Following a record-breaking 2025, the Indian primary market is entering 2026 with a massive pipeline of public issues. According to the latest analysis by Prime Database Group, the momentum from last year, which saw mainboard IPOs hit an all-time high of Rs 1,75,901 crore is set to accelerate further. An assessment of Sebi filings, exchange disclosures and data compiled by Prime Database Group shows companies targeting close to Rs 2.5 lakh crore through mainboard IPOs over the coming quarters.
This includes issuers that already have Sebi approval, those awaiting clearance, and companies that have filed draft red herring prospectuses but have yet to receive a final nod.
The build-up follows a record year for IPO fundraising. In 2025, 103 companies raised Rs 1.76 lakh crore through mainboard IPOs, the highest annual mobilisation on record, according to Prime Database. It was also the first time India saw two consecutive years of record IPO fundraising.
Where the 2026 pipeline stands
As of the end of December, 96 companies proposing to raise around Rs 1.25 lakh crore had already secured SEBI approval and were waiting to tap the market. Another 106 companies, with planned fundraising of roughly Rs 1.40 lakh crore, were awaiting regulatory clearance, Prime Database data shows.
Alongside the mainboard pipeline, filings data shows heavy activity in the SME segment, where a large number of companies have either filed offer documents with exchanges or received exchange approvals.
SME companies that have recently filed or received exchange approvals include VK Tyre India, Highness Microelectronics, Technocrats Plasma Systems, Aegeus Technologies and UHM Vacation, according to exchange disclosures.
Most of these SME issuers have not disclosed final issue sizes at the filing stage. Their presence in the pipeline reflects volume rather than scale, but together they add to an already packed issuance calendar for 2026.
The 2026 IPO pipeline
The pipeline for the coming year is anchored by a significant number of companies at various stages of the regulatory process with SEBI. Based on data from Prime Database:
- Valid SEBI Approvals: 96 companies hold active approvals to raise approximately Rs 1.25 lakh crore.
- Awaiting Regulatory Clearance: 106 companies have filed offer documents and are in the queue for final observations, representing a potential fund mobilisation of Rs 1.40 lakh crore.
- New-Age Technology Companies (NATCs): Significant tech players like Oravel Stays Ltd (OYO) (filed Dec 31, 2025) and Fractal Analytics are leading the digital services charge.
Major Upcoming Issues in 2026
The following table summarizes high-value mainboard issues currently in the pipeline, based on market reports:
| Company | Status (as of Jan 2026) | Estimated Size (Rs Cr) | Sector |
| Clean Max Enviro | SEBI Observation Received | Rs 5,200 | Renewable Energy |
| Fractal Analytics | Filed with SEBI | Rs 4,900 | AI & Data Solutions |
| SMPP | SEBI Observation Received | Rs 4,000 | Defence Mfg |
| Hero FinCorp | Filed with SEBI | Rs 3,668 | Financial Services |
| Oravel Stays (OYO) | Filed with SEBI | TBD | Tech/Hospitality |
| Prestige Hospitality | SEBI Observation Received | Rs 2,700 | Hospitality |
SME Segment Growth
The pipeline also shows a surge in the SME segment. As of January 1, 2026, companies like VK Tyre India Ltd and Highness Microelectronics have already received exchange approval for their SME IPOs, indicating a robust start for smaller cap listings alongside the mainboard giants.
What lies ahead
The scale of the 2026 pipeline suggests the pace of launches will depend less on intent and more on timing and pricing. Prime Database notes that even during the buoyant 2025 market, several companies allowed approvals to lapse or withdrew offer documents, indicating that issuers are selective about when they approach investors.
With close to Rs 2.5 lakh crore worth of IPO proposals spread across approval stages, 2026 is shaping up as a year where sequencing and market conditions will determine how much of the pipeline actually makes it to the trading floor.
