IPO pipeline remains healthy, 49 draft papers under processing: NSE
New Delhi, July 29
India's initial public offering pipeline remains robust despite a moderation in listing activity during the first quarter of FY27, with 49 draft offer documents currently under various stages of processing at the exchanges, indicating sustained issuer interest in tapping the capital markets, according to the July edition of NSE Market Pulse.
The report noted that while mainboard (MB) and SME IPO activity slowed amid global uncertainty, companies continue to prepare for public listings, suggesting healthy primary market momentum for the remainder of the financial year.
"Despite a slower pace of listings, the IPO pipeline remained healthy, with 49 draft offer documents (DODs) under various stages of processing at the Exchange, indicating sustained issuer interest in accessing the capital markets," the report said.
According to the report, the mainboard segment recorded eight IPO listings in the first quarter of FY27, compared with 15 in the previous quarter, while the SME platform saw 14 listings, down from 17 in the preceding quarter.
The report also highlighted a change in average issue sizes. The average mainboard IPO size stood at around Rs 585 crore in Q1 FY27, significantly lower than Rs 1,603 crore in FY26. In contrast, the average SME IPO size increased to Rs 70 crore from Rs 48 crore during the same period.
Despite moderation in IPO issuances, the broader capital markets witnessed strong fundraising activity. Total fund mobilisation reached a monthly record high of Rs 3.15 lakh crore in June 2026, registering a 122 per cent month-on-month increase, largely driven by debt issuances.
Commercial paper issuances more than doubled to Rs 1.9 lakh crore, up 137 per cent month-on-month, while private non-convertible debenture (NCD) issuances rose to Rs 69,700 crore, marking a 157 per cent monthly increase, reflecting strong funding demand from corporates.
The report further showed that Industrials and Financials have dominated mainboard IPO fundraising during FY27 so far, accounting for 40.2 per cent and 38.7 per cent, respectively. On the SME platform, Healthcare (30.4 per cent) and Consumer Discretionary (28.2 per cent) emerged as the leading sectors in terms of fundraising.
Overall, the report suggests that while IPO listing activity has moderated in the face of global uncertainties, a healthy pipeline of draft filings and robust capital-raising activity point to continued confidence among issuers and investors in India's capital markets.
— ANI
Reader Comments
The jump in SME IPO sizes is noteworthy—from Rs 48 crore to Rs 70 crore. Shows that smaller companies are gaining confidence to list publicly. Hope this continues and helps create more wealth for retail investors across tier-2 and tier-3 cities.
Interesting data point about commercial paper issuances more than doubling. Corporate India is clearly looking for funds despite the IPO slowdown. The debt market is stepping up to fill the gap, which is healthy for the overall economy.
The dominance of Healthcare and Consumer Discretionary on SME platform is a good sign—these sectors have strong domestic demand drivers. But I hope SEBI keeps a close watch on quality of disclosures in SME IPOs; we've seen some oversubscription frenzy in the past that wasn't always justified.
June 2026 monthly fund mobilisation record of Rs 3.15 lakh crore is massive! 122% month-on-month increase shows how deep our capital markets have become. Even if IPO activity slows temporarily, the infrastructure for fundraising is maturing nicely. 🇮🇳📈
A 49-document pipeline is decent but not exceptional by Indian standards. The real test will be whether actual listings pick up in H2 FY27. The global uncertainty isn't going away, and Indian markets are partly decoupled but not immune. Let's see.
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