BENGALURU: Fourteen Indian startups and new-economy companies had gone public in 2026 by October 4, according to Inc42's startup IPO tracker, and their debuts varied widely: the best opened 76 per cent above the issue price, the worst 12 per cent below. Snapdeal's parent became the fifteenth on October 5.
Winners and losers on day one
The year opened weakly. Media software company Amagi, which raised ₹1,788.6 crore in January, listed about 12 per cent below its issue price, and logistics firm Shadowfax, which raised ₹1,907 crore, listed about 9 per cent lower on January 28. Analytics company Fractal, the largest issue of the year at ₹2,833.9 crore, listed 2.7 per cent below its ₹900 issue price on the NSE and flat on the BSE. Lender Aye Finance listed flat in February.
The second half has been stronger. Data centre company ESDS Software Solution listed on September 2 at ₹757 on the NSE against an issue price of ₹429, a gain of 76.5 per cent. E-commerce logistics firm Shiprocket, which raised ₹1,617 crore, listed about 35 per cent higher on August 19, and furniture rental company RentoMojo about 19 per cent higher on September 17.
Lending app Moneyview listed on October 1 at ₹55.6 on the BSE against an issue price of ₹34, a premium of 64 per cent, Inc42 reported. Kissht, Sedemac, LEAP India and Klassroom also listed above their issue prices, while Turtlemint, which listed in June, and Purple Style Labs, in September, opened lower.
The latest debut was among the weakest. Snapdeal's parent AceVector listed on October 5 at ₹28.30 on the BSE, 11.6 per cent below its ₹32 issue price, and closed more than 18 per cent below it, Inc42 reported.
Who is next
The queue is long. Among the companies that have filed draft papers, PhonePe paused its IPO plan in March and revived it in September, aiming to raise ₹10,700 crore to ₹13,400 crore by March 2027 at a target valuation of $10 billion, the tracker shows. Quick-commerce company Zepto, which has approval for an ₹8,010 crore fresh issue, paused its plan in August to raise $105 million before the IPO and reduce its cash burn, and now expects to list between February and May 2027.
OYO's parent PRISM has approval for a ₹6,650 crore fresh issue at a target valuation of $7 billion to $8 billion. Payments company Razorpay filed in June for an IPO of $500 million to $700 million, and MakeMyTrip filed in July for a share sale by existing investors reported at ₹9,521 crore. Kuku FM's parent, Kuku Technologies, has approval for an issue of ₹2,500 crore to ₹3,500 crore, and Zetwerk for a ₹2,600 crore fresh issue. Ceiling fan maker Atomberg filed in August.
Battery-swapping company Battery Smart plans to file by October 2026. Beyond it, the tracker lists companies preparing to file, including InMobi, OfBusiness, PayU India, CarDekho, Cult.fit and Acko, which is targeting the first half of 2027.
What investors are rewarding
Debuts this year have not moved together: ESDS, Shiprocket and Moneyview opened well above their issue prices, while Amagi, Shadowfax, Turtlemint and AceVector opened well below. For Snapdeal's weak start, Inc42 pointed to "persistent losses, negative operating cash flows and intense competition".
The backdrop is not easy. Foreign portfolio investors sold a net ₹35,861 crore of Indian shares in September, though they kept putting money into new issues, investing ₹9,676 crore in the primary market during the month, according to depository data reported by All India Radio. For the companies in the queue, the choice of when to list will depend on whether that appetite for new issues lasts.
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