India’s primary market saw a significant increase in activity in March 2026, with 38 companies submitting preliminary IPO papers to SEBI. This number marks a notable rise from 22 filings in March 2025 and 16 in March 2024, indicating a robust pipeline of public issues. Market experts attribute this surge to growing confidence among issuers and strategic filing timing to align with regulatory windows.
The momentum is expected to continue in the upcoming weeks, as several prominent companies are gearing up to file their draft papers. Out of the 38 firms that submitted draft red herring prospectuses (DRHPs) in March, nine opted for confidential filings. An Axis Capital report highlighted the depth of the IPO pipeline, with 64 companies awaiting SEBI clearance and 124 firms having regulatory approval but yet to launch their public offerings.
Moreover, since March 2025, 20 companies have chosen confidential DRHP filings. The primary market has remained active in the past financial year, witnessing the launch of 109 mainboard IPOs in FY2025-26, with 69 trading above their issue price. As of March 31, 2026, three companies were still pending debut on the exchanges.
In 2026, 18 companies have already launched IPOs, with eight offerings hitting the market in March despite volatile conditions and geopolitical tensions. Analysts note that while regulatory timelines play a role in filing patterns toward the financial year-end, the current surge cannot be solely attributed to this factor. The scale of filings in March was particularly remarkable, with over a dozen companies submitting their DRHPs in the final two days of the financial year, signaling a positive sentiment in the primary market.
