Key facts
- In 2026, 23 companies launched IPOs in India, raising over Rs 27,000 crore.
- This is a slowdown compared to 2025, when 103 IPOs raised Rs 1.76 lakh crore.
- Several companies, including Turtlemint Fintech Solutions and Advit Jewels, are set to launch IPOs this month.
- The pipeline for mainboard IPOs remains strong with 236 draft papers awaiting regulatory observation.
- Domestic retail investors continue to show strong participation through SIPs, counterbalancing volatile foreign investor sentiment.
India's primary market has experienced a slowdown in 2026, with 23 companies raising over Rs 27,000 crore through Initial Public Offerings (IPOs) so far, according to a report by Equirus Capital. This follows a robust performance in 2025, which saw 103 maiden public issues raising Rs 1.76 lakh crore, significantly exceeding the amounts raised in 2024 (Rs 1.6 lakh crore by 90 firms) and 2023 (Rs 49,436 crore by 57 companies).
Despite the current moderation, the IPO activity is showing signs of a significant pickup. Several companies are scheduled to launch their public issues this month, including insurtech firm Turtlemint Fintech Solutions and Advit Jewels, with their IPOs opening on June 19 and June 23, respectively. Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, is also expected to come out with its maiden public offering this month. Additionally, the National Stock Exchange (NSE) is anticipated to file its preliminary papers with the Securities and Exchange Board of India (Sebi) this week. Quick commerce unicorn Zepto and SBI Mutual Funds are also planning to launch their public issues next month.
The pipeline for mainboard IPOs remains strong, with 236 draft papers in the pipeline as of May 2026. Of these, 163 have valid Sebi observations, and 73 are awaiting regulatory feedback. The report noted that IPO activity peaked sharply on September 25 with 25 issues, capitalizing on buoyant markets and strong domestic inflows. However, volumes dropped significantly post-September due to tighter market conditions, rising volatility, and cautious investor appetite, leading to a wait-and-watch stance by May 2026.
Despite the moderation in primary market activity, domestic investor participation has remained resilient. Monthly SIP inflows have stayed above Rs 30,000 crore in recent months, providing a strong counterbalance to the volatile and cautious sentiment of foreign institutional investors.