IPO pipeline swells despite muted equity mkt

Nifty22, 780.25-360.25. Motilal Oswal Midcap Fund Direct-Growth.

Key points

• Since India's frontline equity gauges scaled summit Everest in September 2024 and briefly repeated the feat earlier this year, they have been left gasping for breath.
• The Economic Times daily newspaper is available online now.
• India's primary market is thriving with a significant growth in the number of IPOs and problem amounts.
• Mumbai: It is the best of times; it is the worst of times – the spring of hope, and the winter of despair.

Nifty22, 780.25-360.25. Motilal Oswal Midcap Fund Direct-Growth. The Economic Times daily newspaper is available online now. India's IPO pipeline swells despite muted equity market. India's IPO pipeline swells despite muted equity market. ET BureauLast Updated: Sep 29, 2026, 06: 31: 00 AM IST.

India's primary market is thriving with a significant growth in the number of IPOs and problem amounts. In contrast, the secondary market has experienced notable declines in equity indices. While foreign investor interest in listed stocks has dwindled, they remain active in the IPO space. A number of leading businesses have successfully gone public, contributing to the primary market's resilience. Listen to this article in summarized format. Unlock AI Briefing and Premium Content. New Year Offer 24 Hours Left. Subscribe Now Already a member? Sign In.

Mumbai: It is the best of times; it is the worst of times – the spring of hope, and the winter of despair. While a listless secondary market rounds off the study in contrasts, the first holds unambiguously true for India's red-hot primary market.

Since India's frontline equity gauges scaled summit Everest in September 2024 and briefly repeated the feat earlier this year, they have been left gasping for breath. The IPO market, too, is gasping for breath, but for an entirely different reason. It is sprinting to records that explain – at least in part – the misery of the listed mainboard. The number of IPOs introduced in September rose from 12 in 2024 to 25 in 2025 and 32 in 2026, a 167% rise in two years. Matter amounts more than tripled from ₹11, 058 crore to ₹39, 018 crore, rising 253% over the period, data from Prime Database demonstrated.

In short, IPO pipeline swells despite muted equity mkt is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.