India’s primary market is heading into the next phase of 2026 with a massive pipeline of potential initial public offerings (IPOs), raising questions over how sustained fundraising activity could affect liquidity in the secondary market. Mainboard IPOs worth around Rs 3.86 lakh crore are expected to hit D-Street in the second half of the year, according to the Association of Investment Bankers of India (AIBI).
The potential pipeline is around 3.5 times the Rs 1.10 lakh crore raised through 84 mainboard IPOs so far this year, underscoring the scale of fundraising that could lie ahead. In its Mid-Term White Paper, AIBI said around 130 companies have already received approval from the Securities and Exchange Board of India (Sebi), while another 75 companies are at the Draft Red Herring Prospectus (DRHP) stage and awaiting approval.
