IPO Pipeline Expands as 38 Companies File Draft Registration Statements

IPO Market Sees Significant Surge in Filing Numbers

The Indian IPO market has witnessed a notable increase in the number of companies filing preliminary IPO papers with the Securities and Exchange Board of India (SEBI). As many as 38 companies, including SBI Funds Management and Manipal Health Enterprises, filed preliminary IPO papers in March 2026, marking a sharp jump from 22 filings in March 2025 and 16 in March 2024.

According to data from SEBI, the surge in filings indicates a stronger pipeline of public issues. Several high-profile companies, including the National Stock Exchange (NSE) and Reliance Industries' telecom arm Jio, are preparing to submit their draft papers in the coming weeks, according to merchant banking sources.

In addition to these companies, Singapore-based Sembcorp Industries' Indian renewable energy arm, Sweden-based Modern Times Group's subsidiary PlaySimple, TPG-backed online lending platform Fibe, and Tiger Global-backed BatterySmart are also likely to file DRHPs soon.

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Of the 38 companies that filed their draft papers with SEBI, a total of 9 firms opted for the confidential filing route. According to an Axis Capital report, as many as 64 companies have filed Draft Red Herring Prospectuses (DRHPs) with SEBI and are awaiting clearance, while 124 companies have already received regulatory approval but are yet to hit the market.

The report further noted that FY2025-26 saw 109 mainboard IPOs, of which 69 listed above their issue price, while three companies were yet to debut on the exchanges as of March 31, 2026. The IPO market is expected to gain further momentum in the first quarter of FY2026-27, supported by a robust pipeline.

So far in 2026, 18 companies have launched IPOs, with 8 issues hitting the market in March alone despite volatile market conditions and geopolitical tensions. However, digital payments company PhonePe temporarily deferred its public market listing process due to the current geopolitical conflicts and market volatility.

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Market participants attribute the surge to a combination of improved issuer confidence and regulatory considerations. Experts note that companies moving ahead with IPO plans in the current environment largely fall into two categories– those with strong institutional backing and demand visibility, and those with pressing capital requirements.

The quality of companies entering the IPO pipeline also points to improving sentiment. New-age insurance distribution platform Turtlemint is on track with its IPO plans and has received encouraging investor feedback in recent weeks. Institutional investors have already begun preparatory processes, with the company eyeing a launch in the next available market window.

Experts believe that the supportive macroeconomic backdrop and healthy earnings outlook are giving companies the confidence to plan listings. At the same time, private equity investors seeking exits are further contributing to the robust pipeline. While timelines may have influenced the timing, the intent to tap the markets is clearly backed by confidence.