IPO Pipeline 2026: ₹396,000 Cr Queue, SEBI Relief

Dalal Street’s startup wave: 2025 set the tone

Dalal Street looked unusually welcoming for founders in 2025. As many as 18 Indian startups listed on the exchanges and collectively raised a record ₹41,248 crore from public markets. The year helped reset expectations that venture-backed companies could access domestic capital at scale. It also created a benchmark for how quickly India’s new-age firms could move from private funding to public ownership.

That momentum carried into early 2026 in terms of intent, filings, and headline pipeline numbers. But the initial performance of several listings has been described as flat or lacklustre compared with the previous year. The shift has made investors more vocal about unit economics and predictable cash generation. It has also pushed some issuers to reassess timing and pricing.

Early 2026: more tech debuts, but softer listing outcomes

In the first three months of 2026, six new-age tech companies made their market debut. The broader point, however, is that the tone changed from celebration to scrutiny. Unlike 2025, several startup listings in 2026 have not delivered strong post-listing moves, based on the information provided.

Even so, the pipeline behind the scenes has not thinned out. The public-market route remains central for companies that want patient capital, brand trust, and liquidity for early backers. But the terms of that access are tightening, particularly for cash-burning models.

DRHP filings show founders are still lining up

On the regulatory filing front, startups continue to queue up. Twenty four startups have already filed their DRHPs with SEBI, while over 26 are reported to be in various stages of finalising IPO plans.

A key theme for 2026 is a recalibration in what investors want to see. The article text notes that IPO-bound startups will be assessed more on predictable cash flows, sustainable unit economics, and operational discipline, rather than headline growth alone. In practical terms, this points to tougher questions on contribution margins, customer acquisition efficiency, and the durability of revenues.

Big-ticket startup names and expected fundraising

Unicorns such as Flipkart, Zepto, OYO, InMobi and Zetwerk are expected to be among the most watched names. Collectively, these companies could raise over ₹47,000 crore in 2026, according to the provided context. If this fundraising materialises, it would make 2026 one of the biggest years for startup IPO mobilisation.

But plans are not uniform across companies. Some issuers are actively preparing, while others are prioritising operational milestones before approaching public investors. That divergence is important because it shows that the pipeline is large, but the conversion into actual listings will depend on timing, profitability narratives, and market stability.

Latest company-specific updates: Zepto, Flipkart, Kissht

Some company updates illustrate how uneven the IPO cycle is.

• Zepto is looking to float an ₹11,000 crore IPO by July.
• Flipkart has deferred its IPO till at least 2028 to focus on achieving profitability before listing.
• Lending tech startup Kissht listed at ₹191 per share on the BSE, a premium of 11.7% to the issue price of ₹171.

These three datapoints capture the current market’s range: an ambitious near-term plan, a deliberate delay to improve fundamentals, and an example of a listing that opened at a clear premium.

Pipeline math: approvals, clearances, and multiple snapshots

Across reports cited in the provided text, the pipeline appears large but is presented through different datasets and time snapshots. Prime Database figures cited include 157 companies approved by SEBI to raise ₹238,000 crore, and 77 firms awaiting clearance aiming to raise ₹158,000 crore. That sums to a combined pipeline of ₹396,000 crore.

Other snapshots in the text cite 144 companies with SEBI approval seeking ₹175,000 crore, plus 63 firms awaiting clearance seeking ₹137,000 crore. Another dataset cites 84 companies approved to raise ₹114,000 crore, with 108 awaiting clearance to raise ₹146,000 crore. A separate figure mentions 88 companies approved to raise ₹116,000 crore, and 104 awaiting clearance to raise ₹140,000 crore.

IPO pipeline snapshots mentioned in the text (₹ crore)

SEBI’s one-time relaxation: extending IPO approval validity

A major procedural development is SEBI’s one-time relaxation that extends IPO approval validity till September 30, 2026. The relief applies to companies whose approvals expire between April 1 and September 30, 2026.

The reason cited is the market slowdown linked to the West Asia conflict. Earlier, companies typically had to launch their IPOs within 12 to 18 months of receiving SEBI’s observation letter, or restart the full approval process. The extension reduces the risk of issuers losing regulatory time windows during a volatile market phase. The window stays open till September 2026, as noted.

Why IPO activity slowed: geopolitics, volatility, and timing risk

The pipeline is large, but issuance can still pause when market risk rises. The text describes the current phase as not a shutdown but a pause while bankers and issuers wait for stability amid global uncertainty triggered by Middle East tensions.

Another cited view in the provided context suggests the slowdown could continue through February and possibly March, with activity potentially picking up in Q2 2026 if conditions improve. This matters because even companies with approvals can choose to delay offerings if valuations or demand are not supportive.

Large IPOs in the queue: NSE, Jio Platforms, and others

Beyond startups, several large offerings are repeatedly cited as part of the upcoming queue. These include the long-awaited IPO of NSE, which could raise over ₹20,000 crore, and Jio Platforms, expected to be India’s largest-ever listing with a potential issue size of around ₹40,000 crore.

Separately, Reliance Jio is widely expected to debut in 2026, with valuation estimates of ₹1,100,000 crore to ₹1,200,000 crore. NSE has also reportedly set aside ₹1,300 crore to resolve pending issues with the regulator. Other names mentioned include SBI Funds Management, PhonePe, and Hero Fincorp, with Hero Fincorp’s planned IPO size cited at ₹3,668.13 crore.

Market impact: selectivity rises as fundamentals take centre stage

The near-term market impact is a more selective primary market, particularly for new-age technology companies. The record 2025 fundraising created expectations, but 2026 has brought sharper emphasis on profitability, cash burn, and operational discipline.

The broader issuance backdrop remains strong. One dataset compiled by Motilal Oswal cited in the text says that in 2025, 364 companies raised ₹195,000 crore, compared with 333 companies raising ₹172,000 crore in 2024. Another figure states that in calendar 2025, 101 mainboard companies raised ₹175,000 crore via IPOs. These numbers help explain why the pipeline is crowded, and why timing decisions matter when volatility rises.

Conclusion: a large queue, but a higher bar for listings

India’s 2026 IPO pipeline remains substantial across multiple datasets, while SEBI’s extension to September 30, 2026 provides issuers time flexibility during a conflict-linked slowdown. For startups, the narrative is shifting from growth-first to evidence of predictable cash flows and sustainable unit economics.

The next markers to watch are the near-term timelines cited in the text, such as Zepto’s targeted July window, and whether broader market stability improves enough for issuers to move from approvals and DRHPs to actual launches.