New Delhi: India’s initial public offering (IPO) market witnessed a sharp surge in activity in March 2026, with as many as 38 companies — including SBI Funds Management and Manipal Health Enterprises — filing preliminary papers with the Securities and Exchange Board of India (Sebi), reflecting improving issuer sentiment and a strong pipeline of public issues.
The number marks a significant jump from 22 filings in March 2025 and 16 in March 2024, indicating growing confidence in the Indian IPO market despite volatile global conditions.
Market momentum is expected to continue, with high-profile companies such as National Stock Exchange (NSE) and Reliance Jio — the telecom arm of Reliance Industries — likely to file draft red herring prospectuses (DRHPs) in the coming weeks, according to merchant banking sources.
Several other companies are also preparing to tap the capital markets, including Sembcorp Industries’ Indian renewable energy arm, Modern Times Group subsidiary PlaySimple, TPG-backed lending platform Fibe, and Tiger Global-backed BatterySmart.
Of the 38 firms that filed IPO papers in March, nine — including Zetwerk, SNVA Traveltech, Rediff.com India, Torrent Gas, Synergy Advanced Metals, Garuda Aerospace and Sohan Lal Commodity Management — opted for the confidential filing route, signalling a strategic approach to market timing.
According to a report by Axis Capital, a total of 64 companies have filed DRHPs with Sebi and are awaiting regulatory clearance, while 124 firms have already received approval but are yet to launch their IPOs. Additionally, 20 companies have filed confidential DRHPs since March 2025.
The report highlighted that FY2025–26 (up to March-end) saw 109 mainboard IPOs, of which 69 listed above their issue price, indicating healthy investor appetite. Three companies were yet to debut on stock exchanges as of March 31, 2026.
So far in 2026, 18 companies have launched IPOs, with eight issues hitting the market in March alone, despite volatility driven by global geopolitical tensions.
However, PhonePe temporarily deferred its IPO plans amid market uncertainty. CEO Sameer Nigam said the company remains committed to a future public listing in India.
Market experts attribute the surge in filings to a mix of improved issuer confidence and regulatory timelines.
Feroze Azeez, Joint CEO at Anand Rathi Wealth, said the spike cannot be explained by timelines alone. “It is a combination of issuer confidence and regulatory compliance pushing filings before the financial year-end,” he noted.
Echoing this view, Pratik Loonker, Managing Director and Head of ECM at Axis Capital, said companies are filing early to remain ready for favourable market windows, as regulatory approvals are valid for up to 12 months.
Typically, companies rush to file DRHPs towards the end of the financial year to keep their approval window open. However, the scale of filings this year stands out, with more than a dozen companies submitting papers in the final two days of March alone.
Importantly, the quality of firms entering the IPO pipeline is also improving. Sources said new-age insurance distribution platform Turtlemint is progressing with its IPO plans, while Kerala-based Learnfluence Education (Lakshya) is expected to file updated documents with Sebi soon.
Experts noted that companies advancing IPO plans in the current environment broadly fall into two categories — those backed by strong institutional demand and those with immediate capital requirements — while others may wait for better valuations and market stability.
“This signals a broader shift from a liquidity-driven cycle to a fundamentals-led IPO market,” Loonker said.
Azeez added that a supportive macroeconomic environment, strong earnings outlook, and private equity exits are collectively driving the robust IPO pipeline.
PTI
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