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.