Indian Startup IPO Pipeline 2026: 17 Listed, 29 DRHPs Filed

Indian startups are building on a record 2025 in the public markets. Seventeen new-age tech companies have already debuted on Dalal Street this year, 29 have filed draft red herring prospectuses (DRHPs) with SEBI, and more than 25 others are finalising their IPO plans.

Last year, 18 startups listed and raised a record ₹41,248 Cr. Macroeconomic tailwinds and regulatory support drove the surge. SEBI simplified DRHP filings and made ESOP rules more flexible, which lets founders keep meaningful ownership. Retail participation also grew as demat accounts crossed 20 Cr. Offer-for-sale components dominated issues, giving early backers a route to liquidity.

Mixed debuts in 2026

ESDS Software Solution, Klassroom, RentoMojo, SEDEMAC, Kissht, LEAP India and Shiprocket had strong debuts. Defence tech company Tonbo Imaging listed at ₹1,162 on the BSE, a 66% premium to its ₹700 issue price. Others fared worse. AceVector listed at ₹28.30 on the BSE on October 5, an 11.6% discount to its ₹32 issue price, even though its FY26 losses narrowed about 64% to ₹45.5 Cr. Amagi also listed at a 12.2% discount on the BSE, after its issue was oversubscribed 30.2 times.

What comes next

The pipeline remains deep. SEBI has cleared Atomberg's IPO, which is expected to combine a ₹450 Cr fresh issue with an OFS of up to 7.65 Cr shares. Imarticus Learning plans a confidential pre-filing for a ₹1,000 Cr offering. Unicorns such as OYO and Razorpay could together raise nearly ₹20,000 Cr.

Investors are expected to be more selective. Rehan Yar Khan of Orios Venture Partners said IPO-bound startups will be judged on predictable cash flows, sustainable unit economics and operational discipline rather than headline growth alone. Average retail subscriptions are moderating, foreign institutional investors are pulling back, and the conflict in West Asia adds uncertainty.

Still, maturing business models, deeper domestic capital and a transparency-focused regulatory framework keep the outlook positive for India as a startup listing hub.