After a strong run in 2025, India's primary market witnessed a slowdown with 23 companies tapping the Initial Public Offering (IPO) route to mobilise over Rs 27,000 crore in 2026 so far, amid heightened volatility and macro uncertainty, according to a report released by Equirus Capital on Tuesday.
This came following a launch of 103 maiden public issues in 2025, together raising Rs 1.76 lakh crore. This fundraising figure far exceeded the Rs 1.6 lakh crore raised by 90 firms in 2024 and the Rs 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 come out with its maiden public offering this month.
The public issues of insurtech firm 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 largest fund house SBI Mutual Funds plan 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 and as of May 2026, with 236 mainboard IPO draft papers were in the pipeline, including 163 with valid Sebi's observations and 73 awaiting regulatory observations, according to Equirus Capital report.
Going by the report, IPO activity peaked sharply on September 25 with 25 issues, capitalising on buoyant markets and strong domestic inflows during that period.
According to the report, Q2CY26 has seen four IPOs aggregating Rs 2,422 crore so far, compared with 19 IPOs worth Rs 24,772 crore in Q1CY26 and 30 IPOs aggregating Rs 91,058 crore in Q4CY25.
"Post-September, volumes dropped significantly reflecting tighter market conditions, rising volatility and cautious investor appetite," it said.
The report added that "by May-26, activity has nearly dried up, pointing to a wait-and-watch stance amid macro 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 remained above Rs 30,000 crore in recent months, while flows from foreign investors continued to be volatile.
