India’s IPO Pipeline Swells to Rs 2.75 Lakh Crore as H2FY27 Set for Busy Run

India’s IPO market is heading into the second half of FY27 with a packed pipeline, after fundraising picked up sharply during the July-September period following a relatively slow start to the financial year. 

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Around 145 companies had valid approvals from the Securities and Exchange Board of India (SEBI) as of September 25, according to Primedatabase data cited by Business Standard. Together, these companies represent an estimated IPO pipeline of around Rs 2.75 lakh crore. 

The number includes 61 companies that have not disclosed their proposed issue sizes. For these companies, the estimate assumes an average issue size of Rs 1,500 crore, adding Rs 91,500 crore to the overall pipeline. 

Jio Platforms Leads List of Big IPOs 

Several large companies are sitting in the IPO queue, setting the stage for an active second half of the financial year. 

Jio Platforms has the largest estimated issue size at Rs 35,000 crore. Avaada Electro follows with a proposed Rs 7,600 crore offering, while Oravel Stays, the parent company of OYO, is estimated at Rs 6,650 crore. 

Zepto has an estimated issue size of Rs 5,106 crore, while Credila Financial Services and Dorf-Ketal Chemicals India are looking at offerings of around Rs 5,000 crore each. 

Not all of the approved pipeline, however, is expected to reach the market during the second half. 

Abhinav Tiwari, senior research analyst at Bonanza, expects roughly Rs 1 lakh crore to Rs 1.2 lakh crore, or around 35-45% of the approved pipeline, to actually enter the primary market during H2FY27. 

He expects the latter part of the calendar year to see stronger IPO activity, supported by large offerings such as Jio. 

IPO Activity Picked Up After Slow Start 

The first few months of FY27 were relatively subdued. 

Companies raised around Rs 46,453 crore through IPOs between April 1 and August 26, nearly 16% lower than the Rs 55,338 crore raised during the comparable period of 2025. 

The number of IPOs also declined to 30 from 38 during the period. 

The pace began changing as the quarter progressed. Companies raised Rs 18,349 crore in July and Rs 26,302 crore in August. 

September was busier still. Around 31 companies launched IPOs during the month and collectively raised Rs 39,214 crore. 

NSE, SBI Funds Management Among Major H1 Issues 

Large offerings played an important role in the first-half fundraising numbers. 

SBI Funds Management raised Rs 9,795 crore, while Manipal Health Enterprises mobilised Rs 9,275 crore. 

September also saw the listing of the National Stock Exchange of India (NSE), which raised Rs 22,560 crore. The issue became India’s second-largest IPO after Hyundai Motor India’s public offering in 2024. 

H2 Pipeline Spans Several Sectors 

The upcoming IPO pipeline is not limited to technology or consumer businesses. 

Among other companies with SEBI approval are Torrent Gas, with an estimated issue size of Rs 4,000 crore; PGP Glass and Zetwerk Manufacturing Businesses at Rs 3,800 crore each; and Sify Infinit Spaces at Rs 3,700 crore. 

Indira IVF Hospital and Integris Medtech each have estimated issue sizes of Rs 3,500 crore, while TruHome Finance is estimated at Rs 3,000 crore. 

The pipeline spans financial services, healthcare, power, infrastructure, technology, manufacturing and consumer-facing businesses. 

Large Issues Could Compete for Investor Attention 

A crowded IPO calendar also means companies could find themselves competing for investor capital. 

Santosh Meena, head of research at Swastika Investmart, said large offerings are likely to draw significant institutional demand, although that does not necessarily leave smaller IPOs out of the picture. He said smaller offerings with stronger fundamentals and reasonable valuations could continue to find investor interest. 

Tiwari also pointed out that a very large IPO such as Jio could temporarily tie up substantial investor funds during the application process. Institutional investors may also sell some of their existing holdings to free up money for new offerings. 

He said the impact could be more visible among mid- and small-cap stocks, where liquidity is relatively lower. Some of the money raised through IPOs may also not return to domestic equities, particularly where proceeds are used for purposes such as repaying foreign-currency debt or where existing shareholders exit through an offer-for-sale. 

After a slow opening to FY27, India’s primary market gathered considerable pace through July, August and September. With around 145 SEBI-approved companies representing an estimated Rs 2.75 lakh crore pipeline, the second half now has a much larger slate of potential listings waiting to reach the market.