India’s IPO Market Raises Over $9 Billion in Record Third Quarter, Strong Pipeline Builds for Year-End

India’s IPO market gathered considerable pace in the September quarter, with companies raising more than $9 billion during the three months ended September. This was the highest amount ever raised through IPOs during the July-September period, according to Bloomberg data cited in the report. 

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The strong quarter took IPO fundraising in India past $13 billion so far in 2026. Activity had started the year on a quieter note before picking up, helped by some of the year’s larger public offerings. 

The IPOs of National Stock Exchange of India, SBI Funds Management and Manipal Health Enterprises together raised more than $4.3 billion, accounting for a sizeable portion of the money raised during the recent pickup in activity. 

The primary market has remained active despite a difficult year for listed equities. The Nifty 50 has fallen around 13% in 2026, making India the second-worst-performing major equity market globally after Indonesia. Even against that backdrop, domestic liquidity and institutional demand have continued to support new share sales, although investors have become more selective about valuations. 

Attention is now turning to the final months of the year. India has raised more than $20 billion through IPOs in each of the previous two years, and another strong quarter could take the 2026 tally closer to those levels. 

Several large issues are being prepared. Jio Platforms is working on a proposed share sale of more than $3.1 billion, while Avaada Electro is preparing an IPO of about $800 million. Advanta Enterprises is also working on a deal worth around $400 million. 

Beyond these larger offerings, the pipeline remains crowded. Around 144 companies have already secured regulatory approval to launch IPOs. The list includes Oravel Stays, Torrent Gas and Sify Infinit Spaces. 

Another 73 companies have submitted draft prospectuses to the market regulator and are waiting for approval. Carlsberg India and MakeMyTrip India are among the companies in this group. 

The number of companies waiting to enter the market gives issuers a substantial pipeline heading into the final quarter of 2026 and potentially the beginning of 2027. The actual pace of launches, however, will depend on market conditions, investor demand and the valuations at which companies are prepared to offer shares. 

After a subdued beginning to the year, the record September quarter has put India’s IPO market back on a stronger fundraising path. With a long list of approved and proposed issues still waiting in the wings, the final quarter will determine how close 2026 comes to the fundraising levels recorded over the previous two years.