IPO Market Slows In 2026, 23 Companies Raise ₹27,000 Crore; 236 IPO Proposals Still Await Launch

Mumbai: India's primary market has witnessed a slower start in 2026 after a record-breaking performance in 2025.

According to a report by Equirus Capital, 23 companies have launched Initial Public Offerings (IPOs) this year and raised more than Rs 27,000 crore so far.

This is significantly lower than the strong fundraising activity seen last year.

2025 Was a Record Year

The IPO market witnessed exceptional growth in 2025.

A total of 103 companies raised Rs 1.76 lakh crore through public issues during the year.

This was higher than the Rs 1.6 lakh crore raised by 90 companies in 2024 and far above the Rs 49,436 crore mobilised by 57 firms in 2023.

Strong market sentiment and healthy investor participation helped companies raise record amounts during 2025.

New IPOs Expected Soon

Despite the slowdown, market activity is expected to improve in the coming weeks.

Insurtech company Turtlemint Fintech Solutions will launch its IPO on June 19, while jewellery maker Advit Jewels will open its issue on June 23.

Waterways Leisure Tourism, which operates Cordelia Cruises, is also expected to launch its public issue this month.

In addition, the National Stock Exchange (NSE) is likely to file its draft IPO papers with market regulator the Securities and Exchange Board of India (Sebi) this week.

People familiar with the matter said quick-commerce company Zepto and SBI Mutual Fund are also planning to launch IPOs next month.

Strong Pipeline Remains Intact

The report highlighted that the IPO pipeline remains healthy.

As of May 2026, a total of 236 mainboard IPO proposals were in the pipeline.

Of these, 163 companies have already received Sebi observations, while 73 proposals are still awaiting regulatory approval.

Market Volatility Affected Activity

According to the report, IPO activity peaked on Sept 25, 2025, when 25 issues hit the market.

However, activity declined sharply afterwards due to rising volatility, tighter market conditions and cautious investor sentiment.

In the second quarter of calendar year 2026, only four IPOs worth Rs 2,422 crore have been launched so far, compared with 19 IPOs worth Rs 24,772 crore in the first quarter.

Domestic Investors Stay Strong

Even though IPO activity has moderated, domestic investors continue to support the market.

Monthly SIP investments have remained above Rs 30,000 crore in recent months.

The report said strong retail participation through SIPs is helping offset volatile foreign investor flows and supporting overall market sentiment.