10 lakh crore raised so far in the year, according to AIBI. 44 lakh crore is awaiting clearance, the report said.

comThe numbers point to sustained interest from companies looking to tap public markets. India’s primary market is heading into the next phase of 2026 with a massive pipeline of potential IPOs.

86 lakh crore are expected to hit the D-Street in the second half of the year, according to the Association of Investment Bankers of India (AIBI). The numbers point to sustained interest from companies looking to tap public markets, rather than an IPO cycle driven by a handful of large issuers.

Mahavir Lunawat, Chairman, AIBI, said, “India’s primary market has moved well beyond an episodic fundraising cycle. 36 lakh crore.”

He added that the size of the pipeline reflects stronger participation across investor categories and a broader role for the primary market in capital formation.. 76 lakh crore in 2025.

The number of mainboard IPOs also increased from 26 in 2016 to 103 in 2025. SME market and investor participation deepenThe growth is not limited to large companies.

The market’s supporting ecosystem has expanded alongside this activity. The number of registered merchant bankers has risen from 188 in September 2016 to 250 in September 2026..

AIBI data shows average subscription levels of around 49 times among QIBs, 86 times among HNI investors and 26 times among retail investors in 2026 YTD, although subscription levels vary significantly across individual issues. AIBI said the next phase will depend not simply on how many companies list, but on the quality of issuers, disclosures, institutional participation and how effectively capital is directed towards business expansion, infrastructure and long-term investment.

86 lakh crore pipeline, it said, reflects a primary market increasingly evolving from an IPO-led fundraising avenue into a structural pillar of capital formation. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution.

They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.