Five mainboard issues, Rs 8000 crore on the table, a war in West Asia and a Nifty with its back to the wall – India’s IPO market is not flinchin
India’s primary market is readying for significant action this fortnight with five mainboard issues — one already open and four set to follow — expected to collectively raise over Rs 2,000 crore across equity issues, with an InvIT targeting an additional Rs 6,000 crore, opening for subscription before mid-March even as equity markets reel from a combination of geopolitical tensions and softening investor sentiment.
The Nifty 50 has shed roughly 3.5 per cent in the past month, weighed down by the outbreak of the US-Israel-Iran conflict and an AI-driven selloff in IT stocks that together pushed the benchmark below its 200-day moving average. The four issues press ahead despite the headwinds.
SEDEMAC Mechatronics, a Pune-based automotive control electronics company, is already open, seeking to raise Rs 1,087 crore through an offer for sale, with its subscription window closing on March 6. Rajputana Stainless, a Gujarat-based stainless-steel manufacturer with over three decades of operating history, opens on March 9 with a Rs 255 crore issue.
Innovision, an integrated manpower solutions and toll management company operating across 23 states, opens on March 10 targeting a fresh issue of Rs 315 crore primarily aimed at working capital funding. Skyways Air Services, a Delhi-based air freight forwarding company ranked No. 1 in India by World ACD for three straight years, opens on March 18 with proceeds earmarked for debt repayment and working capital — price band yet to be announced. Raajmarg Infra InvIT, an infrastructure investment trust sponsored by NHAI built around five operational toll road assets across four states, opens on March 11 which is — a yield instrument aimed at a different investor profile altogether.
(For a brief on each of the four upcoming issues, read: March IPO Calendar — Here Is What Is Coming Up)
As many as 120 companies have received SEBI clearance for their IPOs and are yet to hit the market. Another 65 have filed draft red herring prospectuses and are awaiting the regulator’s nod. Eighteen companies have taken the confidential DRHP route since March 2025. Together, they point to a primary market queue of considerable scale — pausing for conditions, not abandoning the plan.
Among those waiting in the wings are some of the most consequential listings India’s capital markets have seen in years. Reliance Jio, the country’s largest telecom operator, is among the most closely watched. PhonePe, the dominant UPI payments platform, has been in various stages of IPO preparation. Quick-commerce player Zepto and hospitality giant OYO are also in the queue. When these names eventually arrive, they are expected to bring a different order of institutional and retail attention with them entirely.
The current financial year has already validated the broader appetite. FY2025-26 up to February-end witnessed 104 mainboard IPOs, of which 63 listed above their issue price — a majority of issuers still delivering positive debut returns even in a year of moderating sentiment.
Where the Softness Is Showing
The caution on the ground, however, is real and the subscription data has been making it plain. After a record 2025 — which produced 373 IPOs raising around Rs 1.95 trillion — 2026 opened on a quieter note. Subscription levels have moderated sharply. Aye Finance scraped through at just 0.97 times. Fractal Analytics managed 2.66 times but made a subdued debut. Average listing gains across 2026 issues have fallen to single digits, and a meaningful number of recently listed stocks are already trading below their issue prices. SEDEMAC has just received lukewarm subscription.
Small and midcap indices are down 30 to 60 per cent from their September 2024 peaks. When the secondary market is offering beaten-down quality at a discount, the primary market competes harder for the same retail rupee. Post-listing performance has compounded the mood further, with the grey market consistently muted or negative on recent issues. The frenzy of 2024 — triple-digit subscription multiples, near-guaranteed listing pops — feels some distance away.
The View
Analysts are measured but not pessimistic. The fundamentals underpinning India’s IPO cycle — a growing retail investor base, deep domestic institutional participation and a long runway of private companies seeking public listings — remain intact. The 63-out-of-104 listing performance in the current year shows the market is still rewarding more issues than it is punishing.
The current softness, the broad consensus holds, is a recalibration of valuation expectations rather than a structural reversal. The IPO market has navigated choppy conditions before and is expected to find its feet once the dust settles.
