He said recent geopolitical developments are unlikely to derail the broader IPO cycle, although companies will continue to be tactical about launch timing.
The pipeline remains strong, with several large issuances expected before the end of the year. Shah estimates that SBI Mutual Fund, NSE, Jio and other large offerings could together raise ₹80,000-90,000 crore, supporting the broader fundraising target.
Shah said IPO activity slowed during the first half of the year, but investor participation has started improving again, including from retail investors. He added that foreign institutional investors (FIIs) are also showing early signs of returning to Indian primary markets.
Shah added markets have largely adjusted to recurring global uncertainties.
Karan Marwah, Head – CFO Advisory and IPO Advisory at Grant Thornton Bharat, said the IPO pipeline remains healthy, with more than 250 companies preparing to go public. However, he cautioned that companies may continue to monitor market conditions before launching their issues, particularly as large IPOs could absorb significant investor liquidity.
Marwah said issuers are increasingly focusing on governance and financial reporting before approaching the market, as investors have become more selective.
Shah agreed that preparedness has improved, noting that companies that had paused IPO planning over the past few months have resumed work.
Shah said attractive IPO valuations could encourage FIIs to re-enter India through primary market investments before increasing allocations to the secondary market.
He added that large, well-known businesses coming to market are expected to draw institutional participation, supporting the outlook for India’s IPO market in the second half of 2026.
For the full interview, watch the accompanying video
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