Upcoming IPOs: Over 20 issues may hit market soon after Rs 1.35 lakh crore fundraise in 4 months

After a strong IPO season over the past four months, India's primary market is set for a brief pause before activity picks up again. During this period, 82 mainboard companies raised a staggering Rs 1.35 lakh crore from investors. However, more than 20 IPOs are expected to hit the market in the second half of November and December 2026.

With mega issues such as the National Stock Exchange of India Ltd (NSE) and Jio Platforms Ltd having already entered the market, several other large offerings are on the radar. These include Avaada Electro (Rs 7,600 crore), Carlsberg India (Rs 6,700 crore), AGS Health (Rs 6,600 crore), Razorpay (Rs 5,000 crore) and Prism, OYO's parent company (Rs 3,500 crore).

India's primary market recorded a fundraising record of Rs 44,450 crore in October through 13 issues, including Jio Platforms. Prior to this, 34 issues, including NSE, raised a total of Rs 39,380 crore in September. August saw 23 issues raise Rs 22,453 crore, while July recorded 12 issues worth nearly Rs 28,650 crore.

India's IPO market has had a strong run in 2026, with 109 mainboard IPOs raising approximately Rs 1.58 lakh crore on a year-to-date basis. The upcoming pipeline remains substantial, with 252 companies proposing to raise around Rs 4.5 lakh crore, according to Prime Database, said Trivesh D, COO of Tradejini.

“The primary market is expected to remain active through the remaining months, although the entire pipeline may not translate into issuances before December. Large offerings from new-age businesses could keep investor interest high,” he said. “However, after a year of significant fundraising, pricing will be crucial. Investors will closely scrutinise valuations, profitability and the intended use of proceeds.”

Besides these, Runwal Enterprises, Veritas Finance, Casagrand Premier Builder, Milestone Gears, Swara Baby Products, Pride Hotels and Integris MedTech are expected to launch their offerings, with proposed issue sizes ranging from Rs 1,000 crore to Rs 2,000 crore. However, the final issue sizes may vary when the offerings are officially announced, following discussions with the respective merchant bankers and the availability of the latest quarterly financial results.

Among other companies reportedly planning to launch their maiden public offerings in the remaining months of 2026 are Fibe, Virupaksha Organics, Silverton Industries, Crystal Crop Protection, Gujarat Victory Forging, BVG India, Learnfluence Education, Jerai Fitness, Parijat Industries, Jesons Industries and Torrent Gas.

Capital requirements for funding capital expenditure and deleveraging balance sheets amid a rising interest-rate environment could prompt more companies to tap the market through qualified institutional placements (QIPs), preferential issues and rights issues, leading to a continued supply of equity, said Sunny Agrawal, Head of Fundamental Research at SBI Securities.

“The expiry of lock-in periods in newly listed companies could trigger stake sales by anchor investors and early-stage funds, leading to more frequent block deals in these stocks and draining liquidity from the market,” he said.

In addition, around 15–20 companies have either received approval or are awaiting regulatory clearance after filing their offer documents through the confidential pre-filing route. Meanwhile, nearly 110 companies are awaiting approval from the Securities and Exchange Board of India (SEBI) for their IPOs. Another 10–15 companies are expected to file their Draft Red Herring Prospectuses (DRHPs) in the coming weeks.