IPO Boom in 2026: Rs 2.55 lakh crore pipeline signals record fundraising ahead

New Delhi: Despite periods of volatility in the Indian markets, companies are moving fast to enter the primary market, creating a pipeline of IPOs worth over Rs 2.55 lakh crore for 2026. According to the Prime database, this excitement follows the blockbuster success of 2025, when nearly 100 Indian companies raised a record Rs 1.77 lakh crore through mainboard offerings, which is the highest number since 2007. In the last few years, there has been a lot of buzz in the IPO market. In the year 2024, 91 IPOs raised Rs 1.6 lakh crore, whereas in 2023, 57 IPOs earned more than Rs 49,500 crore.

For 2026, the IPO queue is already long and growing. 88 companies have secured SEBI's approval to launch IPOs worth about Rs 1.16 lakh crore, while 104 others are waiting for approval to raise about Rs 1.4 lakh crore. This means that the IPOs of about 200 companies are readying for market debut in 2026. The eagerness to go public is evident from the unprecedented 244 misleading prospectus formats filed in 2025 — far more than the 157 prospectus filed in 2024. Market experts say that this surge is due to positive trends of investors, active private equity and venture capital funds willing to cash in on assets, and the broader positive environment, which makes IPOs an attractive exit route.

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Despite the marginal rise in shares during the listing, this year there was significant success in raising funds, mainly due to the steady participation of foreign portfolio investors, retail buyers, high net worth individuals and mutual funds at a time when the secondary market remained restrained. The year 2025 was also notable for the massive withdrawal of shareholders. Promoters, PE firms and venture capital investors collectively sold shares worth over Rs 1.1 lakh crore through Offer for Sale, indicating strong demand.

Analysts believe that the ambitious fund-raising target of Rs 2.55 lakh crore for the new year can be achieved easily, which is driven by strong investor interest and a strong IPO pipeline. This optimism comes at a time when broader markets are showing signs of market divergence: India's small-cap segment, which has lagged behind large-cap and mid-cap indices this year after two consecutive years of massive gains, is expected to remain under pressure until 2026. Analysts say that due to high valuation, low income and limited liquidity, the position of smallcap stocks is likely to remain weak. However, the enthusiasm for primary offers indicates that capital raising activities will be largely unaffected by these adversities.

Rajesh Palaviya of Axis Securities told Money Control that companies in all sectors, especially new and small ventures, are raising capital to expand, start operations or pay off liabilities. He further said that considerable local liquidity and a strong retail investor base have ensured a strong response to almost every IPO. Palavia said that with the strong position of the economy and the emergence of new ventures, many PE-backed companies that have received investments in recent years are now ready to increase value through mainboard listings.

Investors are also keeping an eye on the major companies entering the IPO space in the coming year. There is a lot of curiosity about the IPO filing of NSE, Reliance Jio and Manipal Hospitals. PhonePe, which has already submitted draft papers for the Rs 10,000 crore issue, is one of the most awaited listings. Zepto, Boat, Offbusiness and Corefoods.