India's IPO fundraising slows in 2026 despite robust pipeline: Equirus Capital

After a strong run in 2025, India’s primary market witnessed a slowdown, with 23 companies tapping the Initial Public Offering (IPO) route to raise more than ₹27,000 crore so far in 2026 amid heightened volatility and macroeconomic uncertainty, according to a report released by Equirus Capital on Tuesday (June 16).

This follows the launch of 103 maiden public issues in 2025, which together raised ₹1.76 lakh crore. The fundraising figure far exceeded the ₹1.6 lakh crore raised by 90 firms in 2024 and the ₹49,436 crore garnered by 57 companies in 2023.

However, the IPO activity is showing signs of a major pickup as geopolitical tension eased with insurtech firm Turtlemint Fintech Solutions and Advit Jewels slated to launch their public issues this month.

Further, Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, is also expected to launch its maiden public offering this month.

The public issues of Turtlemint Fintech Solutions and Advit Jewels are scheduled to open on June 19 and June 23, respectively.

Additionally, the country’s largest stock exchange,

NSE, is expected to file its preliminary papers with Sebi this week.

Further, quick-commerce unicorn Zepto and the country's largest fund house, SBI Mutual Fund, are planning to launch their public issues next month, people aware of the matter said.

In June, CMR Green Technologies

and Hexagon Nutrition have already floated their IPOs.

Moreover, the pipeline remains robust. As of May 2026, 236 mainboard IPO draft papers were in the pipeline, including 163 with valid Sebi observations and 73 awaiting regulatory observations, according to the Equirus Capital report.

According to the report, IPO activity peaked sharply on September 25, with 25 issues capitalising on buoyant markets and strong domestic inflows during that period.

Q2CY26 has seen four IPOs aggregating ₹2,422 crore so far, compared with 19 IPOs worth ₹24,772 crore in Q1CY26 and 30 IPOs aggregating ₹91,058 crore in Q4CY25.

"Post-September, volumes dropped significantly, reflecting tighter market conditions, rising volatility and cautious investor appetite," the report said.

The report added that "by May 2026, activity had nearly dried up, pointing to a wait-and-watch stance amid macroeconomic uncertainty".

Despite the moderation in primary market activity, domestic investor participation remained resilient.

"Domestic retail investors continue to show unwavering commitment through SIPs (Systematic Investment Plans), providing a strong counterbalance to volatile and increasingly cautious foreign institutional sentiment," the report said.

Monthly SIP inflows have remained above ₹30,000 crore in recent months, while foreign investor flows have continued to be volatile.