India notched its second-highest month ever in filings for initial public offerings, even as broader equity markets remained subdued and investor sentiment stayed cautious.
About 30 companies filed draft prospectuses with the market regulator in March, seeking to raise roughly 600 billion rupees ($6.3 billion), according to data from Prime Database and NSE. That trails only July 2025, when 32 firms sought about 670 billion rupees.
The pace of filings defied the lackluster post-listing performance of recent stock debuts. Nearly 65% of companies that started trading over the past year are trading below their issue prices, according to data compiled by Bloomberg, underscoring tepid secondary market conditions. Still, prospective issuers are lining up in anticipation of a rebound in demand later this year.
“Once the current bout of volatility eases, this robust pipeline should help revive sentiment in India’s presently subdued primary markets and pegs the country to raise record‑breaking capital before the end of this year,” said Pratik Loonkar, managing director at Axis Capital Ltd.
According to Amrendra Singh, head of equity capital markets at SBI Capital Co., war-driven volatility may delay issuance windows, but it is unlikely to undermine the structural investment case for Indian equities, with the IPO market still poised for a record year.
Among notable filings in March, SBI Funds Management Ltd. is planning a potential offering of up to $1.5 billion, while Manipal Hospitals is targeting about $1 billion. Companies including Zetwerk Pvt., PGP Glass Pvt. and Torrent Gas Ltd. have submitted draft papers through the confidential route, each seeking to raise roughly $450 million to $500 million.
“Issuers are hoping for a stronger second half and that a market rebound will allow them to seize the IPO window without missing the opportunity to list,” said Pranav Haldea, managing director, Prime Database Group.
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