Mumbai, April 5 India’s primary market activity picked up sharply in March 2026, with as many as 38 companies filing preliminary IPO papers with the Securities and Exchange Board of India (SEBI).
The number marks a significant increase compared with 22 filings in March 2025 and 16 in March 2024, SEBI data showed, pointing to a strengthening pipeline of public issues.
Market participants attributed the spike to a mix of rising confidence among issuers and the strategic timing of filings to align with regulatory approval windows.
The momentum is expected to sustain in the coming weeks, with several high-profile companies preparing to submit their draft papers.
Out of the 38 firms that filed draft red herring prospectuses (DRHPs) in March, nine companies chose the confidential filing route.
An Axis Capital report highlighted the depth of the IPO pipeline, noting that 64 companies are currently awaiting SEBI clearance, while 124 firms have already secured regulatory approval but are yet to launch their public issues.
Additionally, 20 companies have opted for confidential DRHP filings since March 2025.
The broader IPO landscape has remained active over the past financial year. In FY2025-26, a total of 109 mainboard IPOs were launched, of which 69 listed above their issue price.
Three companies, however, were yet to debut on the exchanges as of March 31, 2026.
So far in 2026, 18 companies have launched IPOs, with eight offerings hitting the market in March alone despite volatile conditions and geopolitical tensions.
Experts suggest that while regulatory timelines often influence filing patterns toward the end of the financial year, the current surge cannot be attributed to that factor alone.
The scale of filings in March was particularly striking, with more than a dozen companies submitting their DRHPs in the final two days of the financial year.
Analysts believe this, coupled with the improving quality of companies entering the pipeline, signals strengthening sentiment in the primary market.
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