IPO pipeline strengthens; 38 cos file draft papers in March

As many as 38 companies, including SBI Funds Management and Manipal Health Enterprises, filed preliminary IPO papers with SEBI in March 2026, signalling improving issuer sentiment even as regulatory timelines contributed to the surge.

This marks a sharp jump from 22 filings in March 2025 and 16 in March 2024, data from the Securities and Exchange Board of India (SEBI) showed, indicating a stronger pipeline of public issues.

The momentum is expected to continue, with several high-profile companies, including the National Stock Exchange (NSE) and Reliance Industries' telecom arm Jio, preparing to submit their draft papers in the coming weeks, according to merchant banking sources.

In addition, Singapore-based Sembcorp Industries' Indian renewable energy arm, Sweden-based Modern Times Group's subsidiary PlaySimple, TPG-backed online lending platform Fibe and Tiger Global-backed BatterySmart are also likely to file DRHPs soon, they added.

Of the 38 companies that filed their draft papers with SEBI, a total of 9 firms, including Zetwerk, SNVA Traveltech, Rediff.com India, Torrent Gas, Synergy Advanced Metals, Garuda Aerospace, and Sohan Lal Commodity Management, opted for the confidential filing route.

According to an Axis Capital report, as many as 64 companies have filed Draft Red Herring Prospectuses (DRHPs) wth SEBI and are awaiting clearance, while 124 companies have already received regulatory approval but are yet to hit the market. Another 20 firms have filed confidential DRHPs since March 2025.

The report further noted that FY2025-26 (up to March-end) saw 109 mainboard IPOs, of which 69 listed above their issue price, while three companies were yet to debut on the exchanges as of March 31, 2026.

The IPO market is expected to gain further momentum in the first quarter of FY2026-27, supported by a robust pipeline, with a large number of companies both awaiting SEBI approval and holding valid approvals for launch, it added.

So far in 2026, 18 companies have launched IPOs, with 8 issues hitting the market in March alone despite volatile market conditions and geopolitical tensions.

On the other hand, digital payments company PhonePe temporarily deferred its public market listing process due to the current geopolitical conflicts and market volatility. However, Sameer Nigam, PhonePe's CEO, stated the company remains committed to a public listing in India.

Market participants said the spike reflects a combination of improved issuer confidence and regulatory considerations.

Feroze Azeez, Joint CEO at Anand Rathi Wealth, said the surge cannot be attributed to timelines alone.

"It is a mix of both issuer confidence and regulatory compliance pushing filings before March-end, but it would be too simplistic to attribute it only to timelines," he said.

"Given regulatory approval timelines and the difficulty of timing markets, companies are filing early to stay ready for favourable windows as they emerge. Regulatory approvals are valid for up to 12 months," he said.

Typically, companies tend to file towards the end of the financial year to keep their approval window open. However, the scale of filings this time is notable, with more than a dozen firms submitting DRHPs in the last two days of March alone, Azeez added.

Importantly, the quality of companies entering the IPO pipeline also points to improving sentiment.

According to sources, new-age insurance distribution platform Turtlemint is on track with its IPO plans and has received encouraging investor feedback in recent weeks. Institutional investors have already begun preparatory processes, with the company eyeing a launch in the next available market window.

Similarly, Kerala-based Learnfluence Education, which operates under the brand Lakshya, is expected to file an updated offer document with SEBI soon.

Experts note that companies moving ahead with IPO plans in the current environment largely fall into two categories-- those with strong institutional backing and demand visibility, and those with pressing capital requirements. Others may wait for better price discovery and improved market stability.

"This reflects a broader shift from a liquidity-driven cycle to a fundamentals-led market," Loonker said.

Azeez added that the supportive macroeconomic backdrop and healthy earnings outlook are giving companies the confidence to plan listings. At the same time, private equity investors seeking exits are further contributing to the robust pipeline.

"While timelines may have influenced the timing, the intent to tap the markets is clearly backed by confidence," he said.

Published on April 5, 2026