India’s IPO pipeline has reached Rs 3.86 lakh crore as of September 2026, nearly 3.5 times the Rs 1.10 lakh crore raised through 84 mainboard initial public offerings (IPOs) so far this year, according to a report by the Association of Investment Bankers of India (AIBI).
Key highlights
- India’s IPO pipeline reached Rs 3.86 lakh crore in September 2026, nearly 3.5 times this year’s fundraising.
- AIBI reported 130 SEBI-approved companies and 75 awaiting approval, alongside growing mainboard and SME IPO activity.
The IPO pipeline includes around 130 companies that have received approval from the Securities and Exchange Board of India (SEBI), while another 75 companies have filed their Draft Red Herring Prospectuses (DRHPs) and are awaiting regulatory approval. The figures were disclosed in AIBI’s mid-term white paper, India Capital Markets: Navigating Geopolitics, Capital & Growth.
The report highlights continued issuer interest in public markets and the potential scale of India’s primary market beyond the funds already raised in 2026.
Mainboard IPO Fundraising Reaches Rs 8.36 Lakh Crore Since 2016
Mainboard IPOs have cumulatively raised Rs 8.36 lakh crore between 2016 and 2026 year-to-date (YTD), according to AIBI. Annual fundraising increased from Rs 26,494 crore in 2016 to Rs 1.76 lakh crore in 2025. In 2026 YTD, companies have raised Rs 1.10 lakh crore through 84 issues.
Mahavir Lunawat, Chairman of AIBI, said the primary market has moved beyond periodic fundraising cycles, with a substantial pipeline and wider participation from qualified institutional buyers (QIBs), high-net-worth individuals (HNIs) and retail investors.
The number of mainboard IPOs has also increased over the years, rising from 26 in 2016 to 103 in 2025. A total of 84 issues have been recorded in 2026 YTD.
IPO Pipeline Includes Rs 2.43 Lakh Crore in SEBI-Approved Issues
Of the Rs 3.86 lakh crore IPO pipeline, approximately Rs 2.43 lakh crore comes from companies that have received SEBI approval. Another Rs 1.44 lakh crore is represented by companies awaiting approval, according to AIBI.
The size of the pipeline provides visibility into potential future fundraising. However, regulatory approval does not guarantee that a company will launch its IPO, and the timing of individual offerings may vary.
Lunawat said the next phase of the primary market would depend not only on the number and value of IPOs but also on how effectively the funds are channelled into business expansion, infrastructure, new capacity and long-term investment.
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SME IPO Market Also Records Growth
The expansion of India’s primary market has extended to small and medium enterprise (SME) IPOs. The segment recorded 267 issues in 2025, its highest annual number during the period covered by the report. Another 156 SME IPOs were recorded in 2026 YTD.
Cumulative SME fundraising reached Rs 39,849 crore between 2016 and 2026 YTD. The average SME IPO size also increased from Rs 8 crore in 2016 to Rs 45 crore in 2026 YTD.
The intermediary ecosystem has expanded alongside market activity. The number of registered merchant bankers rose from 188 in September 2016 to 250 in September 2026, an increase of approximately 33%.
QIB, HNI and Retail Investors Show Broad Participation
Investor participation in IPO market has remained broad-based, with average subscription levels in 2026 YTD standing at approximately 49 times among QIBs, 86 times among HNIs and 26 times among retail investors, AIBI reported.
The association said the next phase of primary-market development would depend on issuer quality, institutional participation, disclosure standards, investor protection and efficient price discovery.
The Rs 3.86 lakh crore pipeline reflects the scale of companies preparing to access India’s public markets, while the actual fundraising will depend on individual IPO launches and market conditions.
