India’s mainboard IPO pipeline has reached around ₹3.86 lakh crore as of September 2026, highlighting sustained interest among companies looking to raise capital through the public markets.According to the Association of Investment Bankers of India (AIBI), the potential IPO pipeline is around 3.5 times the ₹1.10 lakh crore raised through 84 mainboard IPOs so far in 2026. The data comes from AIBI’s mid-term white paper on India’s capital markets.Key HighlightsIndia’s mainboard IPO pipeline stands at around ₹3.86 lakh crore.84 mainboard IPOs have raised ₹1.10 lakh crore in 2026 so far.Around 130 companies have received SEBI approval for their IPOs.Another 75 companies are at the DRHP stage awaiting approval.Around ₹2.43 lakh crore of the pipeline has received SEBI approval.Another ₹1.44 lakh crore is awaiting regulatory clearance.Mainboard IPOs have raised ₹8.36 lakh crore between 2016 and 2026 year-to-date.SME IPO activity has also expanded significantly.India’s IPO Pipeline Reaches ₹3.86 Lakh CroreThe ₹3.86 lakh crore figure represents the potential value of mainboard IPOs in the pipeline, rather than money already raised by companies.Of this amount, approximately ₹2.43 lakh crore comes from companies that have received approval from the Securities and Exchange Board of India (SEBI). Another ₹1.44 lakh crore represents issues that are still awaiting approval.The pipeline includes nearly 130 companies with SEBI approval and around 75 companies that have filed their Draft Red Herring Prospectuses (DRHPs) and are awaiting clearance.This provides visibility into the potential supply of new public offerings in India's primary market in the months ahead.₹1.10 Lakh Crore Raised Through 84 IPOs in 2026India’s mainboard IPO market has already recorded substantial fundraising this year.AIBI data shows that 84 mainboard IPOs have collectively raised around ₹1.10 lakh crore in 2026 so far. The ₹3.86 lakh crore pipeline is therefore around 3.5 times the amount raised through these issues.The data also shows the longer-term expansion of India's primary market. Mainboard IPOs have collectively mobilised around ₹8.36 lakh crore between 2016 and 2026 year-to-date.Annual fundraising increased from ₹26,494 crore in 2016 to ₹1.76 lakh crore in 2025, according to the AIBI report.What Is Driving India’s IPO Activity?The scale of the pipeline indicates continued interest among companies in accessing public equity markets.AIBI Chairman Mahavir Lunawat said the primary market has moved beyond an episodic fundraising cycle and is becoming a broader channel for capital formation.The report also points to stronger participation from qualified institutional buyers (QIBs), high-net-worth investors (HNIs) and retail investors. AIBI said domestic investor participation has deepened and that India's capital markets are increasingly supported by a wider capital-formation ecosystem.SME IPO Market Also ExpandsThe growth in India’s primary market is not limited to large mainboard companies.According to the AIBI data reported by Business Today, India recorded 267 SME IPOs in 2025, followed by 156 SME IPOs in 2026 year-to-date. Cumulative SME fundraising between 2016 and 2026 year-to-date reached ₹39,849 crore.The average SME issue size has also increased, rising from around ₹8 crore in 2016 to approximately ₹45 crore in 2026 year-to-date.This indicates that smaller companies are also increasingly using the equity markets to raise capital and expand their businesses.IPO Market and Capital FormationThe latest figures put the IPO market in the broader context of capital formation in India.Companies can use funds raised through public offerings for purposes such as business expansion, new capacity, technology, infrastructure and other corporate requirements, depending on the structure and objectives of each issue.AIBI has described the depth of the current pipeline and broader investor participation as signs of a more developed primary market. However, not every company in the pipeline will necessarily launch an IPO immediately, as the timing of individual issues depends on regulatory approvals and market conditions.Growth in Merchant Banking EcosystemThe expansion of IPO activity has also been accompanied by growth in the intermediary ecosystem.AIBI reported that the number of registered merchant bankers increased from 188 in September 2016 to 250 in September 2026, an increase of about 33%.Merchant bankers play an important role in the IPO process, including helping companies structure offerings, prepare regulatory documents and coordinate with market participants.What Happens Next for India’s IPO Market?The ₹3.86 lakh crore pipeline provides a significant pool of potential IPO activity, but the actual pace of new listings will depend on regulatory approvals, market conditions, investor demand and issuer decisions.The primary market has already raised ₹1.10 lakh crore through 84 mainboard IPOs in 2026. The remaining pipeline could add substantially to fundraising if companies proceed with their planned offerings.For investors and businesses, the development means India’s IPO market is likely to remain an important part of the country’s capital markets through the remainder of 2026.
