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. According to reports from The Economic Times, this marks a sharp jump from 22 filings in March 2025 and 16 in March 2024, indicating a stronger pipeline of public issues. 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) with 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 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. As reported by The Economic Times, 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.
So far in 2026, 18 companies have launched IPOs, with 8 issues hitting the market in March alone despite volatile market conditions and geopolitical tensions. According to The Economic Times, 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. Market participants said the spike reflects a combination of improved issuer confidence and regulatory considerations. Feroze Azeez, Joint CEO at Anand Rathi Wealth, noted that the surge cannot be attributed to timelines alone, stating it is a mix of both issuer confidence and regulatory compliance pushing filings before March-end.
The quality of companies entering the IPO pipeline points to improving sentiment, with new-age insurance distribution platform Turtlemint on track with its IPO plans and receiving encouraging investor feedback. As reported by The Economic Times, Kerala-based Learnfluence Education, which operates under the brand Lakshya, is expected to file an updated offer document with Sebi soon. Experts note that companies moving ahead with IPO plans in the current environment largely fall into two categories-- those with strong institutional backing and demand visibility, and those with pressing capital requirements. Pratik Loonker, MD & Head- ECM and Co-Head- Financial Sponsor Group at Axis Capital, said the trend is driven more by preparedness than outright confidence, with companies filing early to stay ready for favourable windows as they emerge.
The IPO market is expected to gain further momentum in the first quarter of FY2026-27, supported by a robust pipeline, with a large number of companies both awaiting Sebi approval and holding valid approvals for launch. According to The Economic Times, the supportive macroeconomic backdrop and healthy earnings outlook are giving companies the confidence to plan listings. Private equity investors seeking exits are further contributing to the robust pipeline. Sameer Nigam, PhonePe's CEO, stated the company remains committed to a public listing in India despite temporarily deferring its public market listing process due to current geopolitical conflicts and market volatility.
