IPO Pipeline 2026: SEBI nods, Zepto, Jio, SMEs update

Primary market stays active into July 2026

India’s primary market calendar remains crowded as multiple companies move through SEBI’s approval and observation process, while SME IPO activity continues on NSE SME and BSE SME. The flow of filings spans quick commerce, fintech, data centres, manufacturing, and hospitality. Separately, market updates also flagged a Draft Red Herring Prospectus filing by NSE for an IPO expected to be worth around ₹30,000 crore. Alongside the filing pipeline, near-term listings and subscription data indicate steady investor engagement.

Key July datapoints from the live calendar

The near-term calendar includes both SME openings and mainboard listings. One SME issue, Devson Catalyst Ltd. (SME), is scheduled to open on 8 July 2026 with a price band of ₹112 to ₹118 and an issue size of ₹42.34 crore. The lot size is 2,400 shares, translating into a minimum investment of ₹2,83,200 as per the provided table. On the mainboard side, Aastha Spintex Ltd. is listed with a 5 July 2026 listing date and an issue size of ₹170 crore.

Subscription snapshot: Aastha Spintex mainboard

Subscription numbers for Aastha Spintex Ltd. showed differentiated demand across investor categories. As per the table, QIB participation was 3.3x, NII was 7.62x, and retail was 2.33x, taking total subscription to 4.64x. The minimum investment was listed at ₹14,960. While subscription does not determine listing performance, it remains a key indicator of bidding intensity and how demand is distributed.

SME IPO activity remains busy

SME issuers continue to populate the weekly calendar, with several issues listed as open or recently scheduled in May 2026. Teamtech Formwork Solutions (SME) was listed with an open date of 19 May 2026 and closing on 21 May 2026, a price band of ₹61 to ₹63, and an issue size of approximately ₹50.15 crore, with listing on NSE SME. Other SME issues mentioned include NFP Sampoorna Foods (price band ₹52 to ₹55), Harikanta Overseas (₹91 to ₹96), and Vegorama Punjabi Angithi (₹73 to ₹77), each with May 2026 subscription windows.

SEBI approvals and observations: Zepto and other issuers

SEBI approvals were described as accelerating across the pipeline, including approval for quick-commerce company Zepto. Market reports cited an expected Zepto IPO size of approximately ₹8,000 to ₹9,000 crore, and the company is expected to update its DRHP before launch. Elsewhere, updates also mentioned that Neolite ZKW Lightings, SS Retail, and Aspri Spirits received SEBI observations.

New and proposed filings across sectors

Several proposed deals were referenced with targeted issue sizes. Arohan Financial Services filed draft IPO papers targeting a fresh issue of approximately ₹600 crore. Fintech company Moneyview filed its DRHP with SEBI for a proposed IPO of approximately ₹1,500 crore. Bain Capital-backed Dhoot Transmission received SEBI observations for its proposed IPO, as per the update.

Jio Platforms DRHP: size, structure, and timing window

Jio Platforms filed its DRHP with SEBI on 19 June 2026 for a ₹37,700 crore pure fresh issue, at roughly a $137 billion valuation. The listing was described as expected in the August to October 2026 window, subject to SEBI observations and market conditions. The structure as “pure fresh issue” implies proceeds are intended for the company rather than selling shareholders, based on the filing description.

Data centre and manufacturing IPO approvals: Sify Infinit and UKB Electronics

Sify Infinit received SEBI approval to launch a ₹3,700 crore IPO. The company filed its DRHP on 16 Oct 2025 and received SEBI approval on 23 Jan 2026. The issue structure is split into a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹1,200 crore.

UKB Electronics is expected to come with a ₹800 crore IPO, as per the provided details. The DRHP describes a mix of fresh issue of ₹400 crore and OFS of ₹400 crore. UKB Electronics filed draft papers on 1 Sep 2025 and received SEBI approval on 23 Jan 2026.

Confidential route, pre-filing, and other approvals mentioned

The updates also referenced issuers using confidential or pre-filing routes. Hella Infra Market (Infra.Market) received SEBI approval on 23 Jan 2025 after filing its DRHP via a pre-filing route on 14 Oct 2025, with the exact issue size described as not specified. Jay Jagdamba filed via the confidential route on 30 June 2025 and received approval on 23 Jan 2026. Transline Technologies filed its DRHP on 7 Aug 2025 and received a nod on 22 Jan 2026.

SEBI observations for eight IPOs, including confidential filings

A separate update said Sebi gave its observations for eight IPOs, including confidential filings by Indira IVF and Rays of Belief. The other issues named were Chartered Speed, Glass Wall Systems India, Shriram Food Industry, RKCPL, Tempsens Instruments, and Jerai Fitness. Observations are a key procedural step, indicating that issuers can proceed towards launch after addressing any final points required by the regulator.

Key numbers table: openings, listings, and large filings

Other DRHP filings and reported issue sizes in the pipeline

The pipeline list also included several mainboard DRHP filings with disclosed issue sizes for some issuers. Casagrand Premier Builder was listed with ₹1,220 crore, Paras Healthcare with ₹1,800 crore, and Veegaland Developers with ₹2,500 crore. Several other names in the same table were shown with issue size not specified.

Additional filings mentioned in headlines and brief notes included Kusumgar, with a price band of ₹398 to ₹419 per share and a valuation referenced at ₹4,400 crore, alongside another note that a ₹650-crore IPO opens on July 8 with promoters diluting stake via OFS. Other draft-paper items included Swara Baby Products (₹1,000 crore), Ratnadeep Retail (₹400 crore), TMC Transformers (₹550 crore), Renfra Energy (₹430 crore), and Stalwart People Services India (₹150 crore fresh issue plus an OFS of 52.64 lakh shares).

Market impact: what the current pipeline signals

The current set of updates points to a broad-based pipeline rather than a single-sector burst. Quick commerce (Zepto), fintech (Moneyview), financial services (Arohan Financial Services), and infrastructure-linked themes (data centres via Sify Infinit) are all represented. The large size of the Jio Platforms filing at ₹37,700 crore sits alongside mid-sized mainboard proposals and a steady stream of SME offerings, indicating multiple “lanes” in the market.

The observable market-facing impact in the provided data is strongest in primary-market scheduling and subscription levels, such as the 4.64x overall subscription in Aastha Spintex. At the same time, the number of issuers in the “active pipeline” was stated as 32, with 10 having a listing window inside 2026 and the remainder shown as TBA, paused, or targeting 2027.

Conclusion

India’s IPO pipeline into mid-2026 shows momentum across approvals, observations, and fresh DRHP filings, with Zepto’s approval and Jio Platforms’ filing standing out by size and visibility. In the near term, SME openings such as Devson Catalyst and listing events such as Aastha Spintex keep the calendar active. The next key checkpoints, as described, are DRHP updates, SEBI observations, and scheduled opening and listing dates already flagged in the calendar.