Following a record-breaking 2025, India’s primary market is gearing up for a massive IPO wave in 2026, with companies targeting close to ₹2.5 lakh crore through mainboard issues, according to data compiled by Prime Database Group.
In 2025, 103 companies raised ₹1.76 lakh crore, marking the highest annual IPO mobilisation in India’s history. It was also the first time the market saw two consecutive years of record fundraising, highlighting the sustained investor appetite for public issues.
Mainboard IPO Pipeline 2026
As per Prime Database analysis:
- 96 companies have already secured SEBI approvals, planning to raise around ₹1.25 lakh crore.
- 106 companies have filed draft offer documents and are awaiting regulatory clearance, representing a potential fundraising of ₹1.40 lakh crore.
New-age technology companies (NATCs) are leading the charge in 2026, with firms like Oravel Stays Ltd (OYO) and Fractal Analytics filing for IPOs in the digital services and AI space.
High-Value Upcoming Mainboard Issues
| Company | Status | Estimated Size (₹ Cr) | Sector |
|---|---|---|---|
| Clean Max Enviro | SEBI Observation Received | 5,200 | Renewable Energy |
| Fractal Analytics | Filed with SEBI | 4,900 | AI & Data Solutions |
| SMPP | SEBI Observation Received | 4,000 | Defence Manufacturing |
| Hero FinCorp | Filed with SEBI | 3,668 | Financial Services |
| Oravel Stays (OYO) | Filed with SEBI | TBD | Tech/Hospitality |
| Prestige Hospitality | SEBI Observation Received | 2,700 | Hospitality |
SME Segment Activity
The SME IPO segment is also showing strong momentum. Companies such as VK Tyre India Ltd, Highness Microelectronics, Technocrats Plasma Systems, Aegeus Technologies, and UHM Vacation have filed or received exchange approvals. While final issue sizes are not disclosed yet, these listings indicate a healthy pipeline of smaller-cap IPOs complementing mainboard launches.
What Lies Ahead
Despite the record pipeline, timing, pricing, and market conditions will determine which companies successfully launch. Historical trends show that even during buoyant markets, several approved IPOs are either withdrawn or allowed to lapse.
With nearly ₹2.5 lakh crore worth of proposals, 2026 is expected to be a dynamic year for India’s equity markets, offering opportunities across mainboard and SME segments.
Disclaimer: This article is based on publicly available information and market data. It does not constitute investment advice. Investors should conduct their own research or consult a financial advisor before making any investment decisions.
