July IPO rush: SBI MF, Zepto, Manipal Health & others lined-up in Rs 45,000 cr fundraising
India's IPO market is set for a blockbuster July with around Rs 45,000 crore of fundraising. SBI Mutual Fund, Zepto and Manipal Health are among the biggest upcoming IPOs.
- Jul 3, 2026,
- Updated Jul 3, 2026 11:38 AM IST
India's primary market is gearing up for one of its busiest months in recent years, with July expected to witness a flurry of mainboard initial public offerings (IPOs). Investment bankers estimate companies could collectively raise around Rs 45,000 crore, making it one of the biggest fundraising months for the domestic equity market.
The strong pipeline comes amid improving market sentiment, supported by resilient benchmark indices, abundant domestic liquidity and favourable macroeconomic conditions. Optimism has also been boosted by recent draft red herring prospectus (DRHP) filings from marquee names such as Reliance-backed Jio Platforms and the National Stock Exchange (NSE), reinforcing expectations of a sustained revival in the primary market.
Among the companies expected to hit the market in July are SBI Funds Management, Manipal Health Enterprises, Zepto, Juniper Green Energy, Horizon Industrial Parks, Innovatiview, Laser Power & Infra, Kusumgar, Gaja Capital and TruHome Finance (formerly Shriram Housing Finance). SBI Funds Management is expected to launch the largest issue at around Rs 12,000-13,000 crore, followed by Manipal Health Enterprises at about Rs 11,000 crore and Zepto with an estimated Rs 8,000 crore offering.
Investment bankers said the revival is being driven not only by favourable market conditions but also by the improving quality of companies approaching the public markets.
Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said strong market sentiment has encouraged promoters to tap the capital markets, but the current pipeline also reflects the growing maturity of Indian businesses.
"Companies are coming to market with better governance standards, stronger profitability and clearer growth strategies," Shah said, adding that sectors such as new-age businesses, healthcare, technology, manufacturing and consumer are expected to remain active. He also noted that while a heavy IPO calendar may temporarily absorb liquidity, continued mutual fund inflows and a supportive macroeconomic backdrop should help sustain demand.
Kamraj Singh Negi, Managing Director and Chief Executive Officer of Investment Banking at Pantomath Capital, echoed a similar view, saying the IPO pipeline reflects a healthier and more mature market, with companies increasingly backed by stronger governance standards, sustainable business models and clearer growth strategies.
He advised investors not to chase IPOs based solely on subscription figures or market buzz. "Every IPO should be evaluated on its own merits with a long-term investment perspective, considering factors like the quality of the business, financial performance and utilisation of proceeds. Informed investing backed by research is far more rewarding than following market sentiment," Negi said.
Market participants also believe investors should look beyond headline issue sizes. With several large offerings expected within a short span, the market's ability to absorb these listings, along with valuation comfort and earnings growth potential, will be closely watched.
Thomas V. Abraham, Research Analyst at Mirae Asset Sharekhan, said investors should focus on the strength of the underlying business rather than valuation multiples alone.
"This is a valuation-versus-peers-plus-growth-story exercise, not a valuation-versus-peers exercise alone. A business can look cheap against listed comparables and still be a poor investment if its growth runway is short or contested; equally, a business can look expensive on a simple multiple and still be the right one to own if its earnings growth and moat justify paying up," he said.
Abraham also pointed to the recent listing experience, noting that many IPOs in FY25 came at valuations that already factored in future growth. As a result, listing gains moderated over time and a significant number of IPOs were trading below their issue prices by the end of the year, underscoring the importance of valuation discipline and business quality.
The primary market has already shown signs of revival this year. While 18 mainboard IPOs were launched until April, activity slowed in May before picking up again. Industry estimates suggest nearly 65 companies are awaiting regulatory approvals to raise more than Rs 2 lakh crore, indicating that the strong issuance pipeline could continue well beyond July.
As India's IPO calendar enters a new phase led by several marquee offerings, market experts believe investors are likely to be rewarded by focusing on fundamentally strong businesses with credible management, sustainable earnings growth and reasonable valuations rather than short-term listing gains alone.
India's primary market is gearing up for one of its busiest months in recent years, with July expected to witness a flurry of mainboard initial public offerings (IPOs). Investment bankers estimate companies could collectively raise around Rs 45,000 crore, making it one of the biggest fundraising months for the domestic equity market.
The strong pipeline comes amid improving market sentiment, supported by resilient benchmark indices, abundant domestic liquidity and favourable macroeconomic conditions. Optimism has also been boosted by recent draft red herring prospectus (DRHP) filings from marquee names such as Reliance-backed Jio Platforms and the National Stock Exchange (NSE), reinforcing expectations of a sustained revival in the primary market.
Among the companies expected to hit the market in July are SBI Funds Management, Manipal Health Enterprises, Zepto, Juniper Green Energy, Horizon Industrial Parks, Innovatiview, Laser Power & Infra, Kusumgar, Gaja Capital and TruHome Finance (formerly Shriram Housing Finance). SBI Funds Management is expected to launch the largest issue at around Rs 12,000-13,000 crore, followed by Manipal Health Enterprises at about Rs 11,000 crore and Zepto with an estimated Rs 8,000 crore offering.
Investment bankers said the revival is being driven not only by favourable market conditions but also by the improving quality of companies approaching the public markets.
Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said strong market sentiment has encouraged promoters to tap the capital markets, but the current pipeline also reflects the growing maturity of Indian businesses.
"Companies are coming to market with better governance standards, stronger profitability and clearer growth strategies," Shah said, adding that sectors such as new-age businesses, healthcare, technology, manufacturing and consumer are expected to remain active. He also noted that while a heavy IPO calendar may temporarily absorb liquidity, continued mutual fund inflows and a supportive macroeconomic backdrop should help sustain demand.
Kamraj Singh Negi, Managing Director and Chief Executive Officer of Investment Banking at Pantomath Capital, echoed a similar view, saying the IPO pipeline reflects a healthier and more mature market, with companies increasingly backed by stronger governance standards, sustainable business models and clearer growth strategies.
He advised investors not to chase IPOs based solely on subscription figures or market buzz. "Every IPO should be evaluated on its own merits with a long-term investment perspective, considering factors like the quality of the business, financial performance and utilisation of proceeds. Informed investing backed by research is far more rewarding than following market sentiment," Negi said.
Market participants also believe investors should look beyond headline issue sizes. With several large offerings expected within a short span, the market's ability to absorb these listings, along with valuation comfort and earnings growth potential, will be closely watched.
Thomas V. Abraham, Research Analyst at Mirae Asset Sharekhan, said investors should focus on the strength of the underlying business rather than valuation multiples alone.
"This is a valuation-versus-peers-plus-growth-story exercise, not a valuation-versus-peers exercise alone. A business can look cheap against listed comparables and still be a poor investment if its growth runway is short or contested; equally, a business can look expensive on a simple multiple and still be the right one to own if its earnings growth and moat justify paying up," he said.
Abraham also pointed to the recent listing experience, noting that many IPOs in FY25 came at valuations that already factored in future growth. As a result, listing gains moderated over time and a significant number of IPOs were trading below their issue prices by the end of the year, underscoring the importance of valuation discipline and business quality.
The primary market has already shown signs of revival this year. While 18 mainboard IPOs were launched until April, activity slowed in May before picking up again. Industry estimates suggest nearly 65 companies are awaiting regulatory approvals to raise more than Rs 2 lakh crore, indicating that the strong issuance pipeline could continue well beyond July.
As India's IPO calendar enters a new phase led by several marquee offerings, market experts believe investors are likely to be rewarded by focusing on fundamentally strong businesses with credible management, sustainable earnings growth and reasonable valuations rather than short-term listing gains alone.