Mumbai: After SBI Funds Management’s successful initial public offering (IPO) in July, the biggest this year, the Indian primary market momentum will continue in August. More than two dozen issuers are gearing up to collectively raise around ₹35,000 crore through IPOs next month.
After strong performance in the second half of 2025, IPO activity has slowed this year as geopolitical uncertainty stemming from the war with Iran and weak foreign institutional flows have roiled markets and left both issuers and investors cautious. April and May were particularly dull, but things have picked up since then.
Read more: Sterling & Wilson plans Rs 1,500 crore IPO for generator division
According to investment bankers, 25 companies are expected to launch IPOs next month. New generation players such as Zepto, PhonePe and Shiprocket are expected to lead the charge.
Agencies
Right launch window
Live Events
Walmart-owned payments company PhonePe is planning an issue of around ₹12,000 crore, followed by fast-commerce firm Zepto (₹8,010 crore) and logistics platform Shiprocket (₹2,342.35 crore).
SBI Funds Management has raised ₹9,813 crore, followed by Manipal Health Enterprises (₹9,275.22 crore) from July 29 to 31, with its share listing on August 5. This will be the second billion-dollar IPO in 2026 after the SBI Funds IPO which was subscribed 41.66 times.
“There are a number of high-quality issuers who have filed draft prospectuses with Sebi and continue to look for suitable IPO opportunities,” said Prashant Gupta, partner and national capital markets practice leader, Shardul Amarchand Mangaldas. “While global equity markets (including India) have remained volatile in recent weeks, the primary market in India has been active with a number of QIPs (qualified institutional placements) and now IPOs, including large deals such as SBI AMC, which have done well.”
Bankers and lawyers said the companies are aiming to complete the IPO in August due to timing considerations. These include the expiry of Sebi clearances, which have been extended until September, staying ahead of upcoming large offerings such as those from NSE and Jio Platforms Ltd, and avoiding an inauspicious shraad (pitru paksha) period that could dampen investor participation.
Among the IPOs planned for August, Truhome Finance has proposed a ₹3,000 crore placement, Juniper Green Energy is targeting ₹1,800 crore and Innovatiview India is planning a ₹2,000 crore public offering. Gaja Alternative Asset Management has committed an amount of Rs 656.2 crore, according to investment bankers.
Ardee Industries, Dhoot Transmission, Hy-Tech Engineers, Learnfluence Education, ARCIL, Shankesh Jewellers, Priority Jewels, Leap India, Parijat Industries, Skyways and MV Electrosystem are planning IPOs next month, bankers said. Along with this, Prism (OYO), Elevate Campuses, Horizon Industrial Parks, Varmora Granito and Molbio are also preparing for IPO next month.
Investor appetite is returning
“As markets stabilize and investor appetite returns, companies that have been waiting on the sidelines are now entering the market,” said Bhavesh Shah, managing director and head of investment banking at Equirus. “We continue to expect India to raise around $20 billion through IPOs this calendar year, highlighting the depth and resilience of the primary market.”
According to Prime Database, the IPO market started a strong year with 10 issues totaling Rs 12,927 crore in January and February, followed by March with eight IPOs with an issue size of Rs 5,852 crore. Activity slowed in the second quarter with just two issues registered in April that raised ₹1,076 crore, while May saw no issues as the market lost steam. The pace picked up again in June with seven IPOs collectively raising ₹2,718 crore.
July has already seen 10 IPOs raise ₹26,279 crore, making it the most successful month this year. This year, 37 IPOs have raised a total of ₹48,852 crore.
The data points to a relatively subdued first half of the year, with patchy activity and a complete pause in May. However, the sharp recovery in July signals that the third quarter of 2026 could see a much stronger number of IPOs compared to the first two quarters.
Muted H1
“After a relatively subdued first half, the August portfolio reflects improved issuer confidence despite an extremely volatile market due to geopolitical issues,” said Pranav Haldea, managing director of Prime Database.
The wider pipeline remains reliable. As many as 178 companies have received Sebi approval to raise around ₹2.9 crore through IPOs before July 24. Another 70 companies planning to raise ₹1.80 crore are awaiting regulatory clearance.