India’s IPO Pipeline Swells as SEBI Smooths the Path for Listings

India’s primary market is heating up again, helped by a steady stream of regulator-led reforms and a queue of consumer and energy names preparing to list. Markets watchdog SEBI has recently cleared offerings from companies including services marketplace Urban Company, wearables brand boAt’s parent Imagine Marketing, and renewables developer Juniper Green Energy. These approvals arrive alongside broader changes meant to keep India among the world’s busiest IPO venues.

Urban Company is aiming to raise about ₹1,900 crore, combining a fresh issue with a large offer for sale by existing investors, according to its prospectus and subsequent approval updates. The home-services platform filed its draft red herring prospectus earlier this year before receiving the green light in September.

Imagine Marketing, which sells wearables and audio devices under the boAt brand, also secured regulatory clearance. While final sizing will depend on market conditions, reports suggest the company is seeking a valuation near $1.5 billion for its maiden float.

Juniper Green Energy is preparing a fully fresh issue of up to ₹3,000 crore to reduce debt and fund growth across its renewables portfolio, adding a large energy transition name to the IPO calendar.

The wave of approvals is broader than a handful of marquee names. In total, more than a dozen companies have received SEBI’s nod in recent weeks, with potential proceeds estimated at roughly ₹16,000 crore—an indication that issuers and bankers see sufficient depth in India’s equity market despite global volatility.

SEBI has also been working to reduce friction for issuers and investors. In September, the regulator lowered the minimum share-sale requirement for very large IPOs, extended the deadline for meeting the 25% public float, and unveiled a single-window entry for many foreign portfolio investors. These steps are designed to improve absorption and keep the pipeline moving even as global flows remain uneven.

The renewed listing activity, however, comes with familiar caveats. Over-ambitious pricing can hurt post-listing performance, as seen in 2021 with Paytm and other high-profile tech floats that struggled after debuting at lofty valuations. Bankers argue that current dealmaking is more disciplined, with greater attention to profitability and cash-flow visibility, though retail enthusiasm can still run ahead of fundamentals when consumer tech names go public.

Still, the direction is positive for India’s capital-formation story. If Urban Company and Juniper Green Energy deliver successful listings—and if boAt follows with a well-received float—the momentum could encourage a second wave of mid-market issuers later this year. Combined with SEBI’s recent reforms, such outcomes would highlight the growing maturity of India’s equity culture while widening access to domestic growth for public investors.

Editor’s note: Additional companies said to have received approvals in this window include consumer and healthcare names beyond the three profiled above; precise sizes and timelines may change with market conditions and updated red herring prospectuses.

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