India's initial public offering (IPO) market continues to be very active even as the broader equity market is on the move. Based on data from Prime Database, 238 companies are preparing for public issues to raise funds of Rs 4.66 lakh crore.
Of these companies, 167 have received approval from the Securities and Exchange Board of India (SEBI), and another 71 companies are waiting to be approved. The huge pipeline indicates companies in all sectors are now in a position to access the stock markets and will likely take advantage if investors continue to be interested in new listings.
The proposed IPO pipeline comprises some of the biggest names in the Indian corporate sector, with Jio Platforms and the National Stock Exchange (NSE) being the most closely watched possible offerings.
Jio Platforms and NSE IPOs in Focus
Jio Platforms is going to launch an IPO in India. According to reports, it will raise Rs 37,700 crore in the IPO.
Jio Platforms received SEBI approval for its proposed IPO on August 28, 2026. If launched at the proposed size, the issue could become the largest IPO in the history of the Indian stock market.
The proposed NSE IPO is estimated at around Rs 30,000 crore. If completed at that size, it could even become the second biggest IPO in the country.
Another major company in the pipeline is PhonePe, which may raise Rs 12,000 crore through its public issue.
Together, the proposed IPOs of Jio Platforms, NSE, and PhonePe could account for around Rs 79,700 crore, highlighting the scale of the upcoming primary-market activity.
Several Other Large IPOs in the Pipeline
The IPO pipeline extends well beyond the three big ones. There are also a lot of companies from various industries preparing to get into the market and several others are also preparing to go public.
Avaada Electro has an issue of about Rs 7,600 crore; Prism is planning an IPO of around Rs 6,650 crore. Zepto is also looking to raise around Rs 5,106 crore, while Sembcorp Green Infra has a proposed issue size of around Rs 3,750 crore.
These proposals illustrate the array of companies preparing to enter the market in public from technology and new-age businesses to infrastructure, renewable energy, and other established sectors.
Engineering and IT Companies Lead the Pipeline
The IPO pipeline is wide-ranging and covers multiple industries. Engineering companies make up a big part of companies that have received regulatory approval.
The IT and software sector is also a major contributor, but housing, construction, and real estate companies make up much more of the pipeline. Electrical and electronics companies are also widely involved.
Financial services companies will also be a key player for the IPO market, and fundraising is expected to happen in both the traditional and emerging sectors.
Rs 1.66 Lakh Crore Is an Estimate
One important factor to consider in the Rs 4.66 lakh crore figure is that the entire amount does not represent officially disclosed IPO sizes.
Prime Database estimates that approximately Rs 1.66 lakh crore of the total potential fundraising is for companies that have not yet publicly disclosed the size of their proposed issues. The database has estimated an average issue size of around Rs 1,500 crore for 111 such companies.
Thus, the Rs 4.66 lakh crore figure should be seen as an estimate of potential fundraising rather than a certain value of announced IPOs.
The timing of IPOs is dependent on market conditions
Despite the pipeline size and number of companies, all 238 are unlikely to launch IPOs at once. Companies take several factors into account in deciding when to announce a public issue.
These are overall market conditions, investor appetite, valuation expectations, sector sentiment, and stock-market volatility. Regulatory approvals and the readiness of companies will also affect the timing.
Hence, investors could see a combination of massive mega-issues and smaller offerings come out in the coming months.
But the pipeline is clear that companies still see India’s equity markets as a crucial capital source. With the possibility of huge IPOs from Jio Platforms and NSE as well as PhonePe, Zepto, and Avaada Electro, the primary market could remain an important focus for investors.
But investors should assess each IPO independently based on the company’s financial performance, valuation, business model, growth prospects, and risks rather than making investment decisions only based on the size or popularity of an issue.
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