After the successful IPO of SBI Funds Management in July (which was the biggest IPO so far this year), India’s primary market is expected to remain bullish in August as well. Next month, more than two dozen companies are preparing to raise a total of about Rs 35,000 crore through IPO. After performing well in the second half of 2025, IPO activity slowed down this year.
The reason for this was the geopolitical tension arising from the Iran War and low flow of foreign institutional investment, which created turmoil in the market and made both companies and investors cautious. The months of April and May were particularly slow, but the situation has improved since then. According to investment bankers, 25 companies can launch IPO next month. New generation companies like Zepto, PhonePe and Shiprocket are expected to be at the forefront of this list.
exact launch time
- Walmart’s payments company PhonePe is planning an issue of around Rs 12,000 crore, followed by quick commerce firm Zepto (Rs 8,010 crore) and logistics platform Shiprocket (Rs 2,342.35 crore). SBI Funds Management had raised Rs 9,813 crore and now Manipal Health Enterprises (Rs 9,275.22 crore) will launch its issue between July 29 and 31, with stock listing on August 5. This will be the second billion-dollar IPO of 2026 after SBI Funds. The IPO of SBI Funds was subscribed 41.66 times.
- Prashant Gupta, partner and national practice head, capital markets, Shardul Amarchand Mangaldas, said in an ET report that there are many good quality companies that have filed draft prospectuses with SEBI and are waiting for the right time to launch their IPOs. He said that although global stock markets (including India) have been volatile in recent weeks, India’s primary market has been active with several QIPs (Qualified Institutional Placements) and now IPOs, including large deals like SBI AMC, which have performed well.
- Bankers and lawyers say that keeping in mind the time, companies are keen to complete their IPO launches in August. Reasons for this include missing the SEBI approval deadline (which was extended till September), coming ahead of big upcoming offers from the likes of NSE and Jio Platforms Ltd, and avoiding the inauspicious timing of Shraddha (Pitru Paksha), which may reduce investor participation.
- In the IPOs to be held in August, Truhome Finance has proposed an offer of Rs 3,000 crore, while Juniper Green Energy is aiming to raise up to Rs 1,800 crore and Innovatiview India is planning a public issue of Rs 2,000 crore. According to investment bankers, Gaja Alternative Asset Management has planned an issue of Rs 656.2 crore.
- Bankers said other companies planning to launch an IPO next month include Ardee Industries, Dhoot Transmission, Hy-Tech Engineers, Learnfluence Education, ARCIL, Shankesh Jewellers, Priority Jewels, Leap India, Parijat Industries, Skyways and MV Electrosystem. Apart from these, Prism (OYO), Elevate Campuses, Horizon Industrial Parks, Varmora Granito and Molbio are also preparing to launch IPO next month.
Investors’ interest returned
- Bhavesh Shah, managing director and investment banking head, Equirus, said in an ET report that with the market stabilizing and investor interest returning, companies that were waiting are now coming into the market. We expect India to raise around $20 billion through IPOs in this calendar year, which shows the strength and potential of the primary market.
- According to Prime Database, the year started on a steady note for the IPO market. There were 10 issues in January and February from which a total of Rs 12,927 crore was raised. After this, eight IPOs came in March whose issue size was Rs 5,852 crore. Activity slowed down in the second quarter. There were only two issues in April from which Rs 1,076 crore were raised, while no issues came in May because the market momentum had slowed down. The pace picked up again in June and a total of Rs 2,718 crore was raised from seven IPOs.
- There have been 10 IPOs so far in July from which Rs 26,279 crore have been raised, which makes it the strongest month of this year so far. So far this year, a total of Rs 48,852 crore has been raised from 37 IPOs.
- Data show that activity remained low in the first half of the year, with fluctuations and a complete standstill in May. However, the sharp rebound in July indicates that the number of IPO launches in the third quarter of 2026 could be much higher than the first two quarters.
sluggishness in the first half
Pranav Haldia, MD, Prime Database, said that despite the sluggishness in the first half of the year, issuer confidence in the August pipeline seems to be increasing, while there has been a lot of volatility in the market due to geopolitical issues. Overall the pipeline remains strong. As of July 24, 178 companies had received approval from SEBI to raise about Rs 2.9 lakh crore through IPO. Apart from this, 70 more companies planning to raise Rs 1.80 lakh crore are waiting for regulatory approval.
