Indian IPO Pipeline Surges: 38 Firms File DRHPs in March 2026

Introduction

India's primary market is witnessing a significant uptick in activity, with 38 companies filing Draft Red Herring Prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) in March 2026. This surge in filings signals renewed confidence among issuers and points towards a robust pipeline for public offerings in the coming months. The activity marks a substantial increase from previous years and sets the stage for several high-profile listings, including the long-awaited Initial Public Offering (IPO) of the National Stock Exchange (NSE).

A Growing Pipeline of Public Offerings

The number of companies approaching the public market has grown steadily. The 38 filings in March 2026 represent a sharp jump compared to the 22 DRHPs filed in March 2025 and 16 in March 2024. This trend underscores a strengthening sentiment in the capital markets, even amidst global geopolitical tensions and market volatility. Among the notable companies that submitted their papers are SBI Funds Management and Manipal Health Enterprises, highlighting interest from established players across different sectors. The filings were particularly concentrated towards the end of the month, with over a dozen companies submitting their documents in the last two days of March alone.

High-Profile Listings on the Horizon

The momentum is expected to be carried forward by several marquee names preparing for their market debut. According to merchant banking sources, the National Stock Exchange (NSE) and Reliance Industries' telecom subsidiary, Jio, are anticipated to file their draft papers in the coming weeks. Their listings are expected to be among the largest in Indian market history. Other significant companies lining up for an IPO include the Indian renewable energy arm of Singapore-based Sembcorp Industries, gaming firm PlaySimple, TPG-backed lending platform Fibe, and Tiger Global-backed BatterySmart. This diverse mix of companies from technology, finance, and energy sectors indicates broad-based confidence in the market's ability to absorb large issues.

Understanding the Current IPO Landscape

An Axis Capital report provides a clear picture of the depth of the current IPO pipeline. As of the end of March 2026, 64 companies have filed their DRHPs and are awaiting clearance from SEBI. Furthermore, 124 companies have already secured regulatory approval but are yet to launch their public issues, holding a 12-month window to enter the market. The report also notes that 20 firms have opted for the confidential filing route since March 2025, a provision that allows companies to keep their documents private during the initial review phase. Of the 38 firms that filed in March, nine chose this confidential route, including Zetwerk, SNVA Traveltech, and Rediff.com India.

Market Performance and Activity in FY26

The financial year 2025-26 was active for the primary markets. A total of 109 mainboard IPOs were launched, with 69 of them listing at a premium to their issue price. So far in the calendar year 2026, 18 companies have successfully launched their IPOs, with eight of these hitting the market in March despite challenging conditions. However, not all companies are proceeding as planned. Digital payments giant PhonePe has temporarily deferred its listing process, citing market volatility and geopolitical conflicts, although its CEO affirmed the company's commitment to an eventual public listing in India.

IPO Filing Trends (March)

Factors Driving the Surge

Market experts attribute the spike in IPO filings to a combination of factors. While regulatory timelines often lead to a rush of filings before the end of the financial year, analysts believe the current trend is driven by more fundamental reasons. Improved issuer confidence in market stability and investor appetite is a primary driver. Additionally, many private equity investors are seeking exits for their portfolio companies, contributing to the robust pipeline. Companies moving forward with IPOs in the current environment typically have strong institutional backing, clear demand visibility, or pressing capital requirements for expansion.

Spotlight on the NSE IPO

The potential listing of the National Stock Exchange is a key event for the market. After years of delays due to regulatory scrutiny related to a co-location case, the IPO process has gained significant momentum. The exchange is expected to appoint merchant bankers soon and has already appointed Rothschild & Co. as an independent adviser. The proposed public issue will be structured entirely as an offer for sale (OFS), with existing shareholders likely to divest a 4% to 4.5% stake. Based on current valuations in the unlisted market, the offering could raise approximately $1.5 billion (around ₹22,700 crore), making it a landmark transaction.

Market Outlook

The outlook for the Indian IPO market in the first quarter of FY2026-27 appears strong. The combination of a large number of companies awaiting SEBI approval and an even larger pool of firms with valid approvals provides a solid foundation for sustained activity. The market is increasingly being led by fundamentals, with investors showing a preference for companies with strong business models and clear growth paths. This shift suggests a maturing market capable of supporting a healthy flow of new listings.

Conclusion

The sharp increase in IPO filings in March 2026 is a clear indicator of the growing strength and depth of India's primary market. Driven by renewed issuer confidence, strategic planning, and a pipeline of high-quality companies, the market is well-positioned for a busy and potentially record-setting year. The upcoming listings of major entities like NSE and Jio will be closely watched and are expected to further boost investor sentiment.