India’s IPO Pipeline Remains Robust: Equirus’ New Report

India’s IPO pipeline remains strong, with 245 Draft Red Herring Prospectuses (DRHPs) currently in the works, including 175 under the SEBI observation, according to Equirus’ Equity Capital Markets Tracker – June 2026. 

Of the total IPOs in the pipeline, 39 DRHPs are set to expire by September 2026, 45 by December 2026, and the remaining 91 thereafter.

India’s primary market saw seven IPOs and 10 Qualified Institutional Placements (QIPs) in June 2026. Around 71% of the IPOs listed at a premium, while no Follow-on Public Offers (FPOs), REITs or InvITs were launched during the month.

The report suggests that IPO activity picked up in June after a period of moderation, supported by easing macroeconomic uncertainty following the US-Iran ceasefire framework. Although issuance volumes remained below the September 2025 peak, companies gradually returned to the primary market as conditions improved.

Domestic investor participation remained steady, with monthly SIP inflows staying close to INR 31,000 crore in June compared with INR 28,464 crore a year earlier. The inflows helped offset foreign institutional investor (FII) outflows, which widened to around USD 5 billion during the month.

According to the report, FY26 was the strongest year for India’s IPO market over the past three financial years in terms of both the number of issues and capital raised. While subscription multiples moderated from FY25 levels, investor demand remained healthy. IPOs in the INR 1,000 to 1,500 crore range delivered the strongest listing performance during FY26, reflecting investor preference for companies with stronger earnings visibility.

Sector-wise, Media, Consumer and Healthcare (MCH) led fundraising over the past 12 months, raising more than INR 1.12 lakh crore, followed by Industrials at around INR 82,800 crore and BFSI at over INR 71,300 crore. Fundraising in MCH, BFSI and Industrials was largely driven by Offer for Sale (OFS) transactions.

Infrastructure recorded the highest share of fresh capital issuance, with nearly 72 percent of funds raised through fresh issues. In contrast, IT, Technology and Telecom remained the most monetization-led segment, with nearly 79percent of funds raised through OFS.

Institutional participation also remained strong. Foreign Portfolio Investors (FPIs) invested INR 40,396 crore through anchor books over the past 12 months, followed by mutual funds at INR 36,439 crore. Insurance companies invested INR 8,456 crore, while financial institutions and banks contributed INR 7,565 crore.

The report also noted that Indian equities outperformed several major global markets in June 2026. The Nifty 50 gained 2.07 percent during the month, outperforming markets including the United States and China, supported by easing geopolitical tensions and stable domestic macroeconomic conditions.