India’s initial public offering (IPO) market has heated up again, with some major issues such as Jio Platforms and National Stock Exchange (NSE) still in the pipeline. After a slowdown earlier in the year, July and August saw many companies finally enter the market, easing some of the “pent-up” demand as market conditions improved.Companies raised nearly Rs 29,000 crore in August and around Rs 26,500 crore in July through mainboard IPOs, which together accounted for around 73% of the around Rs 75,518 crore raised so far in 2026, according to data compiled from the NSE. In a mainboard IPO, a large, established company sells its shares to the general public for the first time and lists them on major stock exchanges.Companies scramble as approvals near expiryThe fundraising approvals of many of the companies that had delayed their IPO plans were nearing their expiry, which led to a lot of these companies finally opening their public issues. Experts cited this factor as among the biggest factors behind this renewed vigour seen in the primary market. Notably, fundraising approvals granted by regulators like SEBI typically last for a period of 12 months.“The pipeline has always been strong; it’s just that market conditions remain uncertain. But many companies have finally launched their IPOs as approvals near expiry, which is a big factor behind this recent boom,” the head of capital markets at a domestic broking firm told The Indian Express. For example, big issues like Symbiotic Pharmalab, dairy company Milkymist, and logistics firm Shiprocket’s approvals were between 8 and 10 months old when they finally completed their fundraising in August.In fact, market regulator SEBI had extended the validity of IPO and rights issue approvals expiring between April and September to September 30 in the wake of the West Asia crisis. The relief, which came through back in April, benefited companies like Shiprocket and Symbiotec.Also in Explained | How NSE, Jio listings could revive India’s sluggish IPO marketMany such companies had delayed their IPO plans due to the torrid market conditions domestically as the war in West Asia stretched on. Big names like Zepto and PhonePe were among the companies that indefinitely paused their fundraising plans. Companies usually wait for favorable market conditions while raising funds as it maximizes valuations, and such an environment is also likely to provide investors with solid listing-day gains.However, SBI Funds Management, which completed its public issue in July, saw very high interest from investors due to attractive valuations. Story continues below this ad“There has been a huge pent-up supply of issues with companies holding SEBI approval following a wait-and-watch approach for the first half of the year to see how the geopolitical situation plays out. With the added pressure of approvals lapsing, you started seeing companies launching IPOs from July onwards. Good response and listings have subsequently encouraged more issuers to come forward,” said Pranav Haldea, MD at Prime Database, a firm that provides data on capital markets.The benchmark Nifty 50 and Sensex indices had fallen around 14% at their lowest this year, as high crude oil prices, foreign outflows, and a weaker rupee as a result had decimated the Indian market.Things, however, have stabilised a bit since then, as negative developments from West Asia have become increasingly few and far between, with market participants now focusing more on factors like earnings growth, inflation, and macroeconomic parameters rather than a longer-term truce between Iran and the US. Mainboard IPOs have picked up over July and August. Source: NSEThe Indian stock market had thus recovered 10-11% from its lows and was down just around 5% for the year in early August before another downturn starting mid-August minimised the gains. But the much more stable conditions have encouraged more companies in the pipeline to launch their fundraising plans.Story continues below this adIn fact, with the increased momentum over the last couple of months, funds raised through mainboard IPOs so far this year have crossed the Rs 59,360 crore raised by Indian corporates until the same time last year. Notably, 2025 saw record fundraising through IPOs in the Indian market, with most of the momentum coming in the final few months of the year.SME segment remains sluggishWhile mainboard IPOs have gained pace, IPOs in the small and medium enterprise (SME) segment have remained sluggish as SEBI has consistently tightened the fundraising mechanism for smaller companies for increased investor protection.The NSE SME framework, known as NSE Emerge, is a separate platform aimed at reducing friction and regulatory compliances for smaller companies looking to raise funds, compared to the vast regulatory disclosures necessary for listing through the mainboard mechanism.“In 2026, we have seen 122 issues raising around Rs 5,600 crores, compared to around 11,600 crores raised from 267 issues last year. Some slowdown has definitely come as a result of regulatory actions as well,” said Haldea.Story continues below this adNewsletterFollow our daily newsletter so you never miss anything important. On Wednesday, we answer readers' questions.SubscribeWhile easier disclosure norms made the primary market accessible for smaller companies, it also led to several illiquid and “morally ambiguous” companies coming into the market, which has led to investor losses in recent times. SEBI has also passed a few orders against individuals trading in such illiquid stocks over the past few months.The regulator has thus taken steps like increasing the retail application size while applying for IPOs, stricter profitability norms, and longer promoter lock-in period to enhance investor protection. Earlier this month, SEBI Chairman Tuhin Kanta Pandey said that the regulator was examining a proposal to overhaul the entire SME listing framework for the same purpose.While these changes have temporarily affected the SME IPO space, experts believe these measures are a “necessary evil” and will ultimately lead to fewer but more lucrative and better-quality SME IPOs in the longer run.