New IPOs Alert: SBI Funds, Manipal Health among 38 cos file DRHPs in March; FY27 to see Jio, NSE issues

New IPOs Alert: March 2026 saw at least 38 companies, including SBI Funds Management, Rentmojo, Cosmic PV Power and Manipal Health Enterprises, file their draft red herring prospectuses (DRHPs) with market regulator Securities and Exchange Board of India (SEBI).

This reflects a 72.72% jump from 22 filings in March 2025 and a 137.5% rise from 16 filings in March 2024, as per the SEBI data.

Of the 38 firms that filed their draft papers with SEBI in March, nine firms, including Rediff.com India, Zetwerk, SNVA Traveltech, Synergy Advanced Metals, Garuda Aerospace, Torrent Gas, and Sohan Lal Commodity Management, chose the confidential filing route.

According to an Axis Capital report, as many as 64 companies have filed preliminary papers with SEBI and are awaiting clearance, while 124 companies have already received regulatory approval but are yet to hit the market. Another 20 firms have filed confidential DRHPs since March 2025.

The report further noted that FY2025-26 (up to March end) saw 109 mainboard IPOs, of which 69 listed above their issue price, while three companies were yet to debut on the exchanges as of March 31, 2026.

NSE, Jio IPOs expected in FY27

In addition, Singapore-based Sembcorp Industries' Indian renewable energy arm, Sweden-based Modern Times Group's subsidiary PlaySimple, TPG-backed online lending platform Fibe and Tiger Global-backed BatterySmart are also likely to file DRHPs soon, they added.

The IPO market is expected to gain further momentum in the first quarter of FY2026-27, supported by a robust pipeline, with a large number of companies both awaiting SEBI approval and holding valid approvals for launch, it added.

Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said that India’s IPO market is entering the financial year 2026-27 (FY27) with one of the strongest structural backlogs seen in decades, even as FY26 closes with near-term moderation driven by global volatility and valuation resets.

"We are continuing to see the pipeline becoming robust with high quality-quality issuers, with 150+ companies lined up across sectors to raise Rs 2.5-4 lakh crores. The new financial year will be less about volume and more about quality, scale and pricing discipline. We could see a few mega IPOs catching attention this year," he said.

He expects FY27 to raise around USD 20 billion in capital, depending on market circumstances. "The key risks, however, remain around geopolitical tensions and FPI inflows, which could delay timing, but not derail the pipeline," Shah added.

So far in 2026, 18 companies have launched IPOs, with eight issues hitting the market in March alone despite volatile market conditions and geopolitical tensions.

On the other hand, digital payments platform PhonePe temporarily deferred its public market listing process due to the current geopolitical conflicts and market volatility. However, the company's SEO Sameer Nigam stated the firm remains committed to a public listing in India.