India keeps $5.4 billion worth of IPOs alive with relaxed rules

India is keeping initial public offerings worth more than 500 billion rupees ($5.4 billion) alive by extending deadlines to give companies more time to list.

The Securities and Exchange Board of India on Tuesday extended the deadline for IPO approvals set to lapse by much as six months. The move, which followed requests from prospective issuers grappling with market volatility, impacts about 40 companies, according to data from SEBI and Prime Database Group.

India was at risk of dozens of listing approvals lapsing after two record years for proceeds. Market participants point to valuation mismatches and the weak secondary market performance as key factors behind the delays.


Approvals will now remain valid until Sept. 30. Typically, they would expire one year after the date of issuance, except for those filed through a confidential route. Sebi cited “uncertain market conditions due to ongoing geopolitical tensions and subdued investor participation” as the reason for the relaxation.

Prominent IPO candidates at risk of losing their window included EQT AB-backed education loan provider Credila Financial Services Ltd., Dorf-Ketal Chemicals India Ltd., Hero Fincorp Ltd. and Veritas Finance Ltd., according to Prime Database.

Without the extension, these companies may have been required to refile their draft prospectuses with SEBI and restart the approval process, potentially delaying fundraising plans.

The relief is significant for India’s equity capital markets, among the world’s most active in recent years as IPOs raised almost $23 billion in 2025. This year’s pipeline includes highly anticipated large listings such as Reliance Industries Ltd.’s telecom unit, Jio Platforms Ltd.

Separately, SEBI also eased certain regulations and penalties for listed firms that fail to meet minimum public shareholding requirements, according to additional orders issued Tuesday.