Indian IPO Market
Pitru Paksha Pause Slows IPO Flow as Secondary Selloff Hits Primary Market
India’s initial public offering activity has slowed during Pitru Paksha, with no mainboard launches scheduled this week despite a strong pipeline of issuers. The inauspicious fortnight, which began on 26 September and ends on 10 October, has coincided with a deepening secondary market selloff, prompting many companies to defer listings. Only one small and medium enterprise IPO—a ₹ 35 crore share sale by R K Fashion Accessories Ltd from 5-7 October on the NSE’s SME platform—is currently underway.
This pause contrasts sharply with the previous two years, when IPOs continued through Pitru Paksha without hesitation. In 2024 and 2025, companies such as Arkade Developers Ltd, Northern Arc Capital Ltd, Urban Company Ltd, and others launched successfully during the period, attracting strong subscription and listing gains. This year, however, issuers are citing weak investor sentiment as a key factor, with approximately 65% of newly listed stocks trading below issue prices.
The Nifty 50 has declined for eight straight weeks, its longest losing streak in 25 years, and is now about 15% below its January 2026 peak. Over 81% of Nifty 500 stocks are trading beneath their 50-day averages, while volatility rose nearly 19% in the last week alone. These conditions have deterred retail and high net worth investors who traditionally support listing-day liquidity.
Macroeconomic headwinds are also playing a role, with crude oil above $100 per barrel, rising global bond yields, and a 25 basis point repo rate hike by the Reserve Bank of India—the first since February 2023. Despite the lull, regulatory workflows continue: Sebi and stock exchanges are processing offer documents for about 144 companies holding valid approvals representing ₹ 1.75 trillion in cleared capital.
The broader mainboard pipeline includes 200 to 250 companies aiming to raise up to ₹ 5 trillion. Issuers are expected to reassess timelines after Pitru Paksha ends and the Navratri festive period begins. While some see the quiet as a chance to prepare, larger potential listings like the proposed ₹ 35,000 crore Jio Platforms IPO remain active in planning stages.
Notable listings during this year’s Pitru Paksha include Carlyle-backed Varmora Granito Ltd, Hillhouse-backed Elevate Campuses Ltd, Accel-backed Moneyview Ltd, Runwal Enterprises Ltd, Acevector Ltd (Snapdeal’s parent), and Orient Cables (India) Ltd. Moneyview and Orient Cables gained 58% and 49% on debut, while Elevate declined 11% and Acevector fell 19%.
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