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India’s IPO Pipeline Holds ₹1.70 Lakh Crore Awaiting Approval
Many companies in India are preparing to sell shares to the public.
Seventy-two of them are waiting for approval to raise a large amount of money.
Other companies have already raised ₹12,269 crore through IPOs this September.
Investors, especially individual investors, have shown strong interest.
Some are hoping to make money quickly when shares begin trading.
Experts say this excitement may not last forever.
They also warn that a popular IPO is not always a good investment.
Investors should examine a company’s business, earnings and price before buying shares.
Seventy-two companies were awaiting Securities and Exchange Board of India approval to raise about ₹1.70 lakh crore as of August-end.
Twenty companies raised approximately ₹12,269 crore through IPOs in September, despite bearish secondary-market sentiment.
Six companies listed on one day after attracting ₹1.4 lakh crore in demand for issues worth ₹7,100 crore.
Analysts said strong retail participation is being driven partly by the pursuit of listing gains and recent IPO returns averaging 22%.
Experts warned that future IPO success will depend on reasonable valuations, business quality and post-listing performance.
- Who
- Seventy-two companies seeking IPO approval, investors and market analysts.
- What
- The companies are seeking to raise about ₹1.70 lakh crore through initial public offerings.
- Where
- India’s capital market.
- When
- The data covers the position as of August-end; the report was published on September 20, 2026, and discusses IPO activity during September.
- Why
- Companies are pursuing public fund-raising, while strong retail demand and recent IPO returns are supporting market activity.
IPO Optimism
IPO Caution
Market appetite
IPO Optimism
Strong liquidity, retail participation and recent IPO performance suggest that demand for new issues may continue for some time.
IPO Caution
The current enthusiasm may reflect irrational exuberance, with some investors focusing mainly on listing gains rather than valuations and management quality.
Future pipeline
IPO Optimism
The strong response to recent offerings and the extension of approval validity could help more companies launch IPOs in the coming months.
IPO Caution
Issuers may delay offerings unless they are willing to set valuations that the market can absorb, particularly in less supportive conditions.
Investment decisions
IPO Optimism
Investors are seeking participation in India’s economic growth through highly demanded IPOs.
IPO Caution
Investors should assess business models, earnings predictability, competitive advantages and valuations because popular IPOs can still perform poorly after listing.
Key facts
- Companies awaiting approval
- 72
- Proposed fund-raising
- About ₹1.70 lakh crore
- September IPO fund-raising
- 20 companies raised approximately ₹12,269 crore
- Single-day listings
- Six companies listed on one day
- Demand for those listings
- ₹1.4 lakh crore against issue sizes totaling ₹7,100 crore
- Recent average IPO returns
- 22% from early June to September 7
- Major proposed issues
- Mahanadi Coalfields: ₹10,000 crore; Carlsberg India: ₹6,300 crore; Sembcorp Green Infra: ₹3,750 crore
Quotes
Anooshka Soham Bathwal
CEO and Founder of Dhanvesttor
“Investors should evaluate the business model, earnings predictability, competitive edge and, especially, valuation relative to peers. Even an excellent company can become overvalued once all future growth is priced in.”
thehindubusinessline.com
“Jio Platforms will be closely watched given its proposed fresh issue with no offer for sale. A well-received issue at a valuation that investors find attractive will reinforce confidence across the IPO pipeline.”
thehindubusinessline.com
Sources
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