US-Iran deal could ignite IPO mkt in H2; marquee listings likely

“We are also preparing to bring larger issuances, such as Zepto and SBI Mutual Fund, to the market, which gives us confidence that both issuers and investors are becoming more constructive.

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“We are also preparing to bring larger issuances, such as Zepto and SBI Mutual Fund, to the market, which gives us confidence that both issuers and investors are becoming more constructive. If market stability persists, this could support a more active issuance calendar in the latter part of the year,” he added.

Although Flipkart, PhonePe and Curefoods have deferred their IPO plans amid weak market conditions, the pipeline remains robust. More than 70 firms have filed draft prospectuses, while nearly 150 have got Securities and Exchange Board of India’s nod and are awaiting an opportune time to list, according to Prime Database.

They will join a growing list of firms that tapped the public markets this year, including Amagi, Fractal Analytics, Shadowfax and Kissht, while Turtlemint is in the listing process.

So far this year, 22 IPOs have raised ₹21,650.17 crore. The activity follows a record year for India’s capital markets, which saw 103 companies raise ₹1.76 trillion through IPOs, with most issuances concentrated in the second half, according to Prime Database.

The pipeline could receive an additional boost from a recent regulatory relief measure. In April, the regulator extended validity of observation letters for companies planning IPOs, allowing approvals due to expire between 1 April and 30 September 2026 to remain valid until 30 September 2026.

The de-escalation of geopolitical tensions and fall in oil prices are seen positive for investors. These have set the stage for macroeconomic stability, strengthening of the rupee, and easing of concerns around inflation.