IPO Pipeline Builds Momentum as Large Issues Prepare to Shape H2 FY27

Nidhi Thakur

October 1, 2026

India's primary market is entering the second half of FY27 with a much larger IPO pipeline after activity picked up during the July to September quarter. Several large issues are expected to compete for investor attention and institutional capital, while smaller companies may also continue to find space if their valuations and business fundamentals remain attractive. Data compiled by Prime Database shows around 145 companies had valid SEBI approvals as of September 25, with an estimated combined issue size of around ₹2.75 lakh crore. The pipeline includes large potential offerings from Jio Platforms, Avaada Electro, OYO, Zepto, Credila Financial Services and Dorf-Ketal Chemicals India.

Jio Platforms has an estimated issue size of ₹35,000 crore, while Avaada Electro is estimated at ₹7,600 crore and OYO parent Oravel Stays at around ₹6,650 crore. Zepto's potential issue size is estimated at ₹5,106 crore, while Credila Financial Services and Dorf-Ketal Chemicals India are each estimated at around ₹5,000 crore.

Santosh Meena, Head of Research at Swastika Investmart, said large IPOs are likely to compete for investor attention and capital in the second half of FY27, particularly from institutional investors. He noted that mega offerings such as Jio Platforms and OYO could absorb a significant portion of QIB demand. At the same time, Meena said smaller IPOs with strong fundamentals, reasonable valuations and clear growth stories can continue to find investor interest. He noted that marginal or expensive issues could face weaker subscriptions or delays.

The first half of FY27 started slowly, with companies raising around ₹46,453 crore through IPOs between April 1 and August 26. Activity then increased sharply in July and August, when companies raised ₹18,349 crore and ₹26,302 crore respectively. In September, around 31 IPOs raised a combined ₹39,214 crore. The NSE IPO was one of the biggest developments during the first half of the primary-market cycle. The exchange raised ₹22,560 crore and became India's second-largest IPO after Hyundai Motor India's 2024 issue. Its listing in September added another major issue to an already active IPO calendar.

The upcoming pipeline covers several sectors, including financial services, healthcare, power, infrastructure, technology, consumer businesses and manufacturing. This suggests that the second half of FY27 could see a combination of large marquee IPOs and mid-sized offerings, with pricing and business fundamentals remaining important factors for investor participation.