Investors who missed the Rs 22,561.57-crore initial public offering (IPO) of the National Stock Exchange (NSE) could soon have several large issues to track, with companies in the IPO pipeline looking to raise a combined Rs 4.27 lakh crore through public offerings.
The NSE IPO attracted demand worth around Rs 90,000 crore, with qualified institutional buyers (QIBs) driving bidding on the final day of the issue on Monday, September 21, 2026. The Rs 22,561.57-crore public issue, the second-largest IPO in India by issue size after Hyundai Motor India, received bids for 50,58,11,384 shares against 8,86,42,911 shares on offer. This translated into an overall subscription of 5.71 times at the close of the bidding window, according to NSE data.
With the subscription window now closed, NSE shares are scheduled to list on the BSE on September 24, subject to the proposed timeline.
Rs 4.27 lakh crore IPO pipeline
According to Prime Database, 147 companies that have received approval from the Securities and Exchange Board of India (SEBI) are in the pipeline to raise up to Rs 2,79,713 crore through IPOs.
Separately, 75 companies that have filed their draft papers with SEBI and are awaiting regulatory approval could raise up to Rs 1,47,040 crore through IPOs.
Together, the two pipelines represent proposed IPOs worth Rs 4,26,753 crore, or around Rs 4.27 lakh crore.
The approved pipeline includes proposed offerings from companies such as Jio Platforms, Oravel Stays (OYO) and Zepto. The draft-filing pipeline includes names such as PhonePe and Razorpay.
The strong pipeline comes amid heightened activity in the primary market, with domestic liquidity supporting new issues.
“There is euphoria and exuberance in the primary market after the recent months of fundraising. August and September witnessed a strong set of IPO numbers in the primary market, and liquidity is also quite strong. The market has been able to absorb these flows, with many IPOs getting oversubscribed multiple times,” said Kranthi Bathini, director of equity strategy at WealthMills Securities.
“With respect to retail interest in the primary market, there is also strong participation, along with strong mutual fund and SIP flows. This domestic liquidity has been able to absorb the new paper and new issues coming into the market,” he said.
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Five largest IPOs in the pipeline
Based on the estimated issue sizes provided in the Prime Database data, these are the five largest proposed IPOs across the two pipelines.
