India's primary market is experiencing a resurgence in initial public offerings (IPOs) after a slow period in March and April. In the first quarter of fiscal year 2026, nearly ₹9,000 crore was raised through IPOs, with over six major IPOs expected in the second half of 2025. The National Stock Exchange of India (NSE), the world's largest equity-derivatives bourse, has seen its valuation in private markets rise to $58 billion (approximately ₹5.8 trillion), reflecting a 60% increase ahead of its anticipated IPO. Unlisted NSE shares surged by Rs 465 in a single day, indicating strong demand. Market analysts note that while the IPO activity is picking up, valuations remain high and volatility, especially in small and medium enterprises (SMEs), poses concerns. Additionally, more than 140 companies are reportedly waiting in the IPO queue with fresh paper valued at over Rs 2 lakh crore. Market observers also highlight a tightening liquidity situation due to clustered promoter selling and multiple IPOs launching simultaneously, which may impact market flows and foreign institutional investor (FII) buying patterns. The overall market is in a phase of sideways consolidation with a positive bias, searching for new triggers amid sector rotations.