IPO pipeline: H1FY27 momentum sets the stage for a crowded second half

The pipeline includes several large-ticket offerings that could keep the primary market busy in H2FY27, including Jio Platform and OYO

India’s primary market is heading into the second half of FY27 with a significantly larger pipeline of potential public issues, after a slow start to the financial year gave way to a sharp pickup in IPO activity in the July-September quarter.

 

Data compiled by Primedatabase shows that there are approximately 145 companies with valid Securities and Exchange Board of India (Sebi) approvals in place as of September 25, with their estimated issue size adding up to around ₹2.75 lakh crore. The estimate includes ₹91,500 crore attributed to 61 companies whose issue sizes have not yet been disclosed, using an assumed ₹1,500 crore per issue.

 

 

The pipeline includes several large-ticket offerings that could keep the primary market busy in H2FY27. Jio Platforms has an estimated issue size of ₹35,000 crore, followed by Avaada Electro at ₹7,600 crore, Oravel Stays (OYO) at ₹6,650 crore, Zepto at ₹5,106 crore, and Credila Financial Services and Dorf-Ketal Chemicals India at ₹5,000 crore each.

 

Abhinav Tiwari, senior research analyst at Bonanza, noted that out of the total around ₹2.75 lakh crore amount approved, roughly about ₹1-1.2 lakh crore, or 35-45 per cent of the approved pipeline, is expected to actually hit the primary market.

 

“We expect the base case to be around ₹1-1.2 lakh crore in H2FY27. This would be supported by the traditionally stronger IPO season toward the end of the calendar year and the expected launch of large issues such as Jio,” he said. 

 

The scale of the pipeline comes after a measured start to FY27. Companies raised around ₹46,453 crore through IPOs between April 1 and August 26, down nearly 16 per cent from ₹55,338 crore in the comparable period of 2025, according to Primedatabase. The number of issues also fell to 30 from 38. Activity, however, accelerated sharply in July and August, when companies raised ₹18,349 crore and ₹26,302 crore, respectively. In September, India's primary market saw around 31 companies launch their initial public offerings, raising a collective ₹39,214 crore

 

Large issues were a key feature of the first half. SBI Funds Management raised ₹9,795 crore, while Manipal Health Enterprises raised ₹9,275 crore, helping lift fundraising despite the weak start to the year. 

 

The momentum continued into September, culminating in the listing of the National Stock Exchange of India (NSE), which raised ₹22,560 crore and became India’s second-largest IPO after Hyundai Motor India’s 2024 issue. 

 

Santosh Meena, head of research at Swastika Investmart, noted that in H2FY27, large IPOs will compete for attention and capital, especially from institutions, but are unlikely to completely shut out well-priced smaller issues. “Mega offerings (Jio Platforms is expected to be one of the largest, while OYO’s parent is targeting around ₹6,650 crore) will dominate headlines and absorb significant QIB demand,” he said.

 

Meena noted that smaller IPOs with strong fundamentals, reasonable valuations and clear growth stories can still succeed, though marginal or expensive issues may face weaker subscriptions or delays. “The market has shown capacity to support both large and mid-sized deals when pricing is investor-friendly,” he said.

 

H2 could bring another wave of large IPOs

 

The next leg of the primary-market cycle could be even more diverse, with the Sebi-approved pipeline spanning financial services, healthcare, power, infrastructure, technology, consumer businesses and manufacturing.

 

Besides Jio Platforms, the approved list includes Indira IVF Hospital with an estimated issue size of ₹3,500 crore, Integris Medtech at ₹3,500 crore, PGP Glass at ₹3,800 crore, Torrent Gas at ₹4,000 crore, TruHome Finance at ₹3,000 crore, Sify Infinit Spaces at ₹3,700 crore and Zetwerk Manufacturing Businesses at ₹3,800 crore.

 

This means H2FY27 could see a combination of marquee listings and a broader set of mid-sized offerings, rather than the primary market being driven by only a handful of large companies.

 

However, a mega issue such as Jio can temporarily block a large amount of investor money through the IPO application process. Institutional investors may also sell some existing holdings to create liquidity for new opportunities, Tiwari noted.

 

“The impact is likely to be greater on mid-and small-cap stocks, where liquidity is relatively lower. There is also a second effect: some IPO proceeds may not return to the domestic equity market. For example, if the proceeds are used to repay foreign currency debt or if existing shareholders use an OFS to exit…the July–September IPO wave can create additional selling supply in H2 FY27,” he added.

  

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