India's initial public offering (IPO) market is expected to remain active in the second quarter of FY2026-27, with a large number of companies preparing
to tap the capital markets. According to Axis Capital's August IPO Market Update, the primary market is backed by a healthy pipeline of issuers at different stages of regulatory approval, indicating sustained fundraising activity in the coming months. The report stated that 146 companies have already received approval from the Securities and Exchange Board of India (SEBI) and are now waiting for an appropriate window to launch their public issues. In addition, 65 companies have filed their draft red herring prospectuses (DRHPs) and are awaiting regulatory observations before moving ahead with their IPO plans. Axis Capital also noted that since March 2025, another 33 companies have opted for the confidential DRHP route, reflecting a growing preference among firms to keep sensitive business information private during the early stages of the listing process. Jio, NSE, PhonePe And Zepto Lead High-Profile IPO Queue The list of companies expected to approach the market includes several well-known names across technology, financial services, retail and consumer sectors. Among the prominent firms in the pipeline are Jio Platforms, National Stock Exchange (NSE), PhonePe, Zepto, Oravel Stays (Oyo), Cult.Fit, Indian Gas Exchange, Acevector (Snapdeal), Imagine Marketing (boAt), Manipal Payment and Identity Solutions, and Playsimple Games. Their potential listings are expected to keep investor interest high and could make the upcoming quarters among the busiest for India's primary market. Recent IPOs Continue To Deliver Strong Investor Returns The brokerage also highlighted the performance of companies that have already entered the stock market. According to the report, the combined market capitalisation of 407 mainboard IPO-listed companies tracked by Axis Capital rose to Rs 64.59 lakh crore in July, compared with Rs 61.58 lakh crore in June, marking a 4.89 per cent increase. The report said these companies outperformed the broader equity market during the month. July itself saw the launch of 12 mainboard IPOs. Out of these, nine companies debuted at a premium, one listed at par with its issue price, while three had not yet been listed as of July 31. Axis Capital's analysis also pointed to healthy long-term returns for investors. Across the 407 IPOs covered in the study, the average listing gain stood at 21 per cent for retail investors. By July 31, 2026, the average return over the issue price had climbed to 66 per cent, suggesting that many companies continued to reward investors well after their market debut. The report further revealed that 86 companies, accounting for 21 per cent of the IPOs analysed, were trading at more than twice their issue price as of July 31. Another 50 companies had appreciated between 50 per cent and 100 per cent, while 55 companies were trading 25-50 per cent above their respective offer prices. Axis Capital's August IPO Market Update examined the performance of mainboard IPOs and follow-on public offers (FPOs) listed between July 2020 and July 2026, covering a total of 407 companies across different market cycles.
