Big IPO Season Ahead: 24 Companies Set to Raise ₹40,000 Crore in Dec–Jan 2026

The year-end IPO calendar has suddenly turned into a runway. Over the next two months, roughly two dozen firms from fund houses and data-tech firms to clean-energy and consumer brands are expected to crowd the primary market, seeking about ₹40,000 crore in fresh capital and offers for sale. What looks like a feeding frenzy is really the confluence of record liquidity, a buoyant retail appetite and companies that delayed listings earlier in the year finally lining up to go public.

The pipeline blends a few very large offers with a longer tail of mid-sized and SME-platform listings. At the top of the stack is ICICI Prudential Asset Management Company, whose IPO is eyed at over ₹10,000 crore, positioning it among the biggest fund-house listings in India. Other household or market-facing names expected to launch include Fractal Analytics, Juniper Green Energy, Wakefitand Clean Max Enviro Energy Solutions, each running into the thousands of crores in fundraising or offer for sale estimates. Together all these form the strong backbone of the ₹40,000 crore target. 

Eventually, the headline number hides the diversity beneath it: payments platforms, health-services chains, specialty manufacturing, media and even some SME issuers. Business Standard, Upstox and other market trackers list firms such as Manipal Payment, Kanodia Cement, Milky Mist, Amagi Media Labs, Veeda Clinical and a range of smaller names preparing paperwork or merchant-banker pitches. The result: a calendar that is large in both size and scope. 

Why the rush and why now?

Three forces explain the timing. First, domestic liquidity is abundant,  mutual funds, insurers and large institutional pools have rotated into primary allocations after a period of caution, and several marquee pre-IPO placements this year primed investor interest. 

Second, many companies that delayed last year’s or early-2025 listings have matured their metrics (or want to lock in valuations) and are racing to list before the festive quarter closes and budgets reset. 

Third, bankers and exchanges prefer concentrated windows when investor attention is high; December–January historically draws retail and HNI participation around year-end portfolio activity. Market commentators say this combination has created a window that underwriters and promoters are eager to exploit.

What’s in it for investors and what to watch out for

The opportunity is real: with such a wide spread across sectors — renewables, fintech, manufacturing, tech, consumer goods  investors have the chance to build a diversified primary-market portfolio. A well-priced IPO from a stable firm (like ICICI Prudential AMC) could anchor valuations for riskier plays in clean-energy or consumer tech.

But caveats abound:

When two dozen companies try going public nearly simultaneously, allocations get stretched — retail investors may not get meaningful allotments in some oversubscribed issues.

Valuations could be aggressive with demand high, some firms may price at lofty multiples, leaving limited cushion for listing-day gains.

Not all names are “blue chip” , many are from sectors (manufacturing, SMEs, healthcare) where business models are less predictable and cap-tables sometimes opaque.

Smart investors will comb through the draft-red-herring prospectuses (DRHPs), focus on business fundamentals, check how much is fresh issue vs offer-for-sale (OFS), and avoid jumping in just based on hype.

Liquidity is overflowing.

Domestic institutions like mutual funds, insurance companies, pension funds are sitting on strong inflows. Markets have stabilised and risk appetite has returned. When liquidity is plentiful, promoters see the perfect window to raise capital at confident valuations.

This season creates a “sweet spot.”

Before year-end profit-booking and before Union Budget volatility kicks in, December–January usually offers a clear runway. Bankers know this. Promoters know this. And this year, both sides are refusing to miss the window.

The result: a tightly packed, high-pressure, high-stakes IPO calendar.

Conclusion

India is heading into one of its most crowded and consequential IPO seasons. Twenty-four firms. Forty thousand crore rupees. Two months. One window.

For investors, the mantra is simple:  Read the DRHP, understand the business, check the valuation, and invest with discipline  not noise.

This isn’t just a season of listings.

 It’s a season that shows where India’s equity markets stand  and where they’re headed.