Main Facts and Market Overview

Dalal Street cemented its status as a foundational paradise for new-age technology founders, with 18 Indian startups successfully listing on public bourses and collectively raising a record ₹41,248 Cr in 2025. This unprecedented market liquidity was powered by strong macroeconomic tailwinds—specifically robust national GDP projections—alongside pivotal regulatory interventions by the Securities and Exchange Board of India (SEBI).

Regulatory reforms, including streamlined Draft Red Herring Prospectus (DRHP) filings to minimize bureaucratic red tape and modernized employee stock ownership plan (ESOP) guidelines, enabled founders to secure meaningful long-term equity. Furthermore, a surging retail investor base—pushing total demat accounts past the 20-crore milestone—created deep domestic capital pools. Offer for Sale (OFS) mechanisms dominated initial public offerings (IPOs), affording necessary liquidity exits for early venture capital backers.

Despite this euphoria, a strategic market recalibration defined the landscape heading into 2026. Public market sentiment shifted firmly toward fundamental discipline, punishing over-hyped valuations and rewarding companies demonstrating sustainable unit economics, low cash burn, predictable cash flows, and robust corporate governance.

+-----------------------------------------------------------------------------------------+
|                              2025 vs. 2026 IPO LANDSCAPE                                |
+------------------------------------+----------------------------------------------------+
| 2025: The Launchpad                | 2026: The Recalibration                            |
+------------------------------------+----------------------------------------------------+
| • 18 Startups Listed               | • Strong Pipeline (25+ DRHPs filed)               |
| • ₹41,248 Cr Raised                | • Focus: Profitability, Unit Economics, Governance |
| • Retail Frenzy (20 Cr+ Demat)     | • Headwinds: FII Pullback, Geopolitical Tensions   |
+------------------------------------+----------------------------------------------------+

Chronology of Public Offerings: 2025–2026

The initial public offering ecosystem has moved through distinct phases of pre-filing, regulatory clearances, and market debuts.

1. Startups That Have Completed Public Offerings

• Amagi: Filed its DRHP in July 2025, secured SEBI approval in November 2025, and launched an RHP in January 2026 featuring an 816 Cr fresh issue and a 2.69 Cr share OFS. Oversubscribed 30.2X, the stock listed at a 12.2% discount on the BSE (₹317) against a ₹361 issue price, valuing the SaaS major at ₹7,966 Cr.
• Aye Finance: Filed its DRHP in December 2024, gained regulatory clearance in April 2025, and filed an RHP for a ₹1,010 Cr IPO in February 2026. The issue closed undersubscribed at 97%, making a flat debut at ₹129.
• ESDS Software Solution: Refiled papers in March 2025, gained SEBI approval in December 2025, and launched a ₹720 Cr fresh issue. The offering closed with an oversubscription of 135.88X, leading to a stellar debut at a 76.5% premium (₹757 on the NSE).
• Fractal: The AI-analytics unicorn filed its DRHP in August 2025, received SEBI approval in November 2025, and floated a ₹2,833.9 Cr IPO. Oversubscribed 2.66X, the shares debuted at a 2.7% discount on the NSE (₹876).
• Kissht: Filed its DRHP in August 2025, secured SEBI approval in January 2026, and raised a ₹850 Cr fresh issue alongside an OFS. Oversubscribed 9.5X, the stock debuted at an 11.7% premium on the BSE (₹191).
• Klassroom: Filed its BSE SME DRHP in February 2026, secured in-principle approval in May 2026, and raised ₹39 Cr. Oversubscribed 1.46X, it listed at ₹170 on August 7, establishing itself as India’s second listed edtech firm.
• LEAP India: Filed its DRHP in August 2025, gained SEBI clearance in December 2025, and launched a ₹2,480 Cr RHP. Oversubscribed 8.38X, the stock debuted at a 4.4% premium (₹166 on the BSE) on August 14.
• Purple Style Labs: Filed its DRHP in September 2025, received SEBI approval in January 2026, and floated a ₹680 Cr fresh-issue-only IPO. Oversubscribed 1.29X, the stock listed at a 6.96% discount (₹535 on the NSE) on September 7.
• RentoMojo: Filed its DRHP in March 2026, gained SEBI clearance in July 2026, and launched a ₹150 Cr fresh issue plus OFS. Oversubscribed 72.88X despite a cofounder legal challenge before the NCLT, the stock surged 19.42% to list at ₹482.45 on the NSE on September 17.
• SEDEMAC: Filed its DRHP in November 2025, received SEBI clearance in February 2026, and launched an OFS-only IPO. Oversubscribed 2.68X, the deeptech stock debuted at a 13.5% premium (₹1,535 on the NSE) on March 11.
• Shadowfax: Pre-filed confidentially in July 2025, gained SEBI clearance in October 2025, and floated an IPO comprising a ₹1,000 Cr fresh issue and a ₹907 Cr OFS. Oversubscribed 2.72X, the stock debuted at a 9.19% discount (₹112.60 on the NSE) on January 28.
• Shiprocket: Pre-filed confidentially in May 2025, secured SEBI approval in October 2025, and launched a ₹1,617 Cr IPO. Oversubscribed 99.38X, the stock made a bumper debut at a 35.05% premium (₹131 on the NSE) on August 19.
• Turtlemint: Pre-filed in September 2025, secured SEBI clearance in December 2025, and launched a June 2026 IPO. Oversubscribed 1.2X, the stock debuted at an 11.25% discount (₹134.90 on the NSE) on June 29.

2. Prominent Startups with Filed DRHPs (2026 Pipeline)

• AceVector (Snapdeal Parent): Confidentially pre-filed in July 2025, cleared in November 2025, and filed an RHP in September 2026 outlining a ₹287 Cr fresh issue and OFS at a ₹30–₹32 price band.
• Atomberg: Converted to a public entity in July 2026 and filed a DRHP for a ₹450 Cr fresh issue and OFS in August 2026.
• AVPL International (AITMC): Pre-filed confidential draft papers in October 2025 for a ₹200 Cr IPO and secured SEBI approval in January 2026.
• boAt (Imagine Marketing): Pre-filed confidentially in April 2025, secured approval in August 2025, and filed an updated DRHP for a ₹1,500 Cr IPO.
• C5i: Pre-filed confidential IPO papers in July 2026 targeting a ₹1,000–1,200 Cr public issue.
• Curefoods: Filed a DRHP in June 2025 for an ₹800 Cr fresh issue and OFS, but put plans on hold in June 2026 due to market volatility and valuation misalignment.
• Fibe: Filed a DRHP in June 2026 for a ₹750 Cr fresh issue and OFS; secured SEBI approval in September 2026.
• Garuda Aerospace: Pre-filed confidential draft papers in April 2026 for a ₹750 Cr IPO and secured SEBI nod in August 2026.
• InCred Holdings: Filed confidential DRHP papers in November 2025, cleared in February 2026, and updated filings in May 2026 for a ₹1,250 Cr fresh issue and OFS.
• Infra.Market: Pre-filed confidential draft papers in October 2025 for a ₹5,000 Cr listing; currently exploring a reverse-listing route via subsidiary Shalimar Paints.
• Kuku Technologies: Appointed bankers in late 2025, pre-filed confidential DRHP papers in June 2026 for a ₹2,500–3,500 Cr IPO, and received SEBI clearance in September 2026.
• MakeMyTrip: Appointed advisers in April 2026 and pre-filed a confidential DRHP for a $1 Bn OFS-only listing in July 2026.
• NoPaperForms (Meritto): Converted to a public entity in May 2025, pre-filed a confidential DRHP in November 2025, and filed an updated DRHP in September 2026 for a ₹375 Cr fresh issue and OFS.
• Moneyview: Filed a DRHP in March 2026, secured SEBI approval in June 2026, and launched an ₹1,092 Cr IPO at a ₹32–₹34 price band in September 2026.
• OYO (PRISM): Secured shareholder nod in December 2025 for a ₹6,650 Cr fresh issue, pre-filed confidentially, secured SEBI approval in June 2026, and filed an updated DRHP targeting a $7–$8 Bn valuation.
• PhonePe: Filed an updated DRHP in January 2026, paused plans in March 2026 due to West Asian geopolitical tensions, and revived plans in September 2026 targeting an IPO by March 2027.
• PlaySimple Games: Filed a DRHP in April 2026 for a ₹3,150 Cr OFS-only IPO and secured SEBI approval in August 2026.
• Razorpay: Appointed bankers in February 2026 and pre-filed a confidential DRHP in June 2026 targeting a $500–700 Mn raise at a $5–6 Bn valuation.
• Table Space: Filed a DRHP in August 2026 for an IPO comprising an ₹800 Cr fresh issue and an OFS.
• Tonbo Imaging: Filed draft papers in December 2025, secured SEBI approval in July 2026, and refiled an OFS-heavy DRHP in August 2026.
• Travelstack Tech (FabHotels): Filed a DRHP in December 2025 and secured SEBI approval in March 2026 for an IPO comprising a ₹250 Cr fresh issue and OFS.
• Zepto: Pre-filed a confidential DRHP in November 2025, secured SEBI approval in May 2026, filed an updated DRHP in July 2026 for an ₹8,010 Cr fresh issue, but paused plans in August 2026 to target a window between February and May 2027.
• Zetwerk: Appointed bankers in late 2025, filed a confidential DRHP in March 2026, secured SEBI clearance in July 2026, and filed an updated DRHP in August 2026 for a ₹2,600 Cr fresh issue and OFS.

Supporting Data: Selected Financial Metrics of IPO-Bound & Listed Startups

Official Responses and Industry Commentary

The strategic pivot toward capital efficiency, corporate governance, and disciplined scaling has elicited clear insights from prominent venture capital leaders and ecosystem stakeholders:

• Ashish Kumar (Cofounder and General Partner, Fundamentum Partnership):

  "Besides the readiness that startups showed in their unit economics, there is also an increase in the founders committing to their businesses for the next couple of decades and growing their businesses by adding adjacent profit pools—something that the public markets reward handsomely."

• Rehan Yar Khan (Managing Partner, Orios Venture Partners):

  "IPO-bound startups in 2026 will be increasingly defined by their ability to demonstrate predictable cash flows, sustainable unit economics, and operational discipline rather than headline growth alone. Public market investors will place greater emphasis on governance, capital efficiency and long-term value creation, favouring companies that balance scale with financial prudence."

Macroeconomic Implications and Market Outlook

The trajectory of Indian new-age tech IPOs reflects a maturing financial ecosystem that is increasingly decoupled from speculative global trends. While the regulatory easing introduced by SEBI—such as simplified DRHP approvals and flexible ESOP structuring—has successfully reduced friction for founders seeking public capital, external headwinds require ongoing caution.

Moderate retail subscription levels, combined with significant capital outflows by Foreign Institutional Investors (FIIs) driven by geopolitical tensions in West Asia and muted secondary market performance, have introduced volatility. However, the depth of domestic capital pools, structural shifts toward profitability, and enhanced corporate governance frameworks firmly position India as a premier global hub for technology listings through 2026 and beyond.