India’s primary market is anticipated to rebound in June, following two months of reduced mainboard IPO activity. Several companies are preparing for public offerings, even as larger issuers evaluate market conditions amid ongoing geopolitical uncertainties and market volatility.
Hexagon Nutrition’s IPO, approximately ₹139 crore in an offer-for-sale (OFS), will open for subscriptions on June 5. Additionally, CMR Green Technologies is set to issue a ₹630 crore OFS from June 3 to 5. In the SME segment, companies such as Merritronix, Liotech Industries, Vahh Chemicals, and Genxai Analytics are also expected to enter the market this month.
The uptick in June follows a period of inactivity, with only two mainboard IPOs launched in April and none in May. Geopolitical tensions, volatile markets, and valuation concerns led many issuers to postpone their listings.
Pranav Haldea, Managing Director at Prime Database Group, noted a selective pickup in IPO activity may occur in June. “Issuers are likely to remain valuation-sensitive. Companies with robust fundamentals and reasonable pricing may proceed, while others could delay until the market stabilizes,” he explained.
Haldea observed that issuers appear more comfortable than they were a couple of months ago. “Companies are recognizing that markets rarely offer perfect visibility. Many are prepared to move forward if they see stable investor demand and acceptable valuations.”
Narinder Wadhwa, Managing Director and CEO of SKI Capital Services, commented on the situation, stating that many companies are not canceling their plans but are instead waiting for favorable conditions amid geopolitical concerns and valuation issues. Companies with strong earnings visibility, consumption-driven themes, financial services, and unique manufacturing stories may be among the first to explore market opportunities.
Market participants indicated that some issuers might opt to launch their offerings in June or July to avoid incurring additional costs and delays associated with updating financial disclosures or regulatory filings.
According to Prime Database, 161 companies with valid approvals from SEBI, representing an estimated total issue size of about ₹2.42 lakh crore, are poised for launch. Additionally, 74 companies seeking to raise around ₹1.53 lakh crore are in the queue for regulatory clearance.
Prominent approved issuances awaiting launch include the IPOs of Credila Financial Services and Dorf-Ketal Chemicals India, each valued at ₹5,000 crore, along with Continuum Green Energy’s ₹3,650 crore issue and Hero FinCorp’s ₹3,600 crore offer. Other notable names like Reliance Jio Platforms, the National Stock Exchange, Zepto, and SBI Mutual Fund are also anticipated in the IPO pipeline.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, remarked on the impact of market conditions, noting that many companies with SEBI approvals have delayed their IPO plans. He suggested that this trend may continue until market conditions improve.
While the mainboard market has been subdued, SME issuances remain active, with companies such as SMR Jewels, M R Maniveni Foods, Yaashvi Jewellers, Rajnandini Fashion India, and Aureate Tradde preparing to launch in June.
Market participants believe that a stabilization in sentiment could lead to a significantly stronger IPO calendar in the latter half of FY27.
