Equirus report reveals 245 companies have filed DRHPs with SEBI, with 175 holding valid observations. FY26 saw mainboard IPOs hit a 3-year high, with MCH leading fundraising at ₹1.12 lakh crore and FPIs as the top anchor investors.
India's IPO pipeline is fuller than it has been in years. A new Equirus report shows 245 companies have filed DRHPs with SEBI, with 175 already holding regulatory observations. The market may be selective, but companies are clearly not slowing down their listing plans.
Numbers don't lie and the latest from Equirus paints a very busy picture for India's primary market. As of late July 2026, 175 companies are currently holding valid SEBI observations for their draft IPO papers, while another 70 firms are still awaiting regulatory clearance. Put together, that's 245 companies at various stages of the IPO process one of the largest pipelines the Indian market has seen in recent memory.
FY26 Was a Record Year for Mainboard IPOs
Mainboard issuance hit a three-year high in both deal count and capital mobilised during FY26, driven by large-cap supply as corporates used favourable market windows to tap the primary market. The momentum was not evenly spread through the year though. Activity increased sharply in September 2025 with 25 issues riding robust markets and strong domestic inflows, while larger ticket IPOs above ₹1,500 crore were mostly concentrated in the October–November 2025 window.
Post that peak, things cooled a little. June 2026 saw a rebound to 7 issues as the US-Iran ceasefire framework eased macro uncertainty, though volumes remain well below the September 2025 peak.
Mid-Sized IPOs Were the Real Winners
Mid-sized IPOs emerged as the standout performers in FY26, with issues in the ₹1,000–1,500 crore range delivering the strongest listing gains. This isn't a coincidence the trend signals a clear shift in investor preference towards companies offering stronger earnings visibility and established business fundamentals, rather than smaller IPOs driven primarily by market sentiment.
For retail investors, this is a useful signal. The market is becoming more discerning, and quality over quantity seems to be the theme going into H2 FY27.
Which Sectors Raised the Most?
Media, Consumer and Healthcare (MCH) emerged as the top fundraising sector at ₹1,12,214 crore, followed by industrials at ₹82,783 crore and BFSI at ₹71,341 crore over the last twelve months.
On the structure side, the infrastructure sector saw the strongest fresh-issue orientation at 72%, consistent with the sector's high capital requirements, while IT, Tech, and Telecom was the most monetisation-led segment with OFS making up approximately 79% of funds raised.
FPIs Are the Biggest Anchor Investors
One of the more notable findings in the Equirus report: Foreign Portfolio Investors emerged as the largest anchor investors, committing ₹40,396 crore a sign of strong global risk appetite for India's high-growth sectors. Domestic mutual funds followed closely with ₹36,439 crore in anchor investments.
With 238 companies reportedly targeting over ₹4.7 lakh crore in IPO fundraising and August expected to bring a fresh wave of listings, the second half of 2026 looks like it could be just as eventful as the first.