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India’s IPO market raised more than USD 9 billion in the July to September quarter, setting a record for the period even as stock prices weakened. 217 companies have either secured regulatory approval or submitted draft documents, giving the market a pipeline of listings.
Bloomberg data placed the total IPO fundraising above USD 13 billion in 2026. The next quarter will determine whether India will approach the annual totals recorded in the previous two years, when fundraising exceeded USD 20 billion.
India’s IPO activity picked up after a slower start to the year. Offerings from National Stock Exchange of India, SBI Funds Management and Manipal Health Enterprises together raised more than USD 4.3 billion, accounting for a large share of the quarterly total.
These transactions helped July to September become the strongest third quarter on record for listing proceeds. However, the annual total remains below the amounts raised in each of the past two years. More planned offerings will need to reach the market to narrow the gap.
Meanwhile, India’s broader stock market is moving in the opposite direction. The benchmark Nifty 50 has fallen about 13% this year, with Bloomberg ranking India as the second worst-performing major equity market, after Indonesia.
Domestic funds and institutional demand supported share sales during this decline. However, investors have become more selective about the prices companies seek, adding another consideration for businesses preparing their offerings.
About 144 companies have received regulatory approval to launch IPOs. The group includes Oravel Stays, Torrent Gas and Sify Infinit Spaces. Approval allows companies to move forward with their offerings, although market conditions will determine when they open for investors.
Another 73 companies have filed draft prospectuses and await approval. Carlsberg India and MakeMyTrip India feature in the pipeline. Bankers expect some pending applications to gain clearance before the year ends, allowing these companies to consider launches during the final quarter.
Together, the approved and pending offerings give bankers visibility into transactions through late 2026 and early 2027. The figures cover companies at different stages of preparation rather than a confirmed schedule of market debuts.
“While market volatility may influence the timing of individual transactions, the underlying drivers of activity remain intact,” said Samarth Jagnani, Morgan Stanley’s head of global capital markets for India and Southeast Asia.
Among the larger deals under preparation, Jio Platforms plans a share sale exceeding USD 3.1 billion. Avaada Electro is preparing an USD 800 million IPO, while Advanta Enterprises is working on an offering worth about USD 400 million.
The final quarter traditionally brings India’s strongest period for IPO fundraising. These proposed transactions could add to the annual total if companies proceed. Their expected sizes remain separate from the money issuers and selling shareholders have already raised this year.
“Market volatility and the availability of execution windows will determine the pace at which these offerings launch,” said Kailash Soni, Goldman Sachs’ head of India equity capital markets.
Deal timing will also depend on investor demand and whether companies accept valuations that buyers consider suitable. As a result, the number of companies preparing offerings does not establish how many will complete listings before December ends.
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