July 2026 remained active, with 10 Mainboard and 16 SME IPOs collectively seeking INR 13,988Cr from the public market. Issuances spanned financial services, industrial manufacturing, technology, consumer products, logistics and tourism, highlighting broad sector participation. The month also saw an important SEBI update affecting IPO intermediaries, alongside varied listing outcomes across recent IPOs. Looking ahead, two major IPOs with a combined proposed issue size of INR 3,785Cr are expected in August 2026. This edition captures the month’s key activity, regulatory developments and upcoming IPO pipeline.
In July 2026, 10 Mainline IPOs were listed across diverse sectors, including industrial goods & services, healthcare & life sciences, and consumer & retail. While issuer activity remained healthy and broad-based, fundraising was heavily skewed towards a single large transaction. Excluding this issue, the remaining nine IPOs raised INR 3,474Cr, led by Laser Power & Infra at INR 742Cr and Kusumgar at INR 650Cr. The issuance mix indicates that institutional capital continues to flow more readily towards proven, larger-scale companies, while smaller issuers are accessing the market at relatively moderate deal sizes.
Kusumgar delivered a standout IPO performance, with its INR 650Cr issue subscribed ~136 times overall. Demand was led by QIBs and NIIs, whose portions were subscribed ~300 times and ~174 times, respectively. The stock listed at INR 569 on the NSE, representing a ~36% premium over its issue price of INR 419 per share.
On the SME front, 16 IPOs collectively raised INR 719Cr, with the two largest offerings accounting for ~35% of total capital raised, while each of the remaining 14 issues raised less than INR 50Cr. Fundraising was therefore spread across multiple issuers rather than concentrated in a handful of transactions, demonstrating continued depth in SME IPO activity. This reflects a healthy pipeline of growth-stage companies leveraging public markets for expansion capital, despite varying investor appetite across sectors.
India’s primary market is expected to remain highly active in August 2026, with around 25 companies preparing to launch IPOs and collectively targeting approximately INR 35,000Cr. The pipeline spans consumer, financial services, technology, logistics and industrial businesses, led by several large issues. Milky Mist Dairy Food and Karamtara Engineering represent two of the key IPOs to watch from this broader pipeline.
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