A significant wave of qualified institutional placements (QIPs) is emerging as companies across sectors prepare substantial equity fundraises. According to reports from Mint, companies including Premier Energy, Waaree Energies, Max Financial Services, JSW Infrastructure, AU Small Finance Bank and Sterlite Technologies are in various stages of preparing equity fundraises. This represents a notable shift from the subdued phase that India's primary markets experienced due to geopolitical strife and macroeconomic uncertainty that triggered volatility and dampened risk appetite.
Several companies have already secured board approvals for their fundraise plans. Premier Energy has approved a QIP to raise about ₹5,000 crore, while Waaree Energies is in discussions with bankers for a potential ₹10,000-crore raise after receiving board approval in April. The boards of JSW Infrastructure and Max Financial Services have approved capital raises of up to ₹6,250 crore and ₹2,000 crore, respectively, while Sterlite Technologies is seeking shareholder approval for a fundraising of about ₹2,000 crore. As reported by Mint, AU Small Finance Bank is exploring a capital raise of up to ₹7,500 crore, having last tapped investors for around ₹2,000 crore in August 2022.
The growing QIP pipeline builds on other companies successfully raising capital since the start of this year. According to Mint reports, Poonawalla Fincorp raised ₹2,500 crore in April, JSW Energy raised ₹4,000 crore in May while Biocon had raised ₹4,150 crore in January. However, the overall fundraise is still short of last year's levels, with data from Prime Database showing seven companies raised ₹11,212 crore through QIPs in the first five months of 2026, compared with 13 companies that raised ₹15,408 crore during the same period last year. In 2025, 23 companies collectively raised ₹57,232 crore in the following months, with notable large QIPs including State Bank of India's ₹25,000-crore fundraising in July, Swiggy's ₹10,000-crore raise in December, Biocon's ₹4,500-crore issue in June and CG Power & Industrial Solutions' ₹3,000-crore transaction in June. In total, the year 2025 saw 36 companies raise ₹72,640 crore, although significantly lower than the record ₹1.36 trillion raised by 95 companies in 2024.
Market experts suggest that strong QIP demand could eventually help revive IPO activity as well. As reported by Mint, Neha Agarwal, managing director & head, equity capital markets at JM Financial Ltd, noted that "Board resolutions signal strong pipeline momentum over the coming months with FII flows gradually stabilizing and DIIs remaining supportive, market conditions in H2 2026 look constructive." Sunil Khaitan, head of India financing for Goldman Sachs, said "We are seeing an acceleration in QIPs and block deals, as companies seek funding certainty and portfolio managers prefer to consolidate investments in existing holdings in the current market environment." Recent transactions suggest institutional investors are willing to back established listed companies, with companies like Acme Solar raising about ₹2,800 crore in June from investors including SBI Mutual Fund, Nippon MF, HDFC MF, BlackRock, Amundi, Goldman Sachs and Abu Dhabi Investment Authority, and Ola Electric Mobility raising about ₹780 crore from Goldman Sachs, BNP Climate Fund, Motilal Oswal MF, Mirae Asset MF, Kotak Mahindra MF, JM Financial MF and Baroda BNP Paribas. Goldman's Khaitan expects "QIP and IPO issuance volumes to pick up in the second half of 2026," noting that "Globally, strong absorption of listed primary and block supply tends to translate into increased confidence in IPO issuance over time."
The market is witnessing an unprecedented surge in equity fundraising activity, with about a dozen companies expected to collectively raise more than ₹60,000 crore ($6.3 billion) across initial public offerings, institutional placements and government stake sales in two months. According to Moneycontrol, rapid-commerce company Zepto Ltd. has filed updated paperwork for an IPO that could raise $1 billion, while National Stock Exchange of India Ltd. may be close behind with a $2.5 billion filing. Among the largest planned transactions, SBI Funds Management Ltd. is expected to seek about ₹13,000 crore, while the federal government is preparing to sell a 2% stake in Life Insurance Corp. of India in a transaction that could raise roughly ₹10,000 crore. Waaree Energies Ltd. and JSW Infrastructure Ltd. are each considering new share sales of around ₹7,000 crore and ₹7,500 crore, respectively. Despite the crowded issuance, bankers remain confident that demand will hold up, supported by strong participation from domestic institutions and retail investors. As reported by Moneycontrol, Samarth Jagnani, head of global capital markets for India and Southeast Asia at Morgan Stanley, noted that "This sustained pace of issuance indicates healthy underlying liquidity and participation across domestic institutions, foreign investors and retail segments."
