India IPO Market Holds Firm As 121 Companies Line Up Public Issues Despite Weak Equity Market
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India’s IPO pipeline has expanded despite weakness in listed equities. September 2026 saw 32 IPOs, up from 12 in the same month of 2024. Around 121 companies with valid approvals are waiting to raise around ₹2.34 lakh crore.
India’s initial public offering (IPO) market is showing a different trend from the broader listed equity market, with the primary market continuing to attract companies and investors.
The number of IPOs launched in September rose in 2026 compared to the previous two years, while the total issue amount more than tripled over the same period.
The contrast comes as the Sensex and Nifty have declined over the past two years. Meanwhile, foreign institutional investors (FIIs), which have been selling listed shares, continue to participate actively in IPOs.
September IPOs Jump Despite Market Decline
September IPOs are up 167% in two years, from 12 in 2024 to 25 in 2025 and 32 in 2026. Issue size also rose 253% within the same period to ₹39,018 crore from ₹11,058 crore.
In contrast, the Sensex fell 12.3% from 84,299.78 on 30 September 2024 to 73,894.74 on 25 September 2026. The Nifty declined 10.4% from 25,810.85 to 23,140.50 during the same period. On 29 September 2026 at 10:04 am, the Sensex was at 72,163.37 and the Nifty at 22,591.80.
The Sensex fell 4.8% between September 2024 and September 2025 and another 7.9% between September 2025 and September 2026 so far. The corresponding declines for the Nifty were 4.7% and 6%.
Foreign Investors Continue To Participate In The IPO Market
FII activity in listed shares has turned negative in the last two years. FIIs were net buyers of ₹15,423 crore in September 2024, but became net sellers of ₹35,301.36 crore in September 2025. So far in September 2026, they have sold shares worth ₹18,530.97 crore.
Their activity in the IPO market, however, has remained significant. Deals worth around $12 billion had already closed during 2026. The supply of large and recognised issuers has also included multinational corporations (MNCs) such as Hyundai and LG India, new-age companies including Groww, Meesho and Lenskart, and the National Stock Exchange (NSE).
The relatively strong post-listing performance of both large and small companies has helped sustain liquidity in the primary market.
IPO Wave Could Follow By November
The IPO pipeline could become substantially larger in the coming months. Companies with upcoming issues are seeking to raise at least ₹75,000 crore by November, with Jio Platforms expected to account for a significant portion. The Jio IPO is expected around Navratri or Diwali, with the issue estimated at around ₹37,700 crore.
The existing queue is also sizeable. Around 121 companies with valid IPO approvals are waiting to access the market. Their combined issue size is estimated at around ₹2.34 lakh crore.
Hyundai Motor India’s ₹27,858.75 crore IPO in October 2024 remains the country’s largest to date. It is followed by the NSE’s ₹22,562.71 crore issue in September 2026. Tata Capital’s ₹15,511.87 crore IPO in October 2025 was another large share sale.
Also Read - Varmora Granito IPO Listing: Shares List At A Premium Of Nearly 5% On NSE
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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