraising table with an issue size of ₹3,079.88 crore, followed by Fractal Analytics at ₹2,833.90 crore.  

Shadowfax Technologies, Central Mine Planning & Design Institute and Bharat Coking Coal also completed issues exceeding ₹1,000 crore. 

Domestic Money Dominated Subscriptions 

Domestic inflows remained the main source of demand in the primary market. Monthly Systematic Investment Plan (SIP) contributions stayed above ₹30,000 crore in May and June, around 16% higher than the year-ago period.  

During the same six months, foreign institutional investors were net sellers in the secondary market. Subscription data indicated that companies with established businesses and relatively moderate valuations attracted stronger participation than higher-priced offerings. 

Large Issues Await Market Conditions 

The remaining IPO calendar now depends largely on market conditions and regulatory timelines. More than 70% of the proposed fundraising has already received Sebi approval, leaving companies to decide the timing of their launches.  

The rest of the pipeline is awaiting regulatory clearance. Equity market performance, liquidity and corporate earnings are likely to influence the pace of listings during H2CY26, with several large offerings already in the queue. 

Read More: SBI Mutual Fund, AGS Health, PGP Glass and 2 Other Companies Receive SEBI Approval for IPOs! 

Conclusion  

With 238 companies in the IPO pipeline and several large issues awaiting launch, the primary market enters H2CY26 with a substantial fundraising pipeline. The timing of these offerings will depend on regulatory approvals and prevailing market conditions. 

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