New Delhi, Nov. 4 -- India's IPO market is heading into the next Samvat year with a sizeable pipeline of companies looking to go public, even as investors become increasingly selective about the businesses they are willing to back.

After a year of strong fundraising and a flurry of listings, investor focus is shifting from the volume of issuances to the quality of companies entering the market, the valuations they command and the visibility of their earnings.

As many as 124 companies have valid Securities and Exchange Board of India (Sebi) approvals to launch initial public offerings (IPOs), seeking to collectively raise Rs.2.45 trillion, according to Prime Database. Another 130 companies are awaiting regulatory clearance after filing t...