India's IPO pipeline surges to ₹3.86 trillion, far outpacing 2026 fundraising

India's initial public offering market is witnessing an extraordinary expansion, with 205 companies seeking to raise capital from public investors, according to the Association of Investment Bankers of India (AIBI). The aggregate size of these prospective offerings stands at ₹3.86 lakh crore, dwarfing the ₹1.10 lakh crore mobilized through 84 IPOs during 2026 to date.

Of the pipeline companies, approximately 130 have received approval from the Securities and Exchange Board of India (Sebi), while another 75 have filed their Draft Red Herring Prospectuses and are awaiting regulatory clearance. Companies that have secured regulatory approval account for ₹2.43 lakh crore of the total pipeline, while those in the approval phase represent an additional ₹1.44 lakh crore, AIBI Chairman Mahavir Lunawat said.

The robust pipeline reflects strengthened corporate confidence in capital market conditions and investor appetite for new listings. The surge underscores a fundamental shift in how Indian companies are approaching growth financing, increasingly turning to public markets to fund expansion and strategic initiatives. The development comes as outlined in AIBI's mid-term white paper examining India's capital market trajectory amid evolving geopolitical and economic dynamics.