Wednesday 30 / September / 2026
New Delhi: India’s initial public offering market is heading for a third consecutive blockbuster year, with a robust pipeline of companies poised to sustain the record-setting momentum into the final quarter.
Companies raised more than $9 billion through IPOs in the July-September quarter, the highest-ever amount for the period, according to Bloomberg data. That took total IPO fundraising in 2026 to more than $13 billion, putting the market on course for one of its strongest years on record.
IPO activity accelerated after a relatively subdued start to the year, driven largely by major offerings from National Stock Exchange of India Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. The three deals together raised more than $4.3 billion.
The surge in primary-market activity comes despite heightened volatility in Indian equities and weaker investor sentiment. The benchmark NSE Nifty 50 has declined about 13% this year, making India the second-worst-performing major equity market after Indonesia.
Strong domestic liquidity and institutional demand have continued to support new listings, although investors have become increasingly selective over valuations.
“While market volatility may influence the timing of individual transactions, the underlying drivers of activity remain intact,” said Samarth Jagnani, managing director and head of global capital markets for India and Southeast Asia at Morgan Stanley.
With another strong quarter, IPO fundraising in 2026 could approach the more than $20 billion raised in each of the previous two years. The final quarter is traditionally the busiest period for India’s primary market.
Several large offerings are already in the pipeline. These include Jio Platforms Ltd.’s proposed share sale of more than $3.1 billion, Avaada Electro Ltd.’s $800 million IPO and a $400 million offering by Advanta Enterprises.
The large backlog gives investment banks considerable visibility on issuance through the final quarter and potentially into early 2027. However, the timing of individual deals will depend on market conditions, investor appetite and issuers’ willingness to meet increasingly valuation-conscious investors.
“With several large listings expected in the coming months, a strong IPO pipeline in India supports another potential record year,” said Kailash Soni, head of India equity capital markets at Goldman Sachs. “Market volatility and the availability of execution windows will determine the pace at which these offerings launch.”
About 144 companies have already received regulatory approval to launch IPOs, including Oravel Stays Ltd., Torrent Gas Ltd. and Sify Infinit Spaces Ltd.
Another 73 companies have filed draft prospectuses with the market regulator and are awaiting approval. The list includes Carlsberg India Ltd. and MakeMyTrip India Ltd., among others.
Bankers expect some of these companies to secure approvals in time to tap the market before the end of the year, adding to what is shaping up to be another exceptionally strong year for India’s IPO market.
