IPO Pipeline H2 2026: 238 Firms Plan ₹4.72 tn

India’s primary market heads into a crowded H2 2026

India’s primary markets are preparing for a strong second half of calendar year 2026, even as secondary market volatility remains a live factor for timing and pricing. The issuance pipeline outlined so far points to sustained fundraising appetite from large incumbents and newer economy companies. In aggregate, 238 companies are planning to raise an estimated ₹4,71,910.97 crore through IPOs. The list features large, closely watched names across telecom and digital platforms, financial services, and consumer and manufacturing businesses. Market participants are also tracking whether the improving sentiment translates into successful bookbuilding for the largest deals. The breadth of the pipeline suggests issuers are willing to proceed as long as the window stays open. The coming weeks, especially July, are being positioned as an early stress test for demand.

A dual DRHP burst put big deals back in focus

One of the clearest signals of momentum was the biggest dual filing event in a decade, with two marquee draft filings landing within 48 hours. National Stock Exchange of India (NSE) submitted its DRHP with SEBI on June 17, 2026. Jio Platforms followed on June 19 with its own DRHP. Together, these two deals are described as targeting over ₹65,000 crore. The filings also sharpen investor focus on deal structure, because the two offerings are positioned differently in terms of primary fundraising versus shareholder exits. The clustering of filings is notable given that the broader market has been described as volatile. But it also indicates issuers are preparing to use any stable market window to move quickly from regulatory review to launch.

Three names dominate near-term fundraising headlines

Alongside the Jio and NSE filings, SBI Funds Management has already received SEBI’s final observations, bringing it closer to launch readiness. The article compilation points to an early July opening for SBI Mutual Fund’s issue, subject to regulatory approvals, and notes expectations that the red herring prospectus and price band disclosures could come around July 2 to 3, 2026. In the same set of reports, Manipal Health Enterprises is cited as targeting around ₹11,000 crore. Zepto’s expected issue size is cited at about ₹8,000 crore in parts of the text, while another pipeline table lists Zepto at around ₹12,000 crore. Taken together, SBI Funds Management, Manipal Health Enterprises, and Zepto are described as a combined ~₹32,000 crore opportunity. The combined figures are being watched as a near-term indicator of risk appetite after a muted start to 2026.

Jio Platforms IPO: size and structure in the spotlight

Jio Platforms is among the biggest names preparing to enter the stock market, backed by Reliance. The draft papers are described as proposing a ₹35,000 crore IPO, while another estimate in the text puts the issue at around ₹37,000 crore. A separate mention also frames the proposed range as ₹35,000 to ₹40,000 crore and calls it potentially India’s biggest IPO. In the IPO pipeline table, the structure is described as a 100% fresh issue. The status is listed as DRHP filed on June 19, with SEBI review underway. The scale and the primary nature of the offering make the deal a key marker for how much fresh capital the public markets are willing to absorb.

NSE IPO: offer-for-sale model and a Dec 2026 target

NSE’s DRHP filing on June 17 is described as a 100% offer for sale (OFS) of about ₹30,000 crore. The pipeline table indicates a listing target of December 2026. A separate part of the compilation also references differing expectations around the fundraise for a large offering, citing figures around ₹25,000 crore in one place and about ₹30,000 crore elsewhere. While those figures are presented as different estimates within the same compilation, the IPO pipeline table pegs the issue at ~₹30,000 crore. As an OFS, the transaction is structurally different from large fresh-issue fundraises, since it primarily enables shareholder dilution rather than new capital for the company.

SBI Funds Management: SEBI observations and early-July window

SBI Funds Management, often referred to as SBI Mutual Fund in the compilation, is preparing to launch its IPO in the first week of July after receiving SEBI approval. The issue is described as entirely OFS-based, with promoters including State Bank of India and Amundi expected to dilute part of their holdings. Issue size estimates vary across the compilation, with references to around ₹10,000 crore in one place and ₹11,000 to ₹13,000 crore elsewhere, including a line that the OFS could be valued around ₹13,000 crore. The IPO pipeline table frames the size at ₹11,000 to ₹13,000 crore. It also states that SEBI’s nod has been received and the RHP is due around July 2 to 3. The clarity on regulatory status makes SBI Funds Management one of the most imminent large issues in the calendar.

Zepto and other consumer-tech names: fresh issue plus OFS

Zepto remains one of the most anticipated IPO candidates in the quick-commerce segment. The compilation notes the company raised fresh capital and increased Indian ownership, and that the IPO plan is a mix of fresh issue and OFS. The IPO pipeline table lists Zepto at ~₹12,000 crore with SEBI nod received and a listing target in Q3 2026. Other parts of the text cite Zepto’s IPO at around ₹8,000 crore. Beyond Zepto, the broader large-issuer list in the compilation also includes names such as PhonePe, Avaada Electro, and Oravel Stays (OYO), indicating that the second half could see activity across multiple sectors and business models. The mix of structures across issuers also suggests investors will need to assess whether proceeds are funding growth or enabling exits.

July pipeline and busy-week issuance: what’s already visible

Several smaller issues are also lined up around the same period, adding to primary market activity density. Ahmedabad-based Knack Packaging is expected to open its IPO on July 1, and Aastha Spintex is listed as opening June 29. The compilation also describes a particularly busy week with four named issues - Turtlemint Fintech Solutions, Waterways Leisure Tourism, Advit Jewels and CSM Technologies - together set to raise ₹1,779 crore. Another report notes more than a dozen issuers preparing to raise about ₹45,000 crore in July. It also says that, beyond the three largest issues, the remaining names could raise another ₹10,000 to ₹12,000 crore, based on investment banker estimates.

Key IPO pipeline snapshot (issue sizes in ₹ crore)

Market impact: what the numbers say about supply and sentiment

The headline figure of ₹4,71,910.97 crore across 238 companies sets expectations for heavy supply if a meaningful share of the pipeline converts into launched deals. The compilation also notes that 20 IPOs raised ₹19,854 crore in the first five months of 2026, framing H2 as potentially more active after a muted start. By June 19, about 173 companies are described as having received SEBI approval to raise ₹2,70,000 crore. Bankers cited in the compilation expect the “real test” in July, when issues including SBI Mutual Fund and Manipal Health Enterprises are expected. The pipeline is also described as crowded, with over 70 companies awaiting their turn, alongside a pickup in qualified institutional placements (QIPs). Together, these datapoints indicate that execution timing and investor allocation capacity could become important as multiple offerings compete for attention.

Why the H2 2026 pipeline matters

The large IPO queue matters because it combines scale with variety across sectors and structures. Large fresh-issue deals, such as Jio Platforms as described in the table, can be a strong barometer of public market appetite for new capital formation. Large OFS offerings, such as NSE and SBI Funds Management as described, test the market’s willingness to absorb secondary sales from existing shareholders at size. For investors, the pipeline creates a wider choice set but also requires careful comparison on structure, valuation, and sector cycles. For issuers, the crowded calendar raises the stakes on sequencing, anchor demand, and market stability around the launch window. The compilation’s repeated emphasis on July underlines that near-term outcomes could influence the pace of the rest of H2.

Conclusion

India’s IPO market is shaping up for an active H2 2026, led by large draft filings from NSE and Jio Platforms and a launch-ready SBI Funds Management issue expected in early July. With 238 companies targeting about ₹4,71,910.97 crore, execution will likely depend on how smoothly the first set of marquee offerings progresses through pricing and listing milestones in July and Q3 2026.