India's ₹5 lakh crore IPO pipeline faces reality check as average listing gains fall to 4%
India's IPO pipeline remains robust, but easy listing gains are becoming harder to come by as investors prioritise valuations and fundamentals over hype.

By IPO Master
Despite a subdued first half for the primary market, India entered 2026 with one of the strongest IPO pipelines in its history. As many as 178 companies planning to raise a combined ₹2.96 lakh crore have already secured approval from the Securities and Exchange Board of India (Sebi), while another 71 companies seeking nearly ₹1.84 lakh crore are awaiting regulatory clearance. Together, they represent an IPO pipeline of almost ₹5 lakh crore, one of the largest ever seen in India's primary market, according to Prime Database.
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