India’s IPO market is gaining momentum after a subdued first half of 2026. As of August 27, 239 companies are either awaiting SEBI approval or have already received approval, with potential fundraising running into several lakh crore rupees. The pipeline includes major names such as NSE, PhonePe, Jio Platforms and Zepto.
India’s IPO pipeline is building up rapidly
India’s primary market has entered a busier phase after relatively limited activity during the first half of 2026. According to Prime Database data cited by Business Standard, 239 companies are currently in the IPO pipeline. Of these, 164 companies have received approval from the Securities and Exchange Board of India, while another 75 have filed their draft papers and are awaiting regulatory approval.
The numbers highlight how much potential supply is waiting to enter the market. The 164 companies with SEBI approvals have an estimated total offer size of ₹2.65 trillion. Separately, the 75 companies awaiting approval are looking to raise around ₹2.01 trillion.
Together, the pipeline represents a potential fundraising opportunity of roughly ₹4.66 trillion, although the actual amount raised could be lower or higher because not every approved company launches its IPO immediately and some may revise their issue size or plans.
164 companies already have SEBI approval
The biggest portion of the current IPO pipeline consists of companies that have already crossed the regulatory approval stage.
Prime Database data shows that 164 companies have SEBI approvals for their public issues, with a combined estimated offer size of ₹2.65 trillion. Among them, 96 companies have disclosed issue sizes totalling ₹1.63 trillion. For the remaining 68 companies, Prime Database has estimated a potential ₹1.02 trillion based on an assumed average offer size of ₹1,500 crore.
Receiving regulatory approval does not mean an IPO is guaranteed to open immediately. Companies still need to consider market conditions, valuation expectations, investor demand and their own fundraising requirements before deciding when to launch.
SEBI’s process requires an unlisted company planning an IPO to file a draft offer document through merchant bankers. SEBI maintains public records of draft offer documents and their processing status.
Another 75 companies are waiting for approval
The second part of the pipeline consists of companies that have filed their draft papers but have not yet received approval.
According to the latest Prime Database figures cited by Business Standard, 75 companies are awaiting SEBI approval and together are looking to raise about ₹2.01 trillion. Issue sizes have been disclosed by 32 companies at ₹1.37 trillion, while the remaining amount has been estimated by Prime Database.
This distinction is important for investors following the IPO market. A company with an approved offer is further along in the listing process than one that has only filed its draft papers.
The pipeline therefore should not be interpreted as 239 IPOs arriving on the stock exchanges at the same time. Instead, it represents a broad pool of companies at different stages of the public-listing process.
NSE, PhonePe and Jio Platforms among major names
The current pipeline has attracted attention because it includes several large and widely followed companies.
Jio Platforms, the National Stock Exchange of India, PhonePe, Zepto and Oyo are among the names being closely watched for potential IPOs.
The presence of companies from financial services, digital businesses, technology and consumer sectors also reflects the changing composition of India’s primary market.
For retail investors, the arrival of well-known companies can increase interest in IPOs. However, the size or popularity of a company does not by itself determine whether an issue represents good value. Investors still need to examine the offer document, financial performance, valuation, business risks and the intended use of IPO proceeds.
Why IPO activity has picked up in recent months
The acceleration in India’s IPO market comes after a relatively slow first half of 2026.
Prime Database data shows that 21 IPOs are opening in August, compared with 12 in July. The monthly pace during the first half of the year was generally in single digits, while May recorded no IPO activity, according to the report.
Market volatility earlier in the year affected companies’ willingness to launch public issues. Concerns linked to tariffs, geopolitical tensions, crude oil prices and earnings uncertainty contributed to weaker market sentiment.
However, companies that had already completed the lengthy IPO preparation process have increasingly chosen to move forward. Analysts cited by Business Standard said issuers that had received SEBI approval were prepared to adjust valuations or offer sizes rather than keep waiting indefinitely for ideal market conditions.
Recent IPO performance is encouraging issuers
Another factor supporting the current IPO wave is the performance of recent listings.
Prime Database analysis cited by Business Standard found that 22 IPOs listed between July 1 and August 17 recorded an average listing-day gain of 25 per cent, while the average subscription rate was 43.7 times.
Strong subscription numbers and positive listing performances can encourage other companies waiting in the pipeline to enter the market.
But listing-day performance should not be confused with long-term business performance. An IPO can attract heavy demand at launch while its stock later trades below the issue price. For investors, the company’s underlying financial position and valuation remain more important than short-term market enthusiasm.
Mutual fund flows are supporting market liquidity
Demand is another important part of the IPO equation.
Prime Database’s managing director Pranav Haldea said mutual funds continue to have significant liquidity, with monthly systematic investment plan inflows around ₹30,000 crore. This provides a broader pool of domestic capital that can participate in equity markets.
Domestic investor participation has become increasingly important for India’s capital markets. A deeper domestic investor base can help companies access equity capital without depending entirely on overseas investors.
For smaller Indian cities, this trend also matters. As demat accounts, online investing platforms and financial awareness expand beyond metropolitan centres, more retail investors are participating in IPOs and other capital-market products.
What could slow the IPO pipeline
Despite the strong number of companies waiting to list, the entire pipeline may not convert into actual IPOs during 2026.
Market conditions remain the biggest variable. Analysts cited in the latest report said renewed geopolitical volatility before the end of the year could cause some large offerings to be postponed into 2027.
Valuation is another factor. Companies may delay an issue if market conditions do not support the valuation they expect. Similarly, investors may become more selective if too many IPOs arrive within a short period.
The current pipeline therefore represents potential supply rather than a fixed calendar of confirmed IPO launches.
What the growing IPO pipeline means for India
The 239-company pipeline points to a deeper shift in India’s capital-raising environment. Businesses across sectors are increasingly considering public markets as an important source of capital, while investors have access to a wider range of listed companies.
The trend could also give investors from Tier-2 and Tier-3 cities more opportunities to participate in businesses that were previously accessible mainly through private markets.
At the same time, a larger IPO market places greater responsibility on investors to distinguish between a popular company and a fairly valued company. More IPOs do not automatically mean better investment opportunities.
The next few months will show how much of the current pipeline actually reaches the stock exchanges. For now, the combination of 164 approved companies, 75 companies awaiting approval and a stronger monthly IPO pace suggests that India’s primary market is entering one of its busiest phases of 2026.
Key Takeaways
- 239 companies are currently in India’s IPO pipeline, according to Prime Database data cited on August 27, 2026.
- 164 companies have received SEBI approval, representing an estimated ₹2.65 trillion in potential offer size.
- Another 75 companies have filed draft papers and are seeking approval, with proposed fundraising of about ₹2.01 trillion.
- NSE, PhonePe, Jio Platforms, Zepto and Oyo are among the closely watched potential IPOs, but market volatility could still delay some offerings.
FAQs
How many companies are currently waiting to launch IPOs in India?
There are 239 companies in the current IPO pipeline. Of these, 164 have received SEBI approval, while 75 have filed draft papers and are awaiting approval.
How much money could these companies raise?
The 164 companies with SEBI approvals have an estimated offer size of ₹2.65 trillion. The 75 companies awaiting approval are looking to raise around ₹2.01 trillion. These are potential figures, not guaranteed fundraising amounts.
Which major companies are expected to come with IPOs?
Jio Platforms, NSE, PhonePe, Zepto and Oyo are among the major names being watched in the current IPO pipeline. Their actual launch dates and issue details depend on regulatory, market and company decisions.
Does SEBI approval mean an IPO will definitely launch?
No. SEBI approval means the company has cleared an important stage in the public-issue process, but the company still decides when and whether to proceed based on market conditions and other factors. SEBI’s framework requires companies planning an IPO to file draft offer documents through merchant bankers.
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