IPO Pipeline 2026: 236 Proposals, ₹27,000 Cr Raised

Snapshot: fundraising stays strong, pace slows in Q2

A report by Equirus Capital said 23 companies have launched initial public offerings (IPOs) this year and raised more than ₹27,000 crore so far. The same report flagged that the IPO pipeline remains healthy, even as the quarterly pace of new issues has softened. This matters because India’s primary market has been balancing strong supply of issuers with more selective investor demand.

What Equirus says about the SEBI pipeline

As of May 2026, the report said 236 mainboard IPO proposals were in the pipeline. Out of these, 163 companies had received SEBI observations, while 73 proposals were still awaiting regulatory approval. The split provides a high-level view of where proposals stand in the regulatory process.

Q1 versus Q2: issuance gap widens

The issuance mix has shifted sharply between the first and second quarters of calendar year 2026. In Q2 2026 so far, only four IPOs worth ₹2,422 crore have been launched, compared with 19 IPOs worth ₹24,772 crore in Q1. The difference highlights that fundraising can remain strong year-to-date even if near-term issuance slows.

New-age tech listings: more filings, muted listing response

The report noted that six new-age tech companies made their debut in the first three months of 2026. It also said that, unlike 2025, most startup listings this year have been either flat or lacklustre. Even with that market response, the pipeline for tech IPOs remains active: 25 startups have filed DRHPs with SEBI, while over 25 others are in various stages of finalising IPO plans.

Big-ticket startup candidates and the recalibration theme

Unicorns such as Flipkart, Zepto, OYO, InMobi and Zetwerk could raise over ₹47,000 crore in 2026, according to the information cited. The narrative for 2026, however, is described as a recalibration year, with investors expected to prioritise strong fundamentals, profitability and low cash burn. The report’s framing is that IPO-bound startups will be judged more on predictable cash flows, sustainable unit economics and operational discipline than on headline growth alone.

Zepto filing: updated DRHP and issue structure

Among recent updates, quick commerce firm Zepto has filed its updated DRHP with SEBI. The update cited an IPO structure comprising a fresh issue of shares worth ₹8,010 crore. Separately, the text also references Zepto submitting preliminary documents to raise ₹11,000 crore, including both an offer for sale (OFS) and a fresh issue, indicating multiple disclosure points being tracked.

What the broader tracker data says about depth of the queue

Beyond Equirus, other pipeline snapshots in the text point to a crowded issuance calendar. An Axis Capital report was cited as saying that, as of end-March 2026, 64 companies had filed their DRHPs and were awaiting SEBI clearance, while 124 companies had already secured regulatory approval but were yet to launch their issues. Prime Database data in the text said 144 companies planning to raise ₹175,000 crore had received SEBI approval, while another 63 proposals worth ₹137,000 crore were awaiting clearance.

Market context: records and expectations cited in the data

The text includes multiple record markers and expectations for the primary market. It says as many as 112 companies raised ₹180,000 crore through mainboard IPOs, exceeding a previous record of ₹162,000 crore mobilised by 78 IPOs in 2024–25 (FY25). It also says industry trackers expect over ₹250,000 crore to be mobilised from 190+ public issues in 2026. Another data point from IPO Central in the text said that as of 27 December 2025, 96 companies had regulatory approval to raise about ₹100,000 crore, while 104 companies awaited clearance for an additional ₹100,000 crore, taking the visible pipeline to nearly ₹200,000 crore.

Current deal calendar: mainboard and SME activity listed

The text includes a running list of IPOs across mainboard and SME categories in 2026. It also provides a tally stating “Total IPO 2026: 103”, with “Mainboard IPO: 27” and “SME IPO: 76”, with a timestamp of 10:45 AM on June 15, 2026. Examples listed include Bagmane REIT (₹3,405 crore), Kissht (₹926 crore), and Citius Transnet InvIT (₹1,105 crore) on the mainboard side, and multiple SME issues such as Clay Craft (₹110.11 crore) and Avience Biomedicals (₹30.24 crore).

Key numbers table

Other large IPOs mentioned in the text

The text also flags a set of large potential or reported IPO plans. Reliance Jio is described as reportedly planning an IPO with estimates ranging between ₹30,000 crore and ₹52,000 crore, with an expected timeline in the first half of next year, and another figure saying a 10% sale could raise about ₹47,500 crore at a valuation of roughly ₹475,000 crore. Other deals cited include Hero FinCorp’s plan to raise ₹3,668.13 crore (₹2,100 crore fresh issue plus ₹1,568.13 crore OFS), Bharat Coking Coal Limited’s estimated issue size of ₹1,300 to ₹1,500 crore via OFS, and boAt’s revised DRHP structure of ₹500 crore fresh issue plus ₹1,000 crore OFS.

Analysis: why the pipeline matters despite slower near-term issuance

The combined data points show two things happening at once: a large queue of proposals moving through SEBI, and a slower Q2 launch pace compared with Q1. That mix often shifts attention to deal quality, pricing discipline and investor selectivity rather than headline counts. For new-age tech, the text’s “recalibration” framing is consistent with the reported listing performance being flat to lacklustre, even as more startups file DRHPs.

Conclusion

Equirus Capital’s numbers point to a year that has already crossed ₹27,000 crore in IPO fundraising, supported by a mainboard pipeline of 236 proposals as of May 2026. At the same time, Q2 issuance has started slower than Q1, while SEBI filings across sectors and startups remain active. The next milestones to watch are the conversion of observed proposals into launches, and the progress of updated filings such as Zepto’s DRHP through the regulatory process.