IPOs worth nearly $6.5 billion may benefit from SEBI relief, but that may not be enough

India’s market regulator has extended the window for companies whose initial public offerings (IPO) have been approved but are yet to hit the market.The extension may benefit 40 companies looking to raise nearly ₹60,000 crore in all, according to data from Prime Database, a New Delhi-based firm that provides research on capital markets. They now have time till September 30 to go to market with their IPOs.

Overall, there are more than 200 companies looking to raise over ₹3 lakh crore via IPOs, according to the firm.”One also needs to wait and watch and see how you know, companies react, because clearly, the business fundamentals have changed or have been disrupted for a lot of companies, given geopolitics and everything else that’s happening. So we’ll have to wait and watch how many of the companies that are eligible and ready are able to or are willing to go ahead, in spite of or because of this relaxation,” Karan Marwah, Head CFO Advisory and IPO Advisory of Grant Thornton Bharat, a New Delhi-based consulting firm.

While the extension may allow companies to time their IPO better, interest from investors remains uncertain.

Many investors have been scarred by even the large, high-profile IPOs last year. Three of the biggest IPOs of 2025 by value Tata Capital, HDB Financial and Hexaware Tech, are still trading below their respective issue price.

IPO	Size (₹ Cr)	From Issue Price (As of April 7, 2025)
Tata Capital	15,511	-5.5%
HDB Financial Services	12,500	-21%
Hexaware Technologies	8,750	-35%

India’s primary market may be gearing up for a revival, but timing remains uncertain as volatility continues to weigh on investor sentiment. In a recent discussion on CNBC-TV18, market experts said SEBI’s decision to extend IPO approvals is a practical step that could ease pressure on companies waiting to go public.For the entire discussion, watch the accompanying video

Haldea noted that IPO activity is closely linked to secondary market trends. “Primary market takes its cue from the secondary market,” he said, adding that a sustained market rally could quickly bring back IPO launches.

“I think it’s a slightly unfair expectation that we have, that we keep on looking at IPOs at any point in the future and expect that, you know, all of them should trade in positive,” Haldea added.

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