Author: Aadarsh Patel | EQMint
India’s massive ₹4.66 lakh crore IPO pipeline could face delays and valuation pressure as weakness in the stock market, rising US bond yields and broader global uncertainty make investors more cautious.
According to Prime Database data, 238 companies are currently in the IPO pipeline, either having received approval from the Securities and Exchange Board of India (SEBI) or having filed their offer documents and awaiting regulatory clearance.
The pipeline includes some of India’s most closely watched potential listings, including Jio Platforms, the National Stock Exchange of India (NSE), PhonePe, Zepto, Prism and Carlsberg India.
IPO Pipeline Totals ₹4.66 Lakh Crore
Prime Database estimates the total potential fundraising at ₹4,65,613 crore, or approximately ₹4.66 lakh crore.
Of the 238 companies, 167 have valid SEBI approvals, representing an estimated ₹3,05,933 crore. Another 71 companies are awaiting regulatory approval, accounting for around ₹1,59,680 crore.
However, the headline figure needs some context. The estimated pipeline includes companies that have not yet disclosed their proposed issue sizes.
For 111 companies without a disclosed issue size, Prime Database has assumed an average issue size of ₹1,500 crore. This adds approximately ₹1,66,500 crore to the overall estimate.
This means a significant portion of the ₹4.66 lakh crore figure is an estimate rather than a confirmed fundraising amount.
Jio Platforms, NSE and PhonePe Lead the IPO Queue
Three major companies account for nearly ₹80,000 crore of the potential fundraising pipeline.
Jio Platforms has the largest proposed IPO at around ₹37,700 crore, followed by NSE at ₹30,000 crore and PhonePe at ₹12,000 crore.
Together, the three potential offerings amount to approximately ₹79,700 crore.
Jio Platforms received SEBI approval on August 28, 2026, while NSE was still awaiting regulatory approval in the latest available updates. PhonePe is also among the major companies preparing for a public-market debut.
Major IPOs in India’s Pipeline
| Company | Proposed IPO Size |
|---|---|
| Jio Platforms | ₹37,700 crore |
| NSE | ₹30,000 crore |
| PhonePe | ₹12,000 crore |
| Avaada Electro | ₹7,600 crore |
| Prism | ₹6,650 crore |
| Carlsberg India | ₹6,300 crore |
| Zepto | ₹5,106 crore |
| Credila Financial Services | ₹5,000 crore |
| SAEL Industries | ₹4,575 crore |
| Sembcorp Green Infra | ₹3,750 crore |
The pipeline extends across sectors including financial services, technology, renewable energy, engineering, healthcare, construction and consumer businesses.
Market Sell-Off Could Affect IPO Timing
Despite the size of the pipeline, companies may not rush to launch their issues while secondary markets remain volatile.
Market conditions play a crucial role in determining IPO valuations and investor appetite. When listed stocks come under pressure, companies preparing to go public may have to reconsider their pricing, reduce issue sizes or postpone their offerings.
Prime Database Managing Director Pranav Haldea has pointed to the close relationship between the primary and secondary markets, noting that recent IPOs have seen some issuers reduce issue sizes or valuations, while others have deferred their plans.
The message for upcoming issuers is straightforward: a large IPO pipeline does not necessarily translate into immediate fundraising.
Companies may wait for market sentiment to improve before launching their offerings to avoid pricing their shares at a discount.
Rising US Yields Add to Investor Concerns
The rise in US Treasury yields is another factor adding pressure to global equity markets.
Higher US yields can make dollar-denominated fixed-income investments relatively more attractive, potentially affecting flows into emerging-market equities such as India.
For IPO-bound companies, this can translate into greater scrutiny of valuations and weaker risk appetite among investors.
At the same time, concerns around inflation, interest rates and global economic conditions can make investors more selective when evaluating new listings.
Zepto and Other IPOs Could Take Longer
Not every company in the ₹4.66 lakh crore pipeline is expected to launch its IPO immediately.
Zepto, for example, has a proposed issue size of around ₹5,106 crore but has delayed its IPO plans and has been considering additional pre-IPO funding. Its presence in the pipeline therefore does not necessarily indicate an imminent public offering.
Similarly, companies can remain in the IPO queue for extended periods as they wait for favourable market conditions, regulatory approvals or better valuations.
IPO Pipeline Remains Strong Despite Near-Term Challenges
The market volatility has not erased the long-term appetite for public listings.
The diversity of companies waiting to enter the market indicates that businesses across technology, financial services, renewable energy, healthcare and consumer sectors continue to view IPOs as an important source of capital and a potential route to unlock shareholder value.
The near-term pace, however, is likely to depend heavily on how the broader equity market performs.
For investors, the ₹4.66 lakh crore IPO pipeline offers a long list of potential opportunities, but the actual size and timing of fundraising could change considerably depending on market conditions.
With mega issues such as Jio Platforms, NSE and PhonePe in the queue, the Indian primary market could see significant activity if investor sentiment stabilises.
For now, however, market volatility and global interest-rate pressures remain key factors that could determine which companies make it to the stock exchanges—and when.
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