India's IPO market is poised for a significant upswing as major listings are set to hit Dalal Street in July, with a combined size of approximately ₹32,000 crore. Leading the charge is SBI Funds Management with an expected issue of ₹12,000-13,000 crore, followed by Manipal Health Enterprises and Zepto, aiming to raise ₹11,000 crore and ₹8,000 crore respectively.
Investment bankers are optimistic about the upcoming IPO activity, attributing the momentum to improving macroeconomic conditions and robust domestic investor participation. The IPO pipeline for July includes notable names such as Gaja Capital, Knack Packaging, Innovatiview, and Rays of Belief Learnfluence Education, among others. These companies are collectively expected to raise an additional ₹10,000-12,000 crore.
The IPO market had experienced a slowdown earlier this year due to geopolitical uncertainties and weak foreign institutional flows. However, the easing of tensions in West Asia and regulatory tailwinds are now providing a conducive environment for mid-sized companies to list. This renewed activity is reflected in the number of draft IPO prospectuses filed, signaling a positive outlook for the market.
“The IPO market is expected to witness stronger listing activities going forward on the back of the prospect of gradual easing of geopolitical uncertainties and resilient domestic participation.”
Sonia Dasgupta, Managing Director and Chief Executive, Investment Banking, JM Financial
Abhinav Kumar, partner-Capital Markets at TT&A Law Firm, emphasized the role of quality issuers and regulatory flexibility in shaping the current wave of IPOs. Anurag Byas from Rothschild & Co noted the upward trend in the average size of IPOs, indicating growing liquidity and confidence among issuers.
The broader IPO pipeline remains robust, with over 200 companies preparing to go public. Success in upcoming issuances is expected to set the tone for the rest of the year, particularly for large and high-profile listings. Investment bankers anticipate a pick-up in equity issuances in the second half of 2026, driven by improving market sentiment.
“The current wave of mid-sized IPO launches reflects a healthy confluence of factors-quality issuers with sound fundamentals, reasonable valuations that leave room for investor upside, and the tailwind of Sebi's recent regulatory flexibility that has meaningfully streamlined the path to listing.”
Abhinav Kumar, Partner-Capital Markets, TT&A Law Firm
Background
The IPO market had slowed earlier in 2026 due to geopolitical tensions and weak foreign institutional flows. However, easing tensions in West Asia and regulatory changes have created a favorable environment for IPOs, particularly for mid-sized companies.
As the market prepares for a busy IPO season, the focus will be on how these listings perform and their impact on investor sentiment. The success of these offerings could pave the way for a strong finish to the year, reinforcing India's position as an attractive investment destination.
