Almost 40 companies filed for IPOs in India this March
What's the story
A total of 38 companies, including SBI Funds Management and Manipal Health Enterprises, have filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) in March 2026. This is a significant increase from the 22 filings made in March 2025 and just 16 in March 2024. The rise indicates a growing interest in public issues.
Upcoming filings
Major firms to file DRHPs soon
The momentum in the IPO market is likely to continue with major companies like the National Stock Exchange (NSE) and Reliance Industries's telecom arm Jio gearing up to file their draft papers in the coming weeks. Other firms expected to file DRHPs soon include Singapore-based Sembcorp Industries's Indian renewable energy arm, Sweden-based Modern Times Group's subsidiary PlaySimple, TPG-backed online lending platform Fibe, and Tiger Global-backed BatterySmart.
Filing trends
Companies that confidentially filed DRHPs
Out of the 38 firms that filed their draft papers with SEBI, nine chose the confidential filing route. These include Zetwerk, SNVA Traveltech, Rediff.com India, Torrent Gas, Synergy Advanced Metals, Garuda Aerospace, and Sohan Lal Commodity Management. An Axis Capital report states that 64 companies have filed DRHPs with SEBI and are awaiting clearance while 124 firms have got regulatory approval but are yet to launch their IPOs in the market.
Market outlook
IPO market expected to gain momentum
The Axis Capital report also highlights that FY2025-26 (up to March-end) saw 109 mainboard IPOs, with 69 listing above their issue price. As of March 31, three companies were yet to debut on the exchanges. The IPO market is expected to gain further momentum in Q1 of FY2026-27, backed by a strong pipeline with many companies awaiting SEBI approval and holding valid approvals for launch.