Sebi’s April 2026 rule letting IPO-bound companies trim fresh-issue sizes by up to 50% without refiling documents has drawn almost no interest, according to livemint.com.

The relaxation, issued on 4 April 2026, was meant to help issuers cope with volatile secondary markets. Yet bankers say founders are ignoring the window; instead of cutting issue sizes, they are postponing launches until valuations recover. At least six large DRHP-stage IPOs—including those of fintech unicorn Slice and logistics firm Delhivery—have stayed on ice rather than shrink their offerings, livemint.com reported.

The tepid response highlights how valuation discipline now outweighs speed-to-market. Comparable deals show the pattern: PharmEasy shelved its ₹3,500-crore float in March, and omnichannel eyeware brand Lenskart is also waiting, despite both having Sebi approval. Investment bankers cited by livemint.com estimate the pipeline holds roughly ₹45,000 crore in postponed issues, signalling that issuers prefer to ride out the correction rather than accept lower price bands. The stance tightens primary-market liquidity at a time when secondary indices have corrected 11% from February peaks.

Watch for the June quarter earnings season; bankers say if results beat muted expectations, several issuers could revive roadshows by July. Delhivery has internally pencilled a July-August window, while Slice is eyeing September, according to livemint.com. The regulator has given no indication it will extend the concession beyond its 30 September expiry.

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