India's IPO Market Roars Back To Life As August Sees Busiest Month In Deal Count With Rs 4.72 Trillion Pipeline Ahead

India's primary market has picked up pace after a relatively quiet start to 2026, with August emerging as the busiest month so far in terms of the number of IPOs hitting the market. The pickup comes as companies waiting in the pipeline look to take advantage of improving sentiment and steady domestic liquidity.

According to Prime Database data, 21 IPOs are opening in August, compared with 12 in July. The jump comes after a slow first half, when monthly IPO activity remained in single digits and there were no IPO launches in May.

The improvement is also visible in the amount of money being raised. A total of 27 IPOs raised Rs 22,573 crore between January and June. The pace picked up sharply in July, when 12 issues raised Rs 28,648 crore. August has seen 21 issues raise Rs 20,944 crore so far, making it the busiest month of the year by deal count, even though July remains ahead in terms of funds raised.

Why IPO activity was weak in the first half

The first six months of the year were not particularly favourable for companies looking to tap the primary market.

The broader equity market went through a period of correction as investors dealt with US tariff concerns, the US-Iran conflict, higher crude oil prices and uncertainty around corporate earnings. The volatility made companies more cautious about coming to the market, while investors were also more selective about new offerings.

That backdrop has eased to some extent in recent months, allowing the IPO calendar to become more crowded.

NSE, Jio Platforms among the big IPOs in the pipeline

The number of companies waiting to come to market gives a sense of how busy the second half of the year could be.

As many as 164 companies have received Sebi approval for their IPOs, with an estimated combined offer size of Rs 2.65 trillion. Of these, 96 companies have disclosed their issue sizes, accounting for Rs 1.63 trillion.

For the remaining 68 companies, issue sizes have not been disclosed. Prime Database has estimated their combined fundraising at around Rs 1.02 trillion, assuming an average issue size of Rs 1,500 crore.

There are another 75 companies that have filed their draft papers with Sebi and are waiting for approval. Together, they are looking to raise around Rs 2.01 trillion. Of this, 32 companies have disclosed issue sizes totalling Rs 1.37 trillion, while Prime Database has estimated Rs 64,500 crore for the remaining companies.

The pipeline includes some of the country's most closely watched potential listings.

Jio Platforms is expected to be among the largest, with an estimated issue size of around Rs 40,000 crore. NSE is another closely watched name, with its potential IPO pegged at around Rs 30,000 crore.

Razorpay, Kuku FM and Cult.fit are also among the companies in the pipeline, with estimated issue sizes of Rs 4,700 crore, Rs 3,500 crore and Rs 3,500 crore, respectively.

PhonePe, Zepto and Oyo are other names that continue to remain on investors' radar.

Jio Platforms' IPO has been in focus for several years. Reliance Industries chairman Mukesh Ambani had earlier indicated that the company was preparing to file for an IPO, with the listing plan subject to regulatory approvals. The expected timeline has since moved, keeping the company firmly on the IPO watchlist.

PhonePe is another large new-age company preparing for the public markets. Its proposed issue is expected to involve a fundraise as well as an offer for sale by existing investors.

Domestic liquidity remains a key support

The increase in IPO supply is being matched by relatively strong domestic liquidity.

Mutual funds continue to receive steady money through SIPs, with monthly inflows around the Rs 30,000-crore mark. This has become an important source of liquidity for Indian equities and could support demand for upcoming IPOs even if foreign investor flows remain uneven.

The strength of domestic flows is particularly relevant for the primary market because a large number of issues coming together can otherwise put pressure on available liquidity.

Market participants therefore expect IPO activity to remain firm through the rest of 2026, provided there is no fresh geopolitical shock or sharp deterioration in broader market conditions.

Investors may have to become more selective

A busy IPO calendar does not necessarily mean every issue will attract strong demand.

With more companies competing for investor money, valuations, business quality and the intended use of IPO proceeds are likely to become increasingly important. The performance of larger issues could also influence sentiment towards smaller companies coming to the market around the same time.

For investors, the second half of 2026 could offer a much wider choice of IPOs than the first six months did. But with marquee names such as Jio Platforms and NSE potentially competing for attention alongside new-age companies including PhonePe and Razorpay, the focus is likely to be on which offerings can justify their valuations.

For now, the primary market has clearly moved past its slow start. August's jump in deal activity, combined with the large number of companies already approved or awaiting Sebi clearance, suggests that India's IPO calendar could remain busy for the rest of the year.

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